Study: Diverse workforce crucial to retail sales

Chicago -- Retailers and consumer product manufacturers who create and maintain a diverse workforce are more likely to increase innovation and meet consumer needs than those who don’t, according to a new report by the Network of Executive Women.



As the buying power of diverse consumer segments -- including women, Hispanics, African Americans, and the lesbian, gay, bisexual and transgender community -- continues to grow, these segments represent a marketplace opportunity too big for retailers and consumer product manufacturers to ignore, according to “The Changing Consumer and the Workforce Imperative.”



“This report focuses on how the retail and consumer products industry can unleash our multicultural workforces to achieve results that benefit our employees, our communities and our companies," said Network Chair Michelle Gloeckler, senior VP for merchandising execution at Walmart Stores.



Consumer insights most often come from those who share a consumer’s cultural experience, the report concludes. As such, recruiting, retaining and advancing a diverse workforce are integral to creating a brand/consumer connection, as consumers feel most comfortable doing business with companies whose employees mirror their communities.



According to the report, retailers and consumer product manufacturers may be able to achieve an inclusive culture by first understanding the bottom-line business opportunity, then making a commitment to diversity that touches all company departments. Top management should view workforce diversity not as a stand-alone program, but as an essential element for business survival. Achieving cultural competency involves leadership commitment and communication, employee accountability, strong talent recruiting and retention programs, progressive succession planning and diverse supplier relationships.



For more information, go to newonline.org.