STOV Advisory Services LLC
Did you know?
Based on studies conducted and analyzed by the Pew Research Center:
• In 1960, white people represented 85% of the total US population. By 2010, that had fallen to 64%. And by 2030, that is projected to fall to 55%. By contrast, Hispanics as a percentage of total US population went from 4% in 1960 to 16% in 2010, and is projected to be 22% by 2030. That may sound like a long time away, but that’s just 13 years from now.
• Also by 2030, the youngest baby-boomers will reach retirement, when 1 in 5 Americans will be at least 65 years old.
• By 2050, projections are that immigrants and their US-born children will account for 90% of the increase in the US working-age population.
• Homeownership continues to decline, currently standing at about 63%, the lowest level in nearly a half-century.
• It is not uncommon to have four generations represented in the workplace.
These stats should be posing you some tough questions. Ask yourself:
• Does my leadership team reflect the diversity of my customers, my employees, and the communities where I do business?
• Is my marketing strategy embracing or alienating potential customers?
• How will my products or services remain relevant in a multicultural domestic and global marketplace?
Such challenges require critical analysis and strategic planning. Call us to help you get started on the right path.