Free Diversity as a Business Asset Dissertation Example
Diversity as a Business Asset
Diversity is increasingly becoming popular. According to the diversity report released by Apple in 2017, the company claims that half of its employees hired in the United States starting from July 2016 to July 2017 were from groups that were historically underrepresented, they include native Americas, the Hispanic, Black people, native Hawaiians and women (Kerr n.p.). One of the advantages of a diverse workforce is based on the aspect that it brings about various talents and a fast way of achieving common goals; this is as a result of increased problem-solving abilities. Different cultures present within a company translates into a wide variety of ideas that are necessary for completing various tasks. While handling different duties, the teams select the most appropriate and efficient method from the suggestions presented. Some concepts can also be combined to produce a more effective overall technique.
A diverse workforce also helps in attaining different language skills. In the current business environment, companies have increased their efforts on expanding; there is a need to have employees that speak other languages other than English to help cater to the needs of the customers that do not; this makes them not feel left out in some areas due to language barriers. An organization such as Apple that promotes diversity attracts and retains talent. When employees get employed in companies that encourage diversity, they do not have the fear they will feel discriminated as there are other workers from similar or different minority groups. The presence of other people like them creates a sense of security.
Google is a company that is structured to deliver a diverse human experience in the service it provides, people from all parts of the world have different reasons for using the company’s services. Google aims at catering to these needs to satisfy the consumers at personal levels. However, in the past, the company did not provide a diverse working environment, it is continually acting to change that. In regards to the hiring process, the company is looking beyond developing a diverse workforce; its recruitment process factors in other aspects such as retention of the newly recruited employees and creating a conducive working environment that promotes employee satisfaction.
Google has also included diversity in its management ranks. In 2017, Google hired Danielle Brown, a woman, as the Company’s vice president of diversity (Redmond n.p.).In 2014, the internet giant announced that it was ready to implement the plans it had established on diversifying its workforce. The company had pledged to employ people from different cultures and races and also reduce the gender gap that was present in the organization. Though the company is still experiencing some minor challenges in the plans to diversify its workforce, employing Danielle Brown is an indicator that the company is determined in executing what it had promised.
Google has come up with various ways of improving diversity in all levels of the company; this includes the technical ranks. For example, the Accelerate with Google program makes it possible for any employee from the company to organize digital literacy events for the underrepresented communities, people who might have technical skills are provided with a platform to access the gaps within the company and fill them. The efforts have had various consequences some of which include providing the minority groups with equal opportunities to showcases their talents and improving the overall performance of the organization.
Diversity plays an essential role in determining the success of a business; it should, therefore, be the top priority for any company. The only scenario that does not require diversity is when a company is serving people from a single group. However, such a situation cannot occur in the business world. Having a diverse workforce is more imperative than it has ever been; factors such as globalization have motivated this. Workplace diversity does not directly translate into higher profits. However, it helps in improving the decision-making process in companies, acquiring high-level talent, and a rich talent pool. In the long-term, this translated into reduced turnover rates, higher morale and improved employee satisfaction (Lopez n.p.). Putting all these factors together makes it easy to understand how diversity can positively impact the financial performance of different organizations.
Diversity can strengthen companies in various ways. One of the means through which this is achieved is by indirectly improving the firms’ profits. According to the Diversity and Inclusion (D&I) index created by Thomas Reuters in 2016 through analyzing 5,000 companies. It was discovered that organizations that embrace diversity in their workforce outperform their peers which do not (McGirt n.p.). Also, the companies had happier customers and more innovative products. Another study conducted McKinsey & Company indicated that gender-diverse companies outperform firms that lack diversity by 15 percent (Lopez n.p.). Ethnically-diverse companies perform better by 35 percent when compared to their non-diverse counterparts. In the United States there exists a relationship between improved performance, ethnic and racial diversity. A 10 percent increase in any of these aspects results in a 0.8 percent increase in earnings before taxes and interest. The examples provide tangible proof that diversity can significantly boost the profitability of different companies. Secondly, the approach can help strengthen teams by promoting equality; this encourages workers from various backgrounds to achieve more, and make them feel confident.
Lack of diversity can weaken companies. One of the ways through which this can be illustrated is based on the aspect that lack of diversity can hinder a company’s ability to adapt to change. An excellent example of this is the Kodak company which was slow to change. A Kodak engineer first developed digital photography. However, the companies ignored the finding on research conducted to determine the adaptability of the new concept. The mistake could have been avoided had there been a diverse team in the board that understood the potential of digital photography at the time and how it could be integrated into the future business plans. However, the team that was in place concluded that digital photography did not have the potential to replace the film despite the presence of contrary evidence.
The second way in which lack of diversity can weaken a company is based on the aspect that companies that lack diversity risk being sued for discrimination; the most common types are racial and gender discriminations. A company that faces such accusations might be perceived as an unethical firm which might result in the company losing some of its customers especially those coming from the groups it is accused of discriminating. Also, if there exists evidence to prove that an employee from a minority group was discriminated upon in the company, the organizations might be forced to pay hefty fines that might affect its profits negatively. The company might also have a hard time working on getting back its respectable reputation.
Kerr, James. “Apple’s Latest Diversity Report A Big “So What.” Inc (2017): N.p., Web. 12 Oct. 2018.
Lopez, Rachel. “Why Workplace Diversity Should Be a Priority in 2017.” RMI (2017): N.p., Web. 12 Oct. 2018.
McGirt, Ellen. “Inside Search Giant’s Effort to get more Diverse.” Fortune (2017): N.p., Web. 12 Oct. 2018.
Redmond, Dylan. “Google Make Fresh Approach To Become A More Diverse Workforce.” SocialTalent (2017): N.p., Web. 12 Oct. 2018.
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