Why Diversity Matters

We believe that diversity and inclusion is not just smart business, it’s a vital and positive aspect to every area of life.

The changing demographics of America’s consumer:

• Today, people of color constitute 28% of the population.
  - By 2010 people of color will represent 33% of the population
• Over the last decade, the Hispanic population has grown by almost 60%., the American Indian population has grown by 19%, the African American population has grown by 17% and the Anglo population has grown by 7%.
• The Asian population has grown from 1.5 million in 1970 to 10.5 million in 2000
  - Over the last decade, Asians were the fast growing population at 55%
• The U.S. population currently includes 31.6 million people between the ages of 12-19 (Generation Y)
  - Children under 19 are twice as likely as adults to identify themselves as being of more than one race.

Workforce Trends

• According to the Hudson Institute, people of color represent 16% of the work force today and are projected to surpass 30% of the total workforce by 2020.
• Women make up 47% of today’s workforce
• Today, 69% of women with children under the age of 18 work outside the home
• By the year 2008, almost 70% of the new entrants into the workforce will be Women, People of Color and Immigrants.
• The Bureau of Labor Statistics predicts that employment will grow 14% between 1998 and 2008
  - The supply of workers will grow by only 12%
  - The result is a projected shortage of 10 million workers

Purchasing Power

• Minority consumer buying power has nearly doubled over the last decade, growing at a much faster rate than overall U.S. buying power
• Collective buying power of African Americans, Asians Americans, Latinos and American Indians has reached $1.3 trillion
  - Spending Power
  – African American: 307.8 Billion (1990) to 645.9 Billion (2002)
  – Hispanic: 207.5 Billion (1990) to 452.2 Billion (2001)
  – Asian: 112.9 Billion (1990) to 296.4 Billion (Growth of 162%)
• Last year, U.S. Teens spent 155 billion, 2 billion more than 1999

Business Results

Companies chosen by “Next Step magazine” in the 2000 “Diversity Next Step 100″
- Nine were among “Fortune’s” 50 Best Investments to shareholders for the past 5 years (18% of the group)
- Seven were among the 50 fastest growing companies (profits) for the past 5 years (18% of the group)
- Seven were among the 50 fastest growing companies (revenues)
- 25 were included in the list of 50 most profitable companies.