Diversity is a continuous process, not a stand-alone initiative, so it is imperative that we weather through these tough times. My national team is still busy planning for diversity training sessions and recruitment conferences throughout the year such as the Society of Women Engineers conference, the NAACP national conference this summer and the NAACP Diversity & High-Tech Career Fairs. Even though hiring numbers have been adjusted downward this year, it is important for PricewaterhouseCoopers to sustain its relationships with these organizations. In addition, retention is still an important piece of the puzzle as organizations like ours look to retain highly skilled employees during these trying times. Recently, the Management Consulting Services African American Work Group hosted a Roundtable in Atlanta. Woody Brittain, the highest-ranking African American Consultant and Managing Partner within PricewaterhouseCoopers, spoke with a group of approximately 25 professionals consisting of partners, strategic HR leaders and consultants about his career path and the promising future of the practice.
Of course, PricewaterhouseCoopers must take measures just like any other organization to minimize expenses; however, we don't halt ongoing diversity initiatives. We are truly committed to our staff as well as the diversity organizations where we have established strong relationships. Diversity just doesn't "go away" when business is slow. It is still a critical piece of the business. Diversity affects the business in numerous ways, and having a diverse workforce directly impacts the firm's profitability.
For starters, our clients demand diversity, as they want to see Management Consulting Services project teams that are reflective of the current U.S. demographics. Those with different backgrounds, experiences, and ideas not only mirror the U.S. population but are more likely to come up with better, more innovative, creative solutions for our clients. It is not surprising that diverse groups make more well-rounded decisions because of the wider range of experiences upon which they can draw. Homogeneous groups generally rely on a narrow range of experiences, thus making decisions faster but not necessarily smarter.
Gaining a competitive edge in a global marketplace is another important reason why companies are so interested in diversity. The globalization of virtually every industry has an astounding impact on the concept of diversity in the workplace. If a company is going to be truly "global", diversity must be embraced at all levels. Its workforce should understand the needs of people from different cultures and geographic regions. If organizations are going to gain competitive advantage, they need to not only build and maintain a diverse workforce but they need to do it faster than their competition. The talent pool will continue to grow smaller as the labor market tightens-which is yet another reason why companies are fiercely competing for diverse talent. Organizations simply cannot afford to miss the opportunity to recruit minorities in this "new" market.
According to the U.S. Census 2000, our population of Hispanics, African Americans, and Asians is increasing at a tremendous rate and will continue to increase to unprecedented levels. For example, the Hispanic population has grown 60% in the last ten years, three million more people than forecasted. Most companies know what kind of mistake it would be to ignore these minority groups who are slowly eclipsing the "majority" in many parts of the U.S.
PricewaterhouseCoopers is on the right track in recognizing and acting upon the ever-increasing importance of diversity. Diversity has morphed from being the "right thing to do" into a business imperative that cannot be ignored. There are millions of dollars at stake, so companies should not put a stop to their diversity recruitment and retention programs during these tough times. It is the long-term financial impact that should be a priority instead of the focus on the recent slowdown in business. Whatever goes down has to come up at some point in time. When that time comes, organizations should be ready to invest even more time and dollars into developing a world-class operation that manages and values diversity.
