Why is it important to embrace and engage diversity, inclusion and leadership as a business imperative for the St. Louis region? It is a new day and conversation which touches everyone. It is about the differing thoughts, experiences and ideas which lead to greatness and significance!! It is about the St. Louis region having the ability to attract, retain and grow its workforce, talent and businesses!
Currently, population growth in the United States is fastest among minorities as a whole, and according to the Census Bureau’s estimation for 2012, 50.4percent of American children under the age of one belonged to minority groups. Hispanic and Latino Americans accounted for almost half (1.4 million) of the national population growth of 2.9 million between July 1, 2005, and July 1, 2006. Immigrants and their U.S.-born descendants are expected to provide most of the U.S. population gains in the decades ahead.
Diversity is a competitive advantage for companies to survive and thrive in today’s business environment. The introduction of different voices, with different perspectives, backgrounds, priorities and orientations, helps companies have greater creativity and innovation, make better decisions and improves problem solving, and identifies opportunities and success in new markets.
An example of this is PepsiCo, which developed ethnic advisory boards to have input into new product creation. The African-American advisory board played an integral role in the launch of the Mountain Dew Red product whose target market was the young African American community. By seeking the input of this group, the launch of the product was one of the most successful in the company’s history.
As the demographics of the St. Louis region and the United States change and the global economic forces have a greater impact on the business environment, it is an imperative for companies to respond with a work force that can reach a changing customer base and with people who understand the changes that are taking place.
We need to drive an understanding of the importance of education and awareness. We should be compelled to learn more about the experiences of others so to expand our own understanding of the issues. i.e. a competitive workforce, business start up and growth. Education is the backbone of creating environments which are diverse and inclusive. Knowledge is power! Everyone should be afforded the opportunity to continuous educational opportunities. The knowledge gained today will be what builds tomorrow and creates sustainability. We must invest in our educational systems because it is fundamental for our region and the businesses within them to succeed!
The St. Louis Business Diversity Initiative’s Fellows Program is an example of a regional initiative which is contributing to growing a thriving region. The Fellows Program is a leadership curriculum for mid- to senior-level multicultural talent. The vision is to create a more inclusive, welcoming and successful environment for multicultural talent at all levels of regional business. The Fellows Program is going into its seventh year with the following results:
- 64 percent of Fellows have received promotions and/or significant increases in responsibilities since program completion.
- 86 percent of the Fellows Alumni continue to reside in the St. Louis Region.
- 26 percent of Fellows have been appointed to boards and/or commissions since program completion.
As a region, we are charged to:
- Build accountability for diversity, inclusion and leadership where we live, work and play.
- Recruit, retain and develop talented people.
- Become aware, educated and mobilized on the issues.
- Become a change agent.
- Create the environment you want to see to create sustainability change.
Yes … diversity, inclusion and leadership are the competitive advantage!
Valerie E. Patton is Executive Director of St. Louis Business Diversity Initiative.
