What if I told you doing more for "Social Equity" could actually increase your profitability?

Traveling around the country and hearing "Social Equity" continue to be used as a "buzzword" just doesn't make sense anymore. As someone who has held senior leadership positions for Fortune 500 companies before entering the cannabis industry, I know first hand the power that a strong D&I plan has on an organization's bottom line. There is a growing body of research that suggests that diversity and inclusion in the workplace can lead to an overall better financial performance for the subject organization.

Here are a few reasons why:

1. Diverse perspectives lead to better decision-making: When you have people from different backgrounds and experiences working together, you're likely to get a broader range of ideas and perspectives. This can lead to better decision-making and problem-solving, which can ultimately lead to improved business outcomes.
2. Increased innovation: A diverse and inclusive workplace can also lead to increased innovation. When employees feel comfortable expressing their ideas and perspectives, they're more likely to come up with new and innovative solutions to business challenges.
3. Improved customer satisfaction: A diverse and inclusive workplace can also help businesses better understand and meet the needs of their customers. When employees come from a variety of backgrounds, they're more likely to have a deep understanding of different cultures and communities, which can help businesses better serve those customers.
4. Access to a wider talent pool: Finally, a diverse and inclusive workplace can help businesses attract and retain top talent. When employees feel valued and included, they're more likely to stay with a company long-term, which can help businesses save money on recruitment and training costs.
5. With the cannabis industry in particularly, this concept is a non brainer. The majority of cannabis consumers have an understanding around the "War on Drugs" and what it has done to obliterate the Black & Brown community. So giving consumers an opportunity to shop for their medicine and support strong community based initiatives, is the true definition of bridging the gap. The quicker cannabis operators come to terms with this realization, the faster we'll begin to see a change in the market. Until then, check out groups like 420NJEvents and Minority Cannabis Academy to stay up to date with programs & initiatives created for the community and the overall sustainability of this emerging market.

In closing, there are many ways that diversity and inclusion can benefit businesses financially. By embracing diversity and creating an inclusive workplace, businesses can create a more innovative, productive, and profitable workforce.