Diversity management

Name

Institution

Introduction

The paper attempts to examine the how the management of diversity improves the performance of the company. The paper examines two current scenarios of management diversity in today’s business world and explores various ways the diversity management can improve the growth and the development of the business. The pool of talents and skills from different people’s backgrounds leads to creativity and innovation, thus improving the performance of the business.

Diversity management

The growth of any business in today’s fiercely competitive market relies on diversity management. Organizations seeking global relevance in the global markets are identifying the need to embrace cultural intelligence to promote creativity and innovation at the workplace. As such, most of the corporations, no longer presume diversity to be just employing many workers. Rather diversity entails how the organization is treating its employee authentically from the management, to the root of the business model. In order to comprehend the role of strategic management diversity to the business, it is important to identify the key players that can implement the best practices and ensure the sustainable growth of the business (Barak, 2010).

The benefits of gender diversity

The gender diversity is not important to any business workplace for laudable goals, but it brings the sense to the business from the bottom to the top of the corporate structure. Research findings reveal that companies with gender diverse teams perform better than other with single-based gender teams. According to a Gallup study on hospitality and retail industries which included more than 800 business units in the United States, the findings done in 2013 showed that employing demographically diverse workforce can lead to the improvement of the performance of the business. The financial outcomes of the gender diverse business units were higher than those of businesses dominated by one gender. On a deeper analysis, the less diverse units generated 5.24% revenue compared to 14% in diverse business units in the retail company. In the hospitality industry, diverse gender-based business units indicated 19% increase in quarterly net profit compared to the less diverse business units. The results are a substantial proof of the additive effect on the overall performance of the company from the bottom line to the top management. Diverse based businesses can get wide customer base and attracts talented women who have the potential to make the organization gain competitive advantage in the global economy (Badal, 2014).

Diverse leadership talents

Lathon Ferguson has recently taken a mission to transform talented and underserved students to become the leaders of tomorrow at INROADS, Inc Corporation. The company operates as a technology and financial service provider worldwide. Being the regional director, he planned to implement strategic corporate management based on diversity of talents from the youth to the professional associates. As a result, he has been increasing the number of interns from the Mid-West of the United States to other countries where the corporation has opened its branches. The company has recorded increased performances on the sales department due to the training programs and initiatives intended to construct a culture of diverse knowledge at the corporate management. The company has been creating strategic corporate partnership with other companies such as Nestle Purina, Express Scripts and Saint Louis Zoo. The collective diversity management has enabled the corporation to maneuver the ever increasing economic difficulties (Kirton & Greene, 2010).

Benefits of management diversity to the performance a company

Innovation

People with diverse cultural backgrounds think differently and have different ideas. Bringing the workforce under the same business entity encourages the sharing of new ideas. The diversity of talents, skills and problem-solving approaches reflects consumer’s insight and the wisdom of the crowd. As such, a global, diverse workforce acts as a gateway for creativity and innovation which in turn leads to the increased performance of the business. In addition, the use of a diverse workforce provides an opportunity for an inclusive working environment where ideas can germinate and grow into inventions (Kirton & Greene, 2010).

Profitability

Marketing is based on the concept of understanding the end-consumer; therefore, the use of a diverse workforce promotes the sale of good and service to a diverse consumer population. Furthermore, inclusion of a diverse workforce in the marketing department enables an organization to overcome the communication barriers with the customers. The pools of qualified workers reap the economic benefits easily compared to the organization with the homogenous make-up (Kirton & Greene, 2010).

Talent pools

An organization with a wider selection of people from diverse cultural backgrounds can pick up a variety of talents from the recruitment shopping basket. Many talented and gifted people are always daring to venture into the unknown and discover business models that improve the performance of the business. People who use their talents in a business environment are always willing to go the extra mile and discover more profitable opportunities (Kirton & Greene, 2010).

Multiformity

Individuals with different experiences and skills can specialize and address the quality of the product of the service that the company is offering. It is difficult for a corporation to perform with excellence when it does not include a culture of the workforce with different strength and skills (Barak, 2010).

Conclusion

Presentations received from participants who have diverse backgrounds during a corporate seminar provide comprehensive solutions to the business problems. The range of experiences and context represented by at the organization management provides a sound basis for the development and the growth of the business. As a result, business organizations are adapting the management of diversity at a fast rate in order to expand their market niche and to stay on top of the competition (Barak, 2010).

References

Badal, S.B. (2014). The Business Benefits of Gender Diversity. Gallup Business Journal. Retrieved from:

http://businessjournal.gallup.com/content/166220/business-benefits-gender-diversity.aspxBarak, M.E.M. (2010). Managing Diversity: Toward a Globally Inclusive Workplace. California: SAGE

Kirton, G., Greene, A.M. (2010). The Dynamics of Managing Diversity. Oxford: Routledge

O’Neil, B. (2013). Lathon Ferguson of INROADS develops diverse leadership talent. The St. Louise American.

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