Addressing diversity in the Utah business world

There has long been a perception that Utah needs to encourage more diversity among its business community. While a recent study shows that there is potential to do just that, it also points out some barriers that need to be overcome.

Sara Jones is among of those diverse voices. Jones is the CEO of Utah company InclusionPro, as well as co-founder of the Women Tech Council and a a member of the Utah State Workforce Development Board. For Utah Business magazine, Jones wrote a piece that brings her perspective on diversity — and the results may surprise you.

Finding the right pathway to business success may also mean needing loans to help keep the progress going. First Utah Bank has several options to suit any kind of business need.

A look at the state and diversity

One resource that recently came to the fore is the “Diversity in Utah Data Book.” This publication was facilitated by the Kem C. Gardner Policy Institute, which is part of the University of Utah. The book reveals data about the equity, diversity and inclusion of the state’s communities, including race, ethnicity and sex.

Among the findings in the book:

• 22% percent of Utah residents identify themselves as other than non-Hispanic white. This places Utah as 34th in the nation for diversity.
• The minority segment of the population will increase to a third by 2060.
• Minority populations are more likely than whites to have lower incomes, higher poverty rates, lower home ownership rates and higher housing costs.
• Some Utah minority populations have longer life expectancies and lower rates of depression, obesity and asthma than the state’s white population.
• Utah can make progress on these disparities due to its nation-leading numbers in family stability, income equality, social mobility and social capital.

In her article, Jones in particular wants to break the perception and silence the chatter that Utah is not diverse. She makes the case that when leaders utter off-handed remarks, it can stifle the economy in ways most people may not realize.

“Hundreds of business leaders have asked me in the past year about how to take meaningful action around diversifying their teams and creating equitable and inclusive workplaces,” Jones writes. “There is a strong desire to be authentic. As a diversity, equity and inclusion consultant, I feel leaders are more ready than ever to make real and lasting change.“

Taking action, one Utah business at a time

Jones, who began her career as an attorney, has a firsthand view of this perception. While at her first firm in 1999, she had heard from other partners that finding women to lead in the legal profession was “scarce.” This is despite women graduating from law school at a 50 percent rate nationally, she writes. And so, she worked with the leaders of the firm to recruit more women, and there were more than a dozen hired over the next decade.

It’s also part and parcel of her co-founding the WTC, encouraging its thousands of members to better recruit and retain women leaders in tech. “When we choose to see the talent that is already here, it changes the way we think about solutions,” Jones writes. “We are often blinded by our own bias, and that keeps us from being creative.”

In order to foster more diversity, Jones encourages business leaders to take action and search for creative solutions. She points out that in urban areas of Utah, there is more diversity than may be considered at first glance.

She also finds hope in younger generations, noting that three of the state’s school districts are predominantly attended by ethnic minorities, including Salt Lake City and Ogden. “Our youth in Utah are having a dramatically different experience, with multicultural diversity as their norm.”

How the right kind of lending can boost your Utah business

Leaders of the more progressive companies maintain policies that set themselves up for continued success in business. First Utah Bank can contribute to that planning by providing funding solutions that also create security.

We know about the needs of small businesses and can help with our suite of term loans. They can mean a specific amount of money is available to fit your needs as they arise. This type of business lending gives Utah businesses the option to level up or purchase assets. It’s on a predetermined schedule based on monthly principal and interest payments. Loan rates are usually fixed but they can be variable depending on your business needs.

The uses for these type of loans include long-term working capital, investment in commercial real estate, commercial vehicle purchases or business debt consolidation, among other options.

Talk to your home state business loan officers to see how term loans might benefit your small business. Learn more at our website, or call First Utah Bank at 801-308-2265.