Marcus for Business

Why Diversity and Inclusion is Good for Business

10 mins
What You Will Learn
  • Why Women Are Critical To Economic Growth
  • Equal Opportunity Hiring Process
  • Reasons A Business Should Hire A Diverse Team
  • Tips To Help Businesses Get More Women Interested In Their Workplace
by Marcus Lemonis

Few things in life are certain except for death, taxes, and the fact that women are the superior sex. I’ll defend that last one to anybody who thinks differently. It’s a big reason why I passionately support women in business. I often get asked how hiring women or how hiring mothers can help boost an economy. So, I ask a question in return: Who makes the majority of purchasing decisions in your household? Eight out of ten times, the answer I get back to that question is Mom. The best part is when the two knuckleheads who thought they were in charge hear the other eight answers and sheepishly admit the women in their lives call the shots, too.

hiring process

Why Women Decision-Makers Are Critical To Economic Growth

If you look at the real base foundation of our economy, it starts with food, housing, clothing, and education. And in most cases, it’s Mom deciding what to stock the fridge with, buying clothes for the kids, picking the furniture and where it’s going to go, and she will almost certainly play a key role in deciding what school or afterschool programs the kids will enroll in. According to a study in Forbes magazine, women influence 70-80% of all consumer purchasing decisions.

So, when I get asked about boosting our economy, for me one of the key answers is simply supporting women in business and female entrepreneurs. Many women entrepreneurs have a keen sense of what messages will most effectively reach their target audience, and they understand the level of detail that goes into each purchasing decision made by a parent or spouse.  At the end of the day, women play an integral role in our economic landscape.

woman on a meeting with team

The Importance Of An Equal Opportunity Hiring Process

When you look back at history, it’s easy to see that women and minorities may have been overlooked at times when it came to opportunities in the workforce. But I was taught at an early age by the first woman in my life, my mother, that everyone deserves a chance to prove themselves. My mother always had a larger than life personality, which is fitting considering she was close to six feet tall. As a child, it truly felt like she had this giant presence. She would often say to me, “I’m strong, I’m powerful, and I can kick any door down. I can do it on my own!” It really was motivating and inspiring.

Then she explained to me that, in life, I may encounter people who are smart, strong, hard-working and innovative but for whatever reason, they don’t have the opportunity to kick down those doors on their own and it would be my job to help them. She said, “Once they get inside that door, what they do is not your responsibility, but you need to help clear the path for them to take their shot.” My mother wasn’t just talking about powerful women. She taught me that it’s my responsibility to give an equal opportunity to everybody regardless of their race, religion, or gender.

Reasons A Business Should Hire A Diverse Team

Today some of the most innovative and successful companies in America are also the most diverse. Having a diverse group of individuals, of all genders, ethnicities, religions and orientations will give your business a broader perspective on the world. The evidence is pretty clear that the more diverse the team the greater the chance for innovative thinking.  It’s pretty simple, when you add a broader perspective to any problem you get a greater number of options to consider which leads to more opportunities and better business. That’s why diversity is essential for your business. Yes, you want to hire the most qualified person, but you can do both. Historically qualified candidates have been overlooked because of the very fact that they were different from the people interviewing them. I encourage you to look past the differences and give diverse hires a chance. It will not only be good for business, it will be good for your soul.

image of a beautiful office

Tips To Help Businesses Get More Women Interested In Their Workplace

One piece of advice I can give any business interested in hiring women is to really take stock of the office environment. Try and put yourself into a newcomer’s shoes and see what you may notice about the office space. How are your employees dressed? Are the bathrooms clean? Is the fridge full of old, expired food? These may seem like minor things, but they can leave a major negative impression.

But even more important than the look of your environment is the people inhabiting your environment. Are there other women working in your business? If so, what are their roles? A female staff member recently told me that she took the position with our organization because, during her interview, she noticed multiple women working in “C-Suite”, high level, decision making roles. Because of this, she recognized that we gave equal opportunities to both men and women and wanted to be a part of our team.

I have had the opportunity to work with many brilliant females and I strongly believe that hiring women in business is a vital component to the growth and stability of our economy. If women have the strength to change the world, just imagine what they could do with your business.

MARCUS’ CLOSING QUESTIONS

  1. What do you currently do in your business to promote diversity and inclusion?
  2. What steps can you take to further improve the diversity and inclusion of your business?

Photo of Marcus Lemonis