Importance of Corporate Diversity

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The make up of the US population has changed dramatically over the past 15 years and this trend is expected to continue in the foreseeable future. In 1980, the Hispanics, Asians and African Americans groups accounted for 24% of the overall US population residing and earning in US.


Married households with children drove that drop as they went from 40% to 23%. What is most compelling about this change is the increase in Non-traditional households which have grown from 12% to 22%. This group is made up of all sorts of new family and household formations - mostly single parent households. Single-mother families grew from 3 million in 1970 to 10 million in 2003, while the number or single-father families grew from half a million to 2 million. Non-Traditional household formations also include gay and lesbian households and a newer phenomenon whereby older, single people (single parents are the drive) find long-term roommates to help alleviate the financial burdens that often come with living alone. As the number of combinations and permutations of how people lead their lives continues to grow, traditional demographics work less productively as proxies for attitudes. Therefore, truly understanding the needs and wants of consumers and building products that meet their unique circumstances becomes more and more challenging.
A growing concept is that companies that incorporate diversity in their work force are more likely to innovative compared to those firms that do not.
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