Last Updated 26 Jan 2021

Diversity could be viewed as a Business Strategy

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We are now a community of nations where people from various racial groups may be found living together and interacting in small geographic units everywhere in the world. Diversity not only in ethnicity but also in other aspects like gender and creed have characterized today’s workforce and marketplace. The best and the brightest companies have capitalized on Diversity to gain the lead in business. The idea used to be that in order to foster team spirit among employees with diverse background, was to build on commonalities. Today, we focus on their differences and draw the excitement from there.

We have for example a diverse sales team. They would certainly be well-equipped to handle the requirements of potential clients with a similarly diverse background as theirs. Likewise, a diverse product research team can develop a product that would address the needs of a diversified market. Ethnic groups, like the Hipics and the African-Americans make up a sizeable portion of the market. As such they have a considerable purchasing power. A diverse company is in a better position to understand the influences on their buying decisions. This will be its competitive edge.

A company with a diverse workforce pools the talents and drives of people who see things from different all angles, propose different approaches to problems and constantly challenge traditional ways. This will impact on good decisions and quality of goods and services. Innovation is a company’s unique edge over competition. In order for it to continually be on the lead, it must recruit and retain the best people who work their full potential and contribute their unique talent in a heterogeneous setting, in creating value for the company.

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Businesses that identify with the diversity of their markets and translate it in the services and products they provide, will be those patronized by people and its networks of business alliances. Diversity is a leading edge and a driver of profits for businesses.

References

Adams, B. and Ruch, W. (2008). Diversity as a Core Business Strategy. Retrieved May 28, 2008 from www. versantsolutions. com Evans, C. (2008). Reasons to make Diversity and Inclusion a part of your Company. The Power of Many: Diversity’s Competitive Advantage.

Retrieved May 28, 2008 from http://www. managesmarter. com/msg/content_display/publications/e3i6fd0ac1fb788d27cd0b19d85b013aa1c Lockwood, N. (2005). Drivers and Benefits of Diversity in Europe, HR Magazine. Workplace Diversity: Leveraging the Power of Difference for Competitive Advantage. Retrieved May 28, 2008 from http://findarticles. com/p/articles/mi_m3495/is_6_50/ai_n14702678/pg_10 Merck. (2008). Diversity and Competitive Advantage. Retrieved May 28, 2008 from http://www. merck. com/about/diversity/employee_diversity/div_competitive _more. html

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