As I was reading the Herring article entitled, “Does Diversity Pay?: Race, Gender, and the Business Case for Diversity”, all I kept thinking was I wonder if one were to repeat this study in an academic setting, would the find similar results? After taking the future professoriate course last semester, it made me realize how much universities are just like businesses. We pay them a certain amount of money for a particular service, in this case education (whether its a good return on investment is still up in the air); therefore, I consider higher institutions large businesses. Herring came to several conclusions in this article in regards to diversity among businesses, that it resulted in increased sales revenue, more customers, greater market share, and greater relative profits.
When thinking about how his correlates to a university, I wonder whether that the same could be said in regards to the effect that diversity has on it. With increases in diversity, universities are able to increase their sales revenue because it brings in more sales revenue and customers due to the fact that an inclusive environment can attract more minority students. With the addition of these students, universities are able to increase their market share and relative profits, since they generally come to the institution for at least four years.
It seems that universities are all about diversity and inclusiveness so I think that it makes sense to apply the same benefits of a diverse workplace to an educational institution. I know that the population of African American minorities here at VT is currently on the decline, as it has been for the past few years, and the university is try to make efforts to increase application/enrollment among this population. After being here for the past five years, one of the top reasons why students decline to come here, even after making a campus visit is because of a lack of relevant minorities. Therefore, VT is not attracting these specific customers, which means that their market share/value in regards to potential African American students is on the decline. I’m not sure if this is a good example, but it came to mind while I was reading and sparked this blog post.