Why are Diversity, Equity, and Inclusion important?

Why are Diversity, Equity, and Inclusion important?
Why is Diversity important? 
     Diversity keeps us healthy physically, financially, professionally, and emotionally. It leads to innovation and creativity. When we live, work, and play in culturally diverse communities we are healthier, and that's why we need diversity. 
'Why We Need Diversity' Psychology Today

     "Nearly 70% of the country's largest cities are more racially and ethnically diverse than they were in 2010," according to a U.S. News analysis. The report explains the growing opportunity to meet someone different than you in most cities across the United States. With communities becoming more diverse, it is important to focus on equity and inclusion. "For [diversity] to be a good thing, we need a lot of progressive policy that gives all people the ability to compete at the same level," as stated by Tim Thomas, an urban sociologist at the University of Washington. Diversity, equity, and inclusion must go hand in hand. 

Diversity and Minnesotamn demographics pie chart
     Minnesota's population is becoming more and more diverse by the decade, and it continues to be shaped by immigration. Minnesota has seen a 29% growth in its population of color since 2010, ninth highest among states. Residents of color make up about 21% of the total population. It is important that cities adapt to this growing population to ensure flourishing communities.
Learn more about Minnesota's demographics here: Minnesota Compass

     The success of Minnesota's economy, both now and in the future, is intrinsically linked to Minnesota's immigrant communities. This Minnesota Chamber report from March of 2021 analyzes immigrants' contributions to Minnesota through many lenses, with a specific lens focus on entrepreneurship, impact on regional economics and contributions to key industries.
'The Economic Contributions of Immigrants in Minnesota' Minnesota Chamber Foundation

     "The number of immigrants in [Southwest Minnesota] increased by 28.6% from 2010 to 2017," and this number is continuing to grow, according to a report from Minnesota's Department of Employment and Economic Development. This growing number of new Minnesotans is crucial to our state and region's economy and demanding workforce. The percent of foreign born individuals aged 16+ that are actively participating in the labor force (72.2%) is higher than the percent of native born individuals (69.6%). Immigrants have proven to be strong contributors to our region, so we must work towards building communities that are ready to provide for and serve all their people. 
'The Importance of Immigration in Southwest Minnesota' Minnesota Department of Employment and Economic Development

Diversity Triumphs     "The business case for inclusion and diversity is stronger than ever. For diverse companies, the likelihood of outperforming industry peers on profitability has increased over time, while the penalties are getting steeper for those lacking diversity." This quote from McKinsey & Company's third report in a series investigating the business case for diversity summarizes a substantial amount of information concluding that diversity leads to better business performance. McKinsey's 2019 analysis found that, "companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the fourth quartile." Further they found that in the case of ethnic and cultural diversity the results were equally compelling stating that, "In 2019, top-quartile companies outperformed those in the fourth one by 36% in profitability." The report continues to explain that, "companies in the fourth quartile for both gender and ethnic diversity were 27% more likely to underperform on profitability." In summary, the diversity and inclusion efforts of a company can make or break their success opportunities. 
'Diversity Wins' McKinsey & Company

     "Striving to increase workplace diversity is not an empty slogan - it is a good business decision." The Harvard Business Review reports that, "non-homogenous teams are simply smarter. Working with people who are different from you may challenge your brain to overcome its stale ways of thinking and sharpen its performance." Diverse teams focus more on the facts, they process facts more carefully and they are more innovative. Creating diverse teams and ensuring inclusivity, "can make your teams smarter and, ultimately, make your organization more successful, whatever your goals." 
'Why Diverse Teams Are Smarter' Harvard Business Review