Business ethics and laws require organizations to ensure equal treatment of workforce irrespective of race, age, gender, color and religion. Diversity and equal opportunity are symbols of good work culture.
Tom Peters states that the biggest untapped markets are of women and retired people. Hence, focusing on producing and selling products to tap these markets makes business sense. Tom Peters in his book “Leadership” advocated hiring employees from diverse backgrounds to explore the potential of these markets.
His logic is that women make most of the buy decisions of households and/or are the major influencers in the buy decisions. Hence, if organizations hire women, they can produce and package products which appeal to women. This will result in increase in sales and turnover of the organization.
The second unexplored market is of retired people. Old people have surplus income saved. Organizations should produce products catering to the needs of retired people. The older employees in the organization can help in determining the needs of retired people.
Tom Peters explains that in the next decade women have the natural attributes to lead. In a survey conducted of “attributes required for doing business in the current economy”, women exceeded in 18 of the 20 attributes checked. Businesses should place women in the board rooms if they wish to grow. Surprised! Watch this video; it will give you some food for thought.
Encouraging diversity is not only ethical; it makes a lot of business sense too.