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By Eddie Tadlock
A business definition: di·ver·si·fi·ca·tion (noun) — the act of spreading
capital across different investments in order to reduce risk.
Diversification is a risk-management technique that mixes a wide variety of
investments within a portfolio. The rationale behind this technique contends
that a portfolio of different kinds of investments will, on average, yield
higher returns and pose a lower risk than any individual investment found
within the portfolio.
A humanistic definition: di·ver·si·ty (noun) — the fact or quality of being
diverse; difference; a point or respect in which things differ. When used to
describe people and population groups, diversity encompasses such factors as
age, gender, race, ethnicity, ability, religion, education and professional
background, as well as marital and parental status. Diversity indicates
variety but isn’t synonymous with pluralism, which is a process or system of
actions.
Diversity means more than just acknowledging differences. Diversity is a set
of deliberate practices that involve showing mutual respect for qualities
and experiences different from our own. It’s recognizing that personal,
cultural and institutionalized discrimination creates and sustains
privileges for some while creating and sustaining disadvantages for others.
Choose a definition — diversification or diversity. What’s the real-world
value?
Diversification + Diversity = Destiny
We can predict a great deal about our future economic, social
and political realities on the basis of what we know about our present. As
we enter the new century, two groups dominate America’s demographic present.
Baby boomers, who comprise the first group, were born between 1946 and 1964.
 They
will soon be entering their senior years, if not completely retiring from
full-time employment in the not too distant future. The second group is
comprised of what I call “new immigrants.” In response to changes in the
nation’s immigration law and global economic forces, immigration to the
United States has accelerated dramatically during the past decade. The
result is a new racially and ethnically diverse workforce that has had a
profound effect on the nation’s economy. (Hint: They don’t look, speak,
think or respond like the baby boomers). Yet focusing on just the
implications of aging boomers and the new immigrants misses the most
important part of the story — the people.
People Portfolio
Assembling a workforce involves driving creativity, innovation and change.
Unless you’ve been living under a rock for the past 20 years, it’s evident
that in our communities, as well as in the workplace, we’re interacting with
a variety of cultures, ages, genders and lifestyles. Our industry is
changing as well, and so we must update our philosophy, if not our
perceptions of diversity and the importance of diversification. This means
moving beyond political correctness from “Doing the right thing,” to
defining a real-world value in terms of diversification and diversity.
We’ve all heard the adage, “Don’t put all your eggs in one basket.” That’s
the principle of diversification in the business world. This principle turns
out to have a great application when investing in your people portfolio.
Hiring managers used to be hardwired to a standard that I’ll call the
“Prudent Man.” In selecting candidates for hire, they picked candidates with
the best attributes that a “prudent man” would judge to potentially help one
become a good worker.
That meant if the candidate looked like them, spoke like them and shared the
same interests, then he was a good, safe investment — simply put, a
one-dimensional approach. There was no consideration as to the impact that
the individual might have on the customers or the entire “people portfolio.”
In 1972, affirmative action was an inflammatory public issue. The Civil
Rights Act of 1964 already had made something called affirmative action a
remedy federal courts could impose on violators of the Act. In theory, it
led with the notion that when analyzing a new candidate for hire, the
diversity of the individual’s skill set became more important than age,
gender or lifestyle.
As a result, those companies who took it upon themselves to develop broadly
diversified people portfolios realized better returns over time than those
who continued undiversified hiring practices.
Fast forward to 2006, and listen intently to those currently “singing the
songs” Celebrating Diversity. Take a deep breath during the interlude, and
take a look at your current management staff and determine if you were, or
still are a “Prudent Investor.”
Have you diversified your marketing plans and recruitment materials in
response to the changing demographics in the workforce? Diversification of
your people portfolio is evolutionary, not revolutionary. Your people
portfolio should have a prudent mix of men, women, cultures and lifestyles.
Investing in Our Future
Not to oversimplify diversification or diversity, consider
this premise: Wealthy people plan for the next generation. Poor people plan
for Friday night.
Diversification means more than mentoring a woman, promoting a Native
American or hiring a gay manager; it’s about preparing our industry for the
future. I’ll remind you that this is a long-term deal. You may not see an
immediate return on your investment. The future rewards will be a tangible
measure of progress in an industry that strives to reflect the variety of
cultures and lifestyles that make up our people portfolios. Leaders aren’t
necessarily thinking about themselves; they’re thinking about the next
generation.
 Diversity
is a reality created by individuals and groups from a broad spectrum of
demographic and philosophical differences. It’s important to support and
protect diversity because by valuing individuals free from prejudice, you’ll
help create a success-oriented and caring IAAM community. Our association
needs to be recognized as one that draws intellectual strength and solicits
eclectic ideas from its diverse membership.
We should all strive to create work environments that enhance the human
potential of all the members of our respective people portfolios. Both
diversification and diversity are essential for a progressive industry
committed to excellence and equity.
Eddie Tadlock is general
manager of the Lynnwood Convention Center in Lynwood, Wash. He is also a
member of IAAM’s Diversification Committee. |
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