The Benefits of Inclusive Growth
Inclusive growth is a proven driver of vitality and prosperity for all — individuals, businesses, and the region. We can create an economy that thrives for everyone because of everyone, where we all:
- Participate in markets as entrepreneurs, workers, and consumers
- Advance in careers, build wealth, and invest in the future
- Drive economic growth through innovation and business creation
Achieving income parity adds $32.1B to our region’s economy by 2040 and creates thriving cities, diverse leadership, and innovation, where everyone enjoys prosperity.
Let’s Expand the Talent Pool
Eliminating racial disparities erases 70% of all opportunities we have to address the talent gap.
WHY? Employers have unfilled jobs, a costly trend. Hiring is a priority for Minnesota business leaders.
HOW? Reduce hiring bias and fill talent gaps now.
Let’s Grow New Businesses
Increasing businesses owned by people of color could create 87,000 new jobs.
WHY? Minority owned businesses grew at 3.5 times the rate of all Minnesota companies in 2014.5
HOW? Increase investment capital for these businesses and diversify vendors and supply chains.
Let’s Improve Performance
Racially inclusive executive teams are 33% more likely to perform better than racially exclusive ones.
WHY? Today’s talent seek employers with divers leadership representing their values and ambitions.
HOW? Increase leadership inclusivity skills and diversify leadership with people of color.
Data Sources: Metropolitan Council Regional Forecast, June 2017. Building Minnesota’s workforce: Realistic approaches to address our need for more workers, RealTime Talent & MSPWin, March 2017. State of Minority and Immigrant Business Ownership, City of Minneapolis Innovation Team, August 2016. Choice, Place and Opportunity: An Equity Assessment of the Twin Cities Region, Metropolitan Council March 2014. Delivering through Diversity, McKinsey & Company, January 2018.