Nine out of 10 SME leaders believe increased diversity and inclusion in the workplace will benefit their businesses

Small businesses that make an effort to focus on accessibility, diversity, sustainability and data security will play a critical role in influencing consumer purchasing decisions this year, with nine in 10 business leaders agreeing that increasing diversity and inclusion in the workplace will benefit their businesses.

New research from global technology company Mastercard has pinpointed vital areas of focus for small businesses in the coming months to get more customers through the door, with accessibility and diversity initiatives within Australian organisations confirmed to be key drivers for consumer purchasing choices in 2023.

According to the research, 75% of Australians agree that all Australian businesses should be accessible to people with a physical, mental, sensory or intellectual disability, with 76% believing that businesses can do more when it comes to work and career opportunities for people with disabilities. 

The data also reveals that 69% of Australians are more likely to spend money with businesses that prioritise data security in 2023, while 55% of Australians are more likely to shop with a business that focuses on diversity and 59% of shoppers want to support businesses that are putting an effort into sustainability.

Mastercard’s division president for Australasia Richard Wormald says the research is a salient reminder of the need for organisations to actively align business practices to both consumer expectations, and those of their employees, if they are to be successful. 

“The past year has been challenging for businesses, emerging from the pandemic environment to heightened customer expectations and a changing economic environment,” he said in a statement. 

“There’s been incredible resilience in the landscape, with 85% of business leaders saying they are optimistic about the success of their business in 2023, but the message is clear that 2023 will be a year where businesses are rewarded for prioritising the things that are important for their customers and employees.

“Awareness around ensuring an accessible society for everyone is growing as we hear from more diverse voices in our media and at incredible sporting events like the Australian Open. 

“Technology and the digital environments we all interact with now have made the world more accessible than ever, and businesses must make the most of the opportunity. Creating touch-accessible products or sonic-accessible experiences must be on the agenda for 2023 and beyond.”

Further key findings from the Mastercard report show only a third (33%) of small businesses have a  diversity, equity and inclusion (DE&I) strategy in place, compared to 67% of medium businesses and 74% of large corporations.

When it comes to data retention policies, one in five (19%) of small businesses say they do not have a policy in place. 

Only 42% of small businesses say their work premises are completely accessible for workers with a disability and less than 31% of small companies reported having made major changes to their work premises in the past 12 months to make it more accessible to people with a disability, compared to 67% of medium and 56% of large businesses. 

The online survey of 507 Australian business leaders, 1010 Australian employees and 1048 consumers nationwide was commissioned in December 2022 by YouGov on behalf of Mastercard.

The release of the survey findings coincided with the global launch of Mastercard’s Touch Cards, which are simple notched cards to help blind and low-vision Mastercard cardholders distinguish their debit, credit and prepaid cards.

The cards are expected to launch in Australia by mid-2023.