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The United States is becoming increasingly diverse, and it is a trend that will only accelerate. The U.S. Census Bureau reports that one in three residents is a minority. By 2044, minorities will become the majority of the population. If you wait until 2044 to embrace diversity, you will likely find that your competitors have left you far behind.

Do your customers or clients all come from the same cultural background? Do they all share the same worldview? If your customer or client base is diverse, then your employees should be diverse as well. The varied perspectives and experiences of your employees only work to improve the customer or client experience. A 2013 study in Harvard Business Review indicates that “a team with a member who shares a client’s ethnicity is 152 percent likelier than another team to understand that client.” This will inevitably bring real dollars to your bottom line.  

To take of advantage of diversity, you must first address misconceptions surrounding it. Diversity is about inclusiveness -- bringing people together, providing fair opportunity, and embracing your employees’ individuality -- not lowering standards. Diversity doesn’t always relate to color or gender. Just a few examples of the many kinds of diversity are age, education, sexual orientation, interests, and hobbies.

When many people think about increasing diversity, they think the process consists entirely of hiring a more diverse workforce. But true diversity is not just about attracting and hiring qualified minority employees; it also includes the retention of qualified minority employees. To build and maintain diversity in your organization, I highly suggest you read More Clients, More Talent, More Revenue: The Business Case and Toolkit for Diversity in Accounting. This toolkit includes sections on building a diversity-focused culture, implementing your diversity strategy, supporting and retaining new hires, and filling the talent pool.