More consumers than ever are demanding equality and diversity from the businesses they support.
A special report on brands and trust has revealed that 69% of consumers want to support brands that express their values, and are more likely to trust brands that are more committed to being involved in societal issues.
Brands Take a Stand
Belief-driven buying has become the new normal. The number of consumers making their purchasing decisions based on personal beliefs and values has risen significantly. In 2017 just around half of consumers (51%) were belief-driven buyers, and by 2019 this had increased to the majority of consumers (64%) across eight highly influential global markets.
More recent insights on brands and belief:
• 53% of buyers agree – every brand has a responsibility to get involved in at least one social issue.
• 49% say brands can do more to address and solve social issues than the government.
• 56% say that too many brands are “trustwashing” – using societal issues to sell more of their product, rather than backing up their message with tangible action.
Recognition for Pride-Friendly Brands
Pride Month presents brands with an opportunity to show their support for the LGBTQ+ community and follow through with actions that reflect this support. More brands realise how important it is to ensure all employees feel safe, included and respected at work. A record 503 employers from 20 different sectors submitted applications to the Stonewall Workplace Equality Index for 2020.
The Index also conducted a staff feedback survey which was completed by 109,9337 employees. The results showed a positive response from the majority of these employees.
86% of gay and lesbian respondents, 71% of bisexual respondents, and 63% of trans respondents said they felt able to be themselves at work. It’s worth noting that 70% of LGBTQ+ employees with disabilities felt the same – while still in the majority of respondents, this shows a significantly lower percentage than that of their able-bodied counterparts (83%). While policies around diversity and inclusion in the workplace have come a long way, clearly there is still work to be done.
Belief-Driven Buying a Priority across All Age Groups
In recent years the younger workforce has been leading the way, but it seems that older generations are also waking up to the importance of diversity and inclusion. Reports show that the majority of people across all markets, age groups and incomes say they must be able to trust a brand to do what is right. This belief is shared by:
- 81% of the 18-34 age group
- 81% of the 35-54 age group
- 79% of the 55+ age group
- 81% of the UK market
- 83% of the US market
- 85% of the Indian market
- 88% of the Chinese market
- 80% of the bottom 25% income group
- 81% of the mid 50% income group
- 81% of the top 25% income group
The Advantages of Embracing Diversity
Diversity in the workplace is another of today’s most widespread social issues. Diversity means employing people from a multitude of different backgrounds, who are of varying nationalities, races, religions, genders, age groups, abilities and sexual orientations. There is substantial research to support the benefits for companies that take steps to become more diverse.
Workers from a variety of diverse backgrounds bring a wider range of perspectives, ideas and experiences to the table, helping more diverse organisations to outperform their competitors.
Diversity-Focused Roles on the Rise
As more companies aim to become more diverse, search trend data shows a global spike in searches for ‘diversity and inclusion manager’ over the last 10 years, with interest in the term growing by 122% since 2010. We’ve seen an even more significant jump since 2004, with searches for ‘diversity and inclusion manager’ growing 200% in 2020.
Backing this trend up is one of Glassdoor’s top hiring trends for 2020 – a greater focus on diversity and inclusion jobs. Glassdoor predicted that there will be a wave of hiring for leaders and managers that are able to drive more diversity and inclusion in their workplace.
Between August 2018 and August 2019, online job postings for diversity and inclusion roles soared. Glassdoor saw a 30% rise in the US and a massive 106% rise in the UK.
More job-seekers are also looking to fill these roles. Searches are up by 35% in the US and 19% in the UK. These roles include D&I Directors, D&I Programme Managers, D&I Consultants and Diversity Officers, to name a few.
According to Ellie Halaczinsky from The CV Squad, the number of CVs submitted to their free CV review service which include ‘diversity and inclusion’ have increased by around 20% in the last 12 months, which is a good indication of an increase in job-seekers looking to fill these roles.
Four Tips for a More Diverse Company
- Ensure you have a diverse pool of candidates when interviewing for positions at your organisation.
- Encourage conversations around diversity and look for ways to address a lack of diversity in your company.
- Work towards creating a workplace culture where people from all backgrounds feel comfortable and safe.
- Look for ways to partner with other companies that are known for diverse leadership.
Social responsibility benefits employers and employees alike, and if the latest stats are anything to go by, we’re likely to see more and more companies catering to belief-driven buyers in the years to come.
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