Whether you are the CEO of a company or a typical employee, you can play a significant role in encouraging diversity in the workplace. As seen before, hiring employees from different racial backgrounds and making them feel comfortable at work has several benefits. According to a new research by Hunt et al. (2015), companies with more racially diverse workforce perform better financially. In their research, they found that companies that embrace diversity will have greater financial gains than the industry average. Out of 366 public companies examined, those “in the top quartile for racial and ethnic diversity are 30% more likely to have financial returns above their respective national industry medians” (Hunt et al., 2015, para. 4). The research …show more content…
A company can never become more racially diverse if only two or three employees commit to it. Employees should collectively work to build a constructive and more inclusive workplace. Companies could also provide ongoing diversity training sessions which everyone, from the top down, should attend in order to become more familiar with the notion of cultural and racial diversity. These training opportunities will help employees and managers understand the importance of establishing an inclusive and diverse workplace, and as a result, they will be more likely to value the different groups of colleagues in a more genuine way and gain a deeper sense of cultural awareness. Fostering diversity in the workplace is about making sure that all viewpoints, backgrounds, races, experiences are valued in the organization. When employees feel more valued within a company, they are more willing to work and make significant contributions to the organization. Consequently, employees will become more productive and creative. For this reason, encouraging diversity in the workplace is believed to drive up …show more content…
Companies are beginning to harness the power of diversity in order to benefit their employees and their business itself as well. As businesses and communities are becoming increasingly globalized, companies are starting to operate within a diverse marketplace. Establishing diversity in the workforce indeed brings about innumerable benefits. Promoting diversity in your company also implies having a broader collection of skills such as different languages and different approaches to the same problem as well as varied experiences from each diverse employee. For this particular reason, companies that truly engage in diversity will enjoy a competitive advantage over the other companies in the same industry. It is indeed argued that “diversity is probably a competitive differentiator that shifts market share toward more diverse companies over time” (Hunt et al., 2015, para. 1). When your workplace is home to employees all with different backgrounds, experiences, diverse races and so forth, your company will be more attractive to people and will be able to market to all groups of consumers. Research shows that companies with a more racially diverse workforce will perform better than the other competitors in the industry. The bottom line is that diverse companies will have
Abstract: This paper examines how JPMorgan Chase, one of the world's largest financial institutions, leverages diversity to foster an inclusive workplace and drive business success. By implementing a range of diversity initiatives, fostering an inclusive culture, and promoting diverse leadership representation, JPMorgan Chase has demonstrated a commitment to leveraging diversity for innovation and growth. This paper explores key strategies and practices that have contributed to JPMorgan Chase's success in promoting diversity and inclusion within the organization.
Managing workplace diversity may boost return on investment, inspire more innovative ideas, and create a more productive work atmosphere. Businesses that prioritize diversity attract highly qualified employees who are better suited to a fast-paced atmosphere. The company that is part of the list of best companies for multicultural women of 2011 that I will be evaluating their
This key point explains that executives and board chairs recognize the importance of diversity, equity, and inclusion work, but report lower engagement beyond the initial phases. This shows a need to commit to raising awareness of how racial inequity is relevant to the organization's mission. By talking about program results, identify differences in results by demographics and address any disparities in outcomes based on demographics. (BoardSource, 2021) By doing so one has to be aware of any implicit biases that may get in the way of addressing those
She points out gender and racial diversity in a workplace help people bring their knowledge and intelligence together to increase team performance. In addition, people engage in more critical thinking and gain broader viewpoints when they hear different opinions from someone in a different
Introduction Since 1996, Royal Dutch Shell (Shell) had been promoting the diversity and inclusion (D&I) initiatives, which aimed to increase the variety of compositions and values the differences such as, age, sex, gender, race, nationality, and education (Sucher & Corsi, 2012, p. 5). Yet, Voser’s, the new Chief Executive Officer, Top Management Team (TMT), was dominated by middle-age American and European men from 2008 to 2009. Because diversity could have both positive and negative impacts on the company (Webber and Donahue, 2001) and the nature of industry as well as the contextual circumstances could both support or hinder various diversity characteristics (Cannella et al., 2008), the implications regarding the short run situations and
These differences contribute to the organizations ability to be flexible, generate problem solutions, relate effectively to a wide range of clients and to providing a balanced range of services. An organization can invest in developing effective employment programs and strategies that support diversity, but unless they have created an inclusive work environment, that celebrates and builds on differences and that is productive, rewarding, enjoyable and healthy for everyone concerned, they are likely to find that diversity creates more problems than it solves. They will be unable to take advantage of the benefits of diversity and are likely to have difficulty retaining employees. Work practices that make environments safe for all have achieved cultural competence and as a result are demonstrating cultural safety. Overall, this means that the workplace if spiritually, socially and emotionally respecting and appreciating different cultures and that there is no assault, challenge or denial of any person’s identity.
Diversity has been recognised as a valuable initiative in the advancement of a workplace, however recent studies in England and Wales show that the judiciary remains largely imbalanced . For decades diversity has been a central matter within the legal sphere but according to a recent report by the Council of Europe published at the end of 2014, women only make up 25% of judges in England and Wales and to this day, Lady Hale remains the only representative for women in the Supreme Court . Furthermore, diversity statistics in 2015 concluded that the percentage of BME judges remains unchanged at 7%. Damning statistics such as these prove that the judiciary is currently in a detrimental situation, particularly because diversifying the workplace encourages innovation: ‘There is a large body of evidence going back many decades which shows that more culturally diverse businesses are more innovative. Recent research also shows that workforce diversity is also
- Diversity brings a variety of ideas and viewpoints to the organisation especially when creative problem solving is required. - Diversity increases passionate workers and makes work fun and
In today’s era managers are challenged daily with disputes like ethics, diversity, working in teams, privacy, sexual harassment, and handling differences. Furthermore, these issues are discussed because they are constantly the debatable topics in the workplace. More importantly, handling differences and diversity is the current situations in the workplace. Moreover, a few managerial concepts must be considered, including selection methods, training and development, performance appraisal, and diversity management.
Today’s most business primary concern is retaining workforce diversity. Recognizing the importance of diversity in the organization and effectively manage to ensure the organization and its valuable diverse employees are growing hand in hand. Rising of immigrants’ employment opportunity, joint venturing business globally has equally brought an opportunity for shared values, exchange of cultures and intelligence to widen the opportunity for business enterprise and also a platform for employees to reach target goal.
We have a lot of problems when it comes to diversity that occurs in the workplace these problems cam be race, gender, culture, beliefs, and religion. If we, as a country, will truly be accepting through the diversity that we have as a nation then we will need to take action and really hope towards something better in our society. I believe that there are a lot of things that go in a company that a lot of us go blind too. It is not always easy for everyone to cope and really understand where some come from and how others feel. We sometimes get in a state of “always about me and no one else”.
Successful strategies link diversity progress directly to business results. (www.diversityinc.com/diversity-management) Diversity in the workplace means bringing together people of different ethnic backgrounds, religions and age groups into a cohesive and productive unit. Advances in communication technology, such as the Internet and cellular phones, have made the marketplace a more global concept. In order to survive, a company needs to be able to manage and utilize its diverse workplace effectively. Managing diversity in the workplace should be a part of the culture of the entire organization As a group we discussed diversity management and realized that the world is a big place and there will always be diversity.
Age Diversity in the Workplace Diversity at workplace is one of the prominent issues in today’s world. It is the challenging issue that managers face to manage at the workplace. But it gives the highest output if properly managed. By managing the workplace diversity, companies can increase the overall efficiency that results in higher output. Besides, it enhances the image of the company to become ‘Employers of Choice’.
Investing in Diversity management does not only bring higher revenues, it can also avoid discrimination lawsuits. „ With demographic shifts, advances in technology and communications, and globalization, diversity is quickly becoming a driver of growth around the world. “ Diversity is not only beneficial for the companies the organizational culture gives the employee a feeling of belonging and the confidence that they can live their individuality and will be accepted if they do so. In my opinion, it is diversity plays a very important role not only for business also in real life, you can profit from other people with different age, other countries or gender, because you can learn everyday something new.
Diversity in the workplace is vital for many reasons. It provides interaction between people