1. A diverse workforce drives economic growth. Our nation’s human capital substantially grows as more women, racial and ethnic minorities, and gay and transgender individuals enter the workforce. A McKinsey & Company study, for example, found that the increase in women’s overall share of labor in the United States—women went from holding 37 percent of all jobs to 47 percent over the past 40 years—has accounted for about a quarter of current GDP.
2. A diverse workforce can capture a greater share of the consumer market. By bringing together individuals from different backgrounds and experiences, businesses can more effectively market to consumers from different racial and ethnic backgrounds, women, and consumers who are gay or transgender. It is no surprise, then, that studies show diversifying the workplace helps businesses increase their market share.
3. Recruiting from a diverse pool of candidates means a more qualified workforce. When companies recruit from a diverse set of potential employees, they are more likely to hire the best and the brightest in the labor market. In an increasingly competitive economy where talent is crucial to improving the bottom line, pooling from the largest and most diverse set of candidates is increasingly necessary to succeed in the market.
4. A diverse and inclusive workforce helps businesses avoid employee turnover costs. Businesses that fail to foster inclusive workplaces see higher turnover rates than businesses that value a diverse workforce because they foster a hostile work environment that forces employees to leave. The failure to retain qualified employees results in avoidable turnover-related costs at the expense of a company’s profits. Having a diverse and discrimination-free work environment helps businesses avoid these costs.
5. Diversity fosters a more creative and innovative workforce. Bringing together workers with different qualifications, backgrounds, and experiences are all key to effective problem-solving on the job. Similarly, diversity breeds creativity and innovation. Of 321 large global enterprises—companies with at least $500 million in annual revenue—surveyed in a Forbes study in 2011, 85 percent agreed or strongly agreed that diversity is crucial to fostering innovation in the workplace.
6. Businesses need to adapt to our changing nation to be competitive in the economic market. Census data tell us that by 2050 there will be no racial or ethnic majority in our country. Further, between 2000 and 2050 new immigrants and their children will account for 83 percent of the growth in the working-age population. Our economy will grow and benefit from these changing demographics if businesses commit to meeting the needs of diverse communities as workers and consumers.
7. Diversity is a key aspect of entrepreneurialism. Our nation’s entrepreneurs are a diverse set of people of color, women, gay, and transgender individuals. According to the Census Bureau, people of color own 22.1 percent of U.S. businesses. Moreover, women own 28.8 percent of U.S. businesses, and Latina-owned businesses in particular are the fastest-growing segment of the women-owned business market. According to the National Gay and Lesbian Chamber of Commerce, gay or transgender individuals own approximately 1.4 million (or approximately 5 percent) of U.S. businesses.
8. Diversity in business ownership, particularly among women of color, is key to moving our economy forward. The diversity of our nation’s business owners helps boost employment and grow our economy. For example, women of color own 1.9 million firms. These businesses generate $165 billion in revenue annually and employ 1.2 million people. Latina-owned businesses in particular have total receipts of $55.7 billion since 2002.
9. Diversity in the workplace is necessary to create a competitive economy in a globalized world. As communities continue to grow, it’s important to harness the talent of all Americans. Businesses should continue to capitalize on the growth of women, people of color, and gay and transgender people in the labor force. Our increasing diversity is a great opportunity for the United States to become more competitive in the global economy by capitalizing on the unique talents and contributions that diverse communities bring to the table.
10. Diversity in the boardroom is needed to leverage a company’s full potential. By 2050 there will be no racial or ethnic majority in the United States, and our nation’s boardrooms need to represent these changing demographics. Currently people of color and women only represent about 14.5 percent and 18 percent, respectively, of corporate boards among the senior management of Fortune 500 companies. Recruiting board directors with a breadth of expertise and varied experiences will make companies more proficient.
Australia’s place in the global economy
So the creation, in the world of work, of environments that counter discrimination, promote equality and recognise the value of difference brings us all closer to the democratic ideal. This matters.
The business case, though I have argued it is flawed by self-interest in its reliance on instrumental claims for equality, does help us to identify in a commonsense way the key benefits of diversity – beyond profit, that is:
• the use of the full range of talent, the real human potential of individuals;
• the bringing into existence of more dynamic and creative teams;
• and a responsiveness to the specific needs of different communities, albeit as customers.
These all help to foster inclusion, in its many forms.
The intellectual case helps to put the meat on the bones of the ethical case, and like the business case it too begins to foster inclusion.
Our inclusive citizenship policies and the right of all adult citizens to vote, for example, give potency and relevance to our people, as well as reducing the potential for the emergence of underclasses or outcasts. It is also based on the need for economic and social safety nets, as well as legislative protection of our cultural diversity by instruments such as the the Race Discrimination Act, and the Human Rights and Equal Opportunity Commission.
It has been the Australian Labour Party's understanding of social justice, which has evolved and deepened as a direct result of democratic participation by our diverse yet united ethnic communities, as well as by unions, by women and by other groups, which has led to this Government's social justice commitment. As expressed in the Australian Labour Party platform, the Government's social justice strategy is built on four objectives four political rights:
Equity in the distribution of economic resources.
Equal access to essential services.
Equal opportunity to participate in the life of the nation.
And equality of civil, legal and industrial rights.
All these social measures are critical to the financial, social and political empowerment of those who would otherwise be without particularly new settlers starting from scratch in a new land. To weaken our commitment to them would be to invite alienation and social division and discord, to entrench an underclass of second class citizens and create a nation of tribes. In 1989 these policies, goals and principles were consolidated and expressed as the National Agenda for a Multicultural Australia. The obligations incurred under this agenda include an overriding and unifying commitment to Australia, an acceptance of its basic structures such as the constitution and the rule of law, tolerance and equality, parliamentary democracy, freedom of speech and religion, English as the national language and equality of the sexes and the right of others to express and share their views and values.
Residence Life is committed to creating and maintaining safe, inclusive communities that welcome and accept people of all identities. The diverse characteristics and backgrounds of our residents and staff are central to the mission and values of Residence Life, and a commitment to social justice supports our mission of creating caring communities that support learning and academic success. We strive to create an environment that invites the full and equal participation from all who live and work in our communities. We believe that a multicultural, socially just environment is essential to the personal growth of students and staff, and their involvement in our increasingly global world
b. Australia’s place in the global economy
c. Innovation
d. Social justice
Underlying Values of the Ethics and Social Justice Commitment
* Recognition of the rights and dignity of all individuals.
* Equality of opportunity in education and employment for all.
* Enhancing diversity in gender, age, culture, beliefs, attitudes, language and social circumstances.
* Recognition of the particular place of indigenous peoples in Australia.
* Well maintained, safe, and enhanced environments.