Diversity is not just an ethical business decision, it’s a necessity

When you imagine the future in the year 2073, what does it look like to you?

Do you see AI-powered androids helping you in your day to day? Do you traverse through immersive virtual worlds? Do you travel around in flying cars and 3D print your lunch? What kind of values does society in the future hold? How different is it from today? 

When you ask people to imagine what they want the future to look like, everybody has different answers.

A senior citizen may wish to live for 300 years, without the aches and pains that often come along with aging. A bright-eyed child or teenager may look forward to a future where they can explore and adventure with friends in the metaverse. Business people may relish the day when they can zip to work in a flying car or 3D print any dish on demand based on the nutrients they require. And I’m sure many other people would want none of this at all…

Each person envisions a future based on their needs, identity, and background. And these examples obviously barely scratch the surface. When you take into consideration the various concerns of people of different genders, health conditions, financial and social standings, and cultural backgrounds, you are left with a wonderful, infinitely colorful tapestry of possibilities.   

So we can ensure our future is created for us all, and without bias, we need to turn to the business world. Let’s investigate…


Corporations are in control of our future

Let’s face it, it’s the corporations who are in control of our future, guiding its trajectory. Think how much Henry Ford changed the world when he introduced the moving assembly line, bringing automobiles to the masses, and forever changing how we travel. Apple changed the world when it introduced the iPod, revolutionizing the music industry, and later the iPhone, which warped our entire lives.

Yet with so many diverse people inhabiting the world, how can we ensure that all these companies, both big and small, are actually designing products and services while keeping the diverse needs of the world’s 8 billion people in mind?  

A health app that neglected half the world’s population

I am always taken back to the story that made the rounds when Apple’s health app Healtkit hit the market in 2014. On release, the app could help you track your blood alcohol content, how often you use your inhaler, your sodium intake, and even your height if you were still growing. Yet, one key feature that would have come in handy for nearly half the company’s consumer base was missing: menstrual cycle tracking. After all, periods are a fact of life for women that carry a strong monthly influence on their physical, social, and emotional state.

Most chalked up this mishap to Apple’s majority male workforce, which till today comprises 62%. This is an example of how gender inequality rears its head in more nuanced ways. It’s not that these employees had necessarily held a bias or grudge against women—they simply had no reason to automatically consider cycle tracking when designing the app, considering their own needs, just like the example we explored earlier. This serves to prove that a lack of diversity is not always born of malice, but can also be born of ignorance or a lack of consideration and empathy for others who might not share our traits.


Diversity pays: Why it is a business necessity today

Given how much business Apple would have lost if their app still missed such a key feature, they were quick to rectify the situation, reminding us that a lack of diversity also carries an economic cost. In this instance, the cost pertains to a single company, where on the macro scale, the entire economy suffers losses and potential GDP value. 

Addressing the female health gap in the healthcare sector, for example, could potentially boost the global economy by at least $1 trillion annually by 2040. Among Fortune 500 firms, companies with more women in management are more profitable than their peers, reporting a 35% better return on equity. Meanwhile, companies with greater diversity are 70% more likely to capture more markets, and are 35% more likely to experience greater financial returns than their respective non-diverse counterparts.

The numbers paint a clear picture: diversity is not only an ethical business decision, it’s a necessity for growth, prosperity, and survival. 


An equitable future for all 

It is clear that if we are to create and guide an equitable future for humanity, we must first take action at the business level, as companies both big and small have a role to play in shaping what tomorrow will look like, allowing for individuals of different races, genders, sexual identities, ages, and cultures to be heard. 

Doing this helps us avoid mishaps like the one Apple did, where products and services are designed to be inclusive, catering to the needs of the majority and the minority. 

By encouraging diversity, we empower the human race by bringing a myriad of voices to the table, allowing them to help shape a more equitable future that is more inclusive. After all, we each envision the future in a different way, shaped by factors such as our own personal circumstances and backgrounds. 

What does this future look like? It is a future where women earn $1.00 for every $1.00 that men earn, where a job candidate’s age or race plays no role in their hiring, where disabled individuals are voted to head boardrooms, where women are not discriminated against post-childbirth, and where individuals with mental health issues are not singled out or dismissed in hiring rounds.

Ultimately, diversity at the workplace is no longer a nicety to tick off a checklist, but a necessity for business success and a more positive future. 



Briar Prestidge

Close Deals in Heels is an office fashion, lifestyle and beauty blog for sassy, vivacious and driven women. Who said dressing for work had to be boring? 

http://www.briarprestidge.com
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