In the competitive home improvement industry, companies not only vie for the best quality employees, but also for clients. This proves true for general contractors, plumbers, electricians, and the uber-competitive roofing segment. Similar to other industries, companies that embody diversity, equity, and inclusion (DEI) and a positive mission earn the greatest revenue share and tend to have the best company culture.
Diverse Companies with Positive Cultures Earn More Revenue
Data from Statistics Canada revealed that just a one percent improvement in diversity resulted in a revenue improvement of 2.4 percent. The same one percent diversity improvement resulted in a productivity boost of 0.5 percent. A recent McKinsey study found that those businesses with a diverse board of directors are 43 percent more likely to earn higher profits. Conversely, the least diverse businesses proved 29 percent less likely to earn above-average profits.
On the other side of the equation, consumers choose to do business with diverse brands because these companies may have values that reflect their own personal values. According to Forbes, consumers buy from companies with a definitive purpose and positive company cultures four to six times more often. That means that the home improvement companies hiring diverse workforces may end up with more highly skilled employees, as well as more customers.
Giving Back Comprises a Huge Part of Company Culture
Company culture goes above and beyond employees and customers. Top home improvement organizations reflect their company culture through their philanthropy, too.
For example, companies offering a DEI culture give back to the community through programs like the Roof Deployment Project in alliance with Owens Corning. By partnering with Habitat For Humanity and local contractors like AmeriPro Roofing, the Roof Deployment Project locates eligible veterans and provides roofs for their homes for free. Since 2016, the Owens-Corning National Roof Deployment Project installed more than 100 roofs on the homes of veterans.
Gordon Zimmer, Human Resources Manager for AmeriPro Roofing, explains the importance of giving back.
“When our country is in need, members of the military are there for us– and therefore it’s only right that we are there for them as well,” Zimmer said.
Diversity and Company Culture are Key to Longevity
Diversity, inclusion, and helping the community are key tenets to building a home improvement brand with longevity. Modern homeowners and consumers want to do business with organizations that are authentic, treat their employees well, and stand for something.