Kimberly Lanham, Senior Vice President, Marketing & Client Services, Digital Risk has published a very thoughtful article “Embracing Diversity & Inclusion in Mortgage” regarding the role of diversity and inclusion into the overall business purpose.
A lot of authentic market research and surveys (by the likes of MsKinsey, Deloitte and Catalyst) make evident the fact that companies embracing diversity gain higher market share and a competitive edge in accessing new markets; however, the biggest concern remains not having the right people to run and grow their businesses.
Data clearly state that embracing D&I gives room to more intelligibility of target markets plus innovation. The optimal scenario here is to extend Diversity & Inclusion initiatives outside the organization in order to better the community while also expanding top line growth.
Altering the business strategy to include outreach to underserved markets, including Hispanic borrowers and those with different credit profiles, will drive business growth. These efforts also extend the credit box to more homebuyers, thereby supporting growth in the mortgage industry.
The current marketplace is more diverse and global than at any point in history and this dynamic demands a very different setup — one that understands and can help address the needs of an increasingly diverse base of consumers. Having a diverse and inclusive workforce allows people to connect various new or different ideas and experiences to create the best overall business solutions.
The need to understand the significance of Diversity & Inclusion efforts for the organization and its positive impact is extremely important for not only employee retention but also business growth, the surrounding community and greater economy.
Read the full article on LinkedIn Pulse here for all the minute details of how D&I strategies improve the business and the economy, including statistic figures and links to supporting research.