Light is a mixture of individual colors each of which cannot be perceived by the human eye, but together, form a powerful force that illuminates the world. Like light, diverse people who may not otherwise have an impact alone can become transformative when they join forces.

But lately "diversity" seems to be an annoying buzzword. Not only is it an amorphous concept to understand, diversity can also be uncomfortable to discuss perhaps out of fear of offending others or sounding ignorant. The truth is, most of us are ignorant about the rest of us. But are we making any progress by avoiding discussions about diversity altogether? Through this article, I'd like to aide discussions about diversity by better defining its meaning, exploring its well-studied economic returns, and discussing the important role we can all play to increase diversity.

What is diversity?

To understand diversity, let's look at the nuanced difference between the meaning of "collaboration" and "unity'', which I learned at a recent talk given by Dalia Mogahed. Collaboration is working with others to achieve a common goal, whereas the online Merriam-Webster definition of unity is "the quality or state of not being multiple: oneness." The problem with this definition of unity is that if we are one, we are the same, and if we are the same, we are not diverse. It's not about having the same differences, it is about being the same because we are all different from each other in one way or another.

If diversity in its simplest form is being different, then the logical question becomes, "different from whom?" Who is this "normal" one? What is the basis of comparison? Is it the people who are the most in number? If so, what are the traits we use to identify them? Take the corporate world for example. Obviously, it is made up of a majority of white males, but because there are so many different aspects to a person, it is disingenuous to reduce someone into a single category. We should acknowledge and celebrate our differences. However, we should also recognize diversity is not limited to a certain group of people. While there are several immutable traits that traditionally define diversity, we are all different from each other, including when it comes to non-traditional dimensions of diversity, such as education, economic class, personality types, height, and age, among many others. Diversity is diverse, and there's a beauty in that.

In a college biology class, I learned that the difference between humans and other animals is kinship-independent social cooperation. In other words, humans cooperate with each other even if they are not from the same family. If working with people outside of your family is one of the foundations of being human, it may be important to learn how to coexist effectively as a diverse community so we can continue to succeed collectively, not despite our differences, but because of them. And for the record, whether you believe in Adam and Eve or evolution, both perspectives acknowledge a common origin, which is that we are family one way or another!

So, what is the economic benefit of diversity?

At this point you may be thinking, this Kumbaya story is nice, but I've got billable files calling my name. Not so fast. Just give me another 0.03 hours (2 minutes), and I'll prove that "diversity" is just as relevant to our wallets as it is to our collective growth. The statistics show that diversifying an organization by integrating women and other minorities contributes substantial funds to the bottom line by (1) creating diverse perspectives, which result in greater productivity and efficiency; and (2) allowing an organization to reach an increasingly diverse segment of the market, which is looking to connect with those from the same walks of life. Some examples of these statistics include:

  • "Companies with the most [women on their boards] outperformed companies those with the least by 60 percent in return on invested capital, 84 percent in return on sales, and 60 percent in return on equity." 1
  • "[O]n average, the most racially diverse companies bring in nearly 15 times more revenues than the least racially diverse."2
  • "[T] he work of the women's task force and other constituencies led IBM to establish its Market Development organization, a group focused on growing the market of multicultural and women-owned businesses in the United States .... In 2001, the organization's activities accounted for more than $300 million in revenue compared with $10 million in 1998. Based on a recommendation from the people with disabilities task force, in October 2001 IBM launched an initiative focused on making all of its products more broadly accessible to take advantage of new legislation - an amendment to the federal Rehabilitation Act requiring that government agencies make accessibility a criterion for awarding federal contracts. IBM executives estimate this effort will produce more than a billion dollars in revenue during the next five to 10 years ... "3
  • "[A] firm ranked in the top quarter in the diversity rankings will generate more than $100,000 of additional profit per partner than a peer firm of the same size in the same city with the same hours and leverage hue a diversity ranking in the bottom quarter of firms. "4
  • "The purchasing power of women in the United States ranges from $5 trillion to $15 trillion annually."5 "African-American buying power, estimated at $1.2 trillion in 20l6, will grow to $1.5 trillion by 2021, making it the largest racial minority consumer market."6 Hispanic buying power was $1.4 trillion in 2016, which accounts for nearly 10% of total U.S. buying power in 2016 and means the "U.S. Hispanic market is larger than the GDP of Mexico and bigger than the economies of all but 14 countries in the world."7 8

How can we help diversify our assets?

The OCBA Diversity & Inclusion Committee set out with the vision to "bridge the gap" rather than change the world. Inclusion is a critical aspect of "bridging the gap" that is often neglected. "Diversity often pertains to the numbers - insuring sufficient numbers of targeted populations are represented. Inclusion addresses how well the diverse individuals are included in all aspects of the organization [especially in leadership]. Diversity is often associated with recruitment; inclusion plays a pivotal role in retention."9

I know I said we're not trying to change the world (at least not overnight), but if we were, the readers of this article would be in the best position to do so; and I'll prove it. America is known as the leader of the free world. Within America, Florida is officially recognized as a swing state and has effectively decided several presidential elections (for better or worse). And within the state of Florida, which effectively decides the leader of the free world from time to time, we are in Orlando, which is the most visited city in the United States. Orlando is an economic super engine, and growing. And within Orlando, we are members of the legal community, which is the foundation of peace and order in our society.

As people in such influential positions, what we can do is hire with a purpose. We can attend events hosted by different organizations. Contrary to the advice we were given at a young age, I posit that we should talk to strangers. Maybe then they wouldn't be so strange. Given what we know about the potential positive fiscal and moral impact of implementing diversity and inclusion on a grander scale, what better place to do so than here, and what better time than now?

Footnotes

1 Sheryl L. Axelrod, Banking on Diversity: Diversity and Inclusion as Profit Drivers-The Business Case for Diversity, A.B.A. Sec. of Litig. (June 12, 2014), https://www.americanbar.org/groups/litigation/committees/diversity-inclusion/articles/2014/diversity-inclusion-profit-drivers.html  (citing Nancy M. Carter & Harvey M. Wagner, The Bottom Line: Corporate Performance and Women's Representation on Boards (2004-2008), Catalyst, Inc. (March l, 2011), https://www.catalyst.org/system/files/the_bottom_line_corporate_performance_and_women%27s_representation_on_boards_%282004-2008%29.pdf).

2 Id.

3 Id. (citing David A. 1homas, Diversity as Strategy, 82 Harv. Bus. Rev., 9 (September 2004)). .

4 Id. (citing Douglas E. Brayley & Eric S. Nguyen, Good Business: A Market-Based Argument for Law Firm Diversity, 34 ]. Legal Profession, I (2009)).

5 Statistics on the Purchasing Power of Women, Girlpower Marketing, https://girlpowermarketing.com/statistics-purchasing-power-women/  (last visited August 14, 2018).

6 Matt Weeks, UGA report: Minority groups driving U.S. economy, UGA Today (March 2, 2017), https://news.uga.edu/multicultural-economy-report-17/.

7 Id.

8 The statistics were compiled and cited through the hard work of incoming Lowndes Attorney Ferran Arimon and current Lowndes Attorney Michael Piccolo.

9 Diversity Plan, A.B.A. (May 2011) (brackets added), https://www.americanbar.org/content/dam/aba/global/ABA_Diversity_Plan_May_2011.pdf.

Originally published in the Briefs Magazine

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