The U.S. has become more ethnically diverse in recent years, and growing ethnic
populations offer robust profit potential for firms that pursue them. Growing diversity
also impacts the workforce. A diverse staff—one that reflects an increasingly diverse
marketplace—can yield a powerful competitive advantage in terms of both innovation
and ability to reach a broad customer base.
Effectively managing diversity should only become easier as time goes by. Multiple
studies demonstrate that young American adults are the most open-minded age group,
and they are moving in a more liberal direction than earlier generations regarding
racial differences, immigrants, and homosexuality. As this generation gathers
influence and experience in the workforce, they are likely to leverage diversity in their
organizations to hone their edge in a fiercely competitive marketplace.
The rapidly aging population brings opportunities and threats for business. Companies
in fields that cater to the elderly—such as healthcare, pharmaceuticals, travel,
recreation, and financial management—will clearly boom. But creative companies in
other fields will capitalize on the trend as well by reimagining their current products to
serve older clients.
As young people today enter the workforce, they bring higher expectations for their
employers in terms of salary, job responsibility, and flexibility—and less willingness to
pay dues by working extra long hours or doing a high volume of strenous work. Smart
firms are responding to the change in worker expectations by forging a new
partnership with their employees. The goal is a greater level of mutual respect through
open communication, information sharing, and training.
Due to ethical lapses in some behemoth organizations, a growing number of
consumers and workers have begun to insist that companies play a proactive role in
making their communities—and often the world community—better places. Some
corporations even post their ethical codes of conduct and offer social audits to meet
this new consumer expectation.
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