Diversity and inclusion may become an easier task in upcoming decades for companies looking to recruit and leverage a diverse workforce for business success. The U.S. Census Bureau’s latest report shows that the population is naturally becoming more diverse: More than half (50.4 percent) of babies born in the United States in 2011 were of Black, Latino or Asian descent.
The study marks the first time in our country’s history that white births were in the minority (49.5 percent). View an interactive map of the population.
The data coincides with the Census Bureau’s projections for a rapid rise in population diversity over the next 40 years. By 2050, whites are expected to total 46 percent of the population, with Blacks (about 13 percent), Latinos (more than 30 percent), Asians/Pacific Islanders (approximately 9 percent) and American Indians (almost 1 percent) comprising the majority.
The demographic shift is a significant one that will affect diversity and inclusion in many sectorscorporate, political and educational. Watch the video below for more on these implications.
The talent in the workforce is changing dramatically, and many colleges and educational institutions are already experiencing the increasing diversity among students. The number of bachelor’s degrees obtained by Blacks and Latinos increased 32 percent over the last decade, according to the National Center for Education Statistics. In 2000, Blacks and Latinos accounted for 11 percent of the total 31,256,000 degrees received and 15 percent of the 41,289,000 degrees in 2010.
How This Impacts Your Business
- Diversity Recruitment: As the educated workforce becomes more racially diverse, it’s essential for companies to be able to hire and retain the best talent. Studies have shown that younger people, including straight, white men, want to work for companies that are known for their diversity and inclusion. Additionally, as our recent diversity web seminar on recruitment shows, on-boarding and engaging people from underrepresented groups is vital to ensuring their retention and promotion.
- Talent Development: If you aren’t representative of the population, the talent will leave or fail to maximize individual potential. No one wants to be the first “anything” in an organization; that’s why diversity and inclusion is so important. DiversityInc research from The DiversityInc Top 50 Companies for Diversity shows a direct correlation between formal cross-cultural mentoring and talent development of people in underrepresented groups. Watch our diversity web seminar on talent development for more insights.
- Market Share: A culturally competent workforce that is representative of the marketplace reaches customers and suppliers and increases market share. DiversityInc features many case studies of resource groups that have been able to help with market research and customer connections. For example, at our Innovation Fest! in February, Novartis Pharmaceuticals Corporation (No. 13 in the DiversityInc Top 50) discussed how it saved $1 million by using its seven ethnic resource groups to vet marketing campaigns. Watch our diversity web seminar on innovation for more unique solutions to leverage your diversity and inclusion.