Retailers can boost yearly earnings by as much as $100,000 by employing a racially diverse roster that mirrors their customer base, a new study suggests.
But one author says that soaring profits involves more than simply playing ethnic mix-and-match.
The study, co-authored by professors from Temple University, Rutgers University and Davidson College, studied 739 outlets of the U.S. department store J.C. Penney. According to the study, stores where the pool of employees mirrored the ethnic makeup of the communities they served earned an average of $94,000 more per year than stores in which staff wasn’t as representative of the wider community.
Reference: Toronto Star