Posted on January 26 2021
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It Matters Where You Spend Your Money: How to Promote Diversity, Inclusion, and Equity With Your Dollars
- Jim McKinley @ (moneywithjim.org) - | There’s never been a more critical time to support diversity, inclusion, and equity as a consumer. More and more companies and organizations are catching on to the fact that when they have a diverse workforce and value inclusion in their operations, it significantly improves virtually every aspect of their business. Simply put — this is because people want diversity, inclusion, and equity.
However, it’s not just up to businesses to make the changes this world needs. As consumers, we can choose where we spend our money and which businesses we support. And if you’re like most people, you don’t have an unlimited budget, which means you need to be strategic with the dollars you dole out. Below, we’ll discuss the importance of promoting diversity, inclusion, and equity with your purchases, as well as how you can do it.
WHY IT’S IMPORTANT
Businesses drive our economy, and they can’t thrive without customers. If we want diversity and inclusion to become the norm, we must encourage companies of all kinds to take up the cause. Each of us has a role to play.
The best way to bring about change? Using your hard-earned money at places that promote the values we’re talking about, and avoiding places that don’t. Businesses will get the message. In fact, they already have. Be intentional about your purchases. Research which companies are making efforts to create a better workplace for all of their employees, developing better products and services for all of their customers, and staying committed to long-term progress.
COMPANIES WORTH SUPPORTING
There are many national and international businesses that are showing consistent dedication to fostering diversity, inclusion, and equity. Here are a few examples:
Nike has several employee-managed networks — eight, to be exact — that provide resources for a wide range of employees. This includes the Black Employee Network & Friends, Latino & Friends Network, Native American Network & Friends, Nike Military Veterans & Friends, and Pride Network. If you love Nike’s products and what they stand for, you can keep each purchase within budget by using a Nike promo code or coupon when checking out.
The grocery delivery/pickup company, Instacart, is dedicated to supporting diversity, inclusion, and equity through its recruiting and human resources (HR) practices, along with striving to create a secure and inclusive work environment for each employee. The company also has Employee Resource Groups (ERGs), which hold cultural heritage months throughout the year. This includes Black History Month, Latino Heritage Month, Women’s History Month, Pride Month, and others. The goal of the heritage months is to raise awareness for underrepresented groups through various types of programming (e.g., social impact projects, education, development, etc.).
L’Orèal is more than just a giant beauty products company. It’s known for having one of the most diverse teams and company cultures in the world. The company has been recognized for these values by performing well in the Human Rights Campaign’s Corporate Equity rankings, the Thomson Reuters Diversity & Inclusion Index, and more. Moreover, L’Oreal developed a superb work environment by implementing employee-driven Think Tanks that focused on women’s representation in various departments.
OTHER WAYS TO DIRECT YOUR DOLLARS
It’s great to intentionally buy from larger companies that are making genuine efforts to benefit people of all genders, races, religions, and so on. But one of the best ways to promote diversity and inclusion, as well as long-term equity, is to give your business to companies in your neighborhood. This is especially true for minority-owned businesses and organizations that support good causes. So whether it’s a nearby restaurant, clothing store, bookshop, or any other type of local business, give them a shot before you turn to other places.
It makes a difference where you spend your money. If we are to see diversity, inclusion, and equity win out in our neighborhoods and beyond, then we must support the companies that are proactively fostering these values in their operations. We can do this by learning what certain businesses are all about, questioning each purchase, and shopping local when possible. Start by checking out the Cotton For the Soul shop today.