Posts Tagged ‘global economy’

Four Quick Points around LGBT Ecomonic Development

Part 2 of a 2-part series around LGBT economic development – including lots of useful links!

In the first part of this series (link to it) I recounted the exciting privilege of participating in the historic first ever US Federal Government Procurement Fair for LGBT Businesses. Now I would like to follow that up with four quick lessons around LGBT (Lesbian, Gay, Bisexual, Transgender) Economic Development.

1) There is a direct tie to strong economic health and eliminating LGBT bullying in our schools. By allowing the demoralization of a segment of our society, instead of bullied children growing up into healthy society-contributing adults, they could be more prone to engage in destructive behavior, thus becoming a drain on our society and economies. (Link LGBT bullying blog) And unaddressed bullies in the schoolyard often grow up into future work place bullies and harassers, negatively impacting business productivity. (Link to blog on this.)

2) LGBT people and other oppressed minorities can build inner strength through fighting this oppression, making them more resilient (hence stronger employees) and more creative (hence becoming successful entrepreneurs.) As an example, in 2013, look for a new exciting and innovative product in the pill container industry to hit the market from the winner of the annual LGBT entrepreneur competition held at the National Gay and Lesbian Chamber of Commerce conference. (Link here to read about LGBT-owned CapsulePen*)

3) As the world becomes an increasingly interconnected global economy due to electronic connectivity, LGBT equality is now on the forefront within the younger generation of almost every country. These business leaders of the future will be

US President Barack Obama delivers remarks to the Export-Import Bank’s annual conference in Washington DC on March 11, 2010, including discussing his new National Export Initiative. (Photo UPI/Kevin Dietsch)

looking for LGBT friendly products and diversity / LGBT equality training. This is a tremendous exporting opportunity for American Businesses. The National Gay and Lesbian Chamber of Commerce (NGLCC) has already realized this potential by leading global trading missions overseas with LGBT-owned businesses traveling to Argentina and Colombia. (Link to info on 2012 trade mission to Colombia). And these NGLCC-sponsored missions have been endorse by the White House as a key supporting activity of President Obama’s initiative to improve the US economy by increasing our exports. (Link to info on the National Export Initiative.)

4) These first 3 points are coupled with the more well-known strategic diversity initiatives within most major companies: the strong business case for executing LGBT-diversity initiatives. Employee engagement and productivity is improved among LGBT employees within a company, and increased sales revenue can be gained from the highly loyal LGBT purchasing constituency. Link to blog on the business case for LGBT Diversity.

Disclosure – Blog author Stan C. Kimer holds an equity position in CapsulePen.

The Growing Various Types of Diversity

In my last blog where I discussed the shift of diversity to being a key strategic initiative for competing successfully in today’s fast-paced global economy (link here to that blog), I promised to next write about the various types of diversity. The diversity field itself is becoming increasingly diverse!

Twenty years ago in the United States (and even in some enterprises today) diversity meant gender and race. And often race only extended to white and black. The first expansion was to include sexual orientation (which first meant gay men and lesbians, and then itself was expanded to include bisexuals and transgender people) and people with disabilities.

But over the past decade and even now, the diversity field has been expanding and the new areas are even more applicable outside the United States since they address global phenomena. Some of these new areas (for some of these have I short new videos you can watch) include:

For the first time in history, there are 4 generations simultaneously in the workplace.

Generational Diversity. For the first time we now have four generations of people in the workplace. The Millennials are now graduating from college and entering the workplace, and at the same time people in their 60s and 70s are staying on the job for various reasons, including financial security and wanting to stay mentally vibrant and challenged. The four generations each view work and relationships very differently, and good managers and team members will understand this and manage to this diversity. View my 2.5 minute video on Generational Diversity.
Cultural Diversity. This refers to the growing cross-cultural and cross-national teams now working in our enterprises. With the explosion of internet technology, sales capabilities and supply chains have now become global. Even first level departments often have people located in multiple countries and more people are moving across boundaries and entering the workplace away from where they were born. View my 1 minute video on Cultural Diversity.
Diversity of Thought – a brand new emerging area. Companies are now looking beyond diversity of appearance and to diversity in ways of thinking. When companies open themselves to diverse approaches to business problems and developing solutions, often a blended solution which includes different ideas results in a much stronger answer. When an enterprise is comprised of leaders who all think exactly alike, there is a huge potential for missing entire market segments and innovative products and offerings. Embracing diversity of thought includes listening to others and keeping an open mind to creativity and innovation.

For your own enterprise, consider how you can leverage these different areas of diversity to win in your marketplace.

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