Diversity is often talked about within the context of minorities—especially citizens who are African American, Hispanic, Native American, Asian Pacific, or Asian Indian. However, the increasing acceptance of minorities in society has led to a trend that may view the current minority as the New Majority in the next two or three decades. This means the present majority will be the minority in the future. How will this demographic change affect the way we talk about supplier diversity and equality in the workforce?
In this episode, we discuss the term “New Majority” and how this can affect the way we do business in the future. We share the reasons why we should be more careful about using new terms, especially when they quickly become antiquated. We explain the benefits of catering to diverse-owned firms over traditionally-owned firms and how it helps the industrial ecosystem in the long run. We also discuss why companies should avoid developing new programs designed for the New Majority.
Topics discussed in this episode of Breaking Barriers, Building Hire Ground:
- The term “New Majority” and what it means for your business
- The majority demographic in America by 2050
- How shifting majority and minority populations affect the concept of diversity
- Why companies shouldn’t create new programs specifically for the New Majority
- Creating equal opportunities for both the New Majority and New Minority
- How to support small and local businesses
- The difference between leadership structures of traditionally-owned and diverse-owned firms
- The risk and cost benefits of being a Tier-2 business
This podcast is brought to you by Hire Ground
Hire Ground is a technology company whose mission is to bridge the wealth gap through access to procurement opportunities. Hire Ground is making the enterprise ecosystem more viable, profitable, and competitive by clearing the path for minority-led, women-led, LGBT-led, and veteran-led small businesses to contribute to the global economy as suppliers to enterprise organizations.
For more information on getting started please visit us @ hireground.io today!
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