01:16
Faizan
Over the last two years I have spoken at seven human resource conferences in Australia and overseas on the issue of diversity and inclusion. Workplace inclusion is not something that is done well in Australia, however, we are better than most.
In the nineties, smart businesses began their battle for niche customers, targeting the lucrative DINK (Duel Income No Kids) market. Today that niche is redefined with the definitive DINK now being Pink.
If Australian businesses and employers were unaware of this shift, recent retail headlines should make some sit up and pay attention. The March 2011 article "Myer joins fight for the Pink Dollar" shows that battle lines have been drawn between Australian rival fashion retail giants Myer and David Jones for what is described as the "lucrative gay market".
Around the globe western press echoes the trend: Amsterdam targets Pink dollar; UK tourist industry eyes the Pink pound; Singapore the new Mecca for Pink dollar.
In 2010 Packaged Facts reported that the gay and lesbian market in the US had a buying power in the order of US$743 billion. Even back in 2004, The Age was reporting that Australian gay and lesbian households command an annual disposable income of AU$10 billion. But where are they going to spend it?
Pink purchasers are savvy and astutely aware of what sits behind the brand. There is much more sophistication at play than a quick glimpse of a gay couple in a 30 second TV commercial.
What is the company's diversity track record? What does the company culture represent and how inclusive are their policies?
Lack of an inclusive culture can adversely impact on both customer retention and staff retention. Research by Harris Interactive found that three quarters of gay and close to a half (42%) of straight consumers in the US are less likely to buy products from companies perceived to hold negative views of lesbians and gay men (Stonewall, 2008).
More and more Australian companies and public sector agencies are developing robust diversity policies; policies that are inclusive of lesbian, gay, bisexual and transgender (LGBT) people. These organisations recognise the economic benefits not only in attracting customers but also in enhancing productivity and retaining staff.
In the nineties, smart businesses began their battle for niche customers, targeting the lucrative DINK (Duel Income No Kids) market. Today that niche is redefined with the definitive DINK now being Pink.
If Australian businesses and employers were unaware of this shift, recent retail headlines should make some sit up and pay attention. The March 2011 article "Myer joins fight for the Pink Dollar" shows that battle lines have been drawn between Australian rival fashion retail giants Myer and David Jones for what is described as the "lucrative gay market".
Around the globe western press echoes the trend: Amsterdam targets Pink dollar; UK tourist industry eyes the Pink pound; Singapore the new Mecca for Pink dollar.
In 2010 Packaged Facts reported that the gay and lesbian market in the US had a buying power in the order of US$743 billion. Even back in 2004, The Age was reporting that Australian gay and lesbian households command an annual disposable income of AU$10 billion. But where are they going to spend it?
Pink purchasers are savvy and astutely aware of what sits behind the brand. There is much more sophistication at play than a quick glimpse of a gay couple in a 30 second TV commercial.
What is the company's diversity track record? What does the company culture represent and how inclusive are their policies?
Lack of an inclusive culture can adversely impact on both customer retention and staff retention. Research by Harris Interactive found that three quarters of gay and close to a half (42%) of straight consumers in the US are less likely to buy products from companies perceived to hold negative views of lesbians and gay men (Stonewall, 2008).
More and more Australian companies and public sector agencies are developing robust diversity policies; policies that are inclusive of lesbian, gay, bisexual and transgender (LGBT) people. These organisations recognise the economic benefits not only in attracting customers but also in enhancing productivity and retaining staff.
Posted in: business
