Diversity hits the bottom line

By Mike Fabishak

It is becoming apparent that corporate America, at all levels, has embraced the notion that diversity can build a more competitive company. Signs are cropping up everywhere, and not just at Fortune 500 companies that are driven by public relations and the need to create an image of good corporate citizenry. Today, any company that has a long-term interest in remaining relevant in the marketplace must begin to examine the diversity of its work force.

Diversity, which was initiated through social conscience and tinged with elements of justice and cultural harmony, has now become a bottom-line issue that affects competitiveness and market share.

Today, far-thinking companies in the construction industry are beginning to leverage diversity as an important business objective. They have an understanding of the changing demographics of their client base and work force, and they understand how important it is that their companies should attempt to reflect the societal rainbow our community is fast becoming.

As an example, Leading Futurists LLC, Washington, D.C., reported that the combined Hispanic/Latino and Asian share of the U.S. population is projected to increase to 19 percent by 2020. The U.S. Census Bureau also reports that during the next 10 years, new immigration will represent half of the total U.S. population growth.

Companies that expect to compete in tomorrow's economy cannot risk missed business opportunities. So therefore, many are examining their corporate cultures to assure that they embrace varied perspectives in decision making, strategic planning and career development. The reason is simple — more profitability. Instituting diversity in your company isn't about public relations anymore.

Obviously, a price will be paid to accommodate the introduction or expansion of diversity in our businesses. Skills in dealing with diversity will need to be relearned, and trust will need to be developed among different groups. The culture of inclusion is the future of business, and you are either ready to begin embracing it or not.

As we move into this decade, we undoubtedly will be seeing a significant transformation in the complexion and composition of the individuals who work in our industry.

It will require a thoughtful and sure approach so that true, meaningful diversity can develop. The Associated General Contractors of Greater Milwaukee will be working with the construction community to encourage and develop diversity plans that are relevant, dur-able and far reaching so that our mem-bership doesn't miss the opportunities that will present themselves as our work force continues to evolve.

Mike Fabishak has been the executive vice president of the Associated General Contractors of Greater Milwaukee Inc. for the past five years and sits on several boards and councils where he advocates for the construction industry.