Diversity: A Strategic and Value Added or Requirement?
Author(s)
Download Full PDF Pages: 50-54 | Views: 363 | Downloads: 98 | DOI: 10.5281/zenodo.3404486
Abstract
Over the past few years most business organizations have been embracing the idea of having diverse workforce. But there are very few studies that point to the relevance of diversity to the strategic business growth or added cost to business. Most organizations either do it to protect their organization reputation or to remain compliant with law and /or suppliers. But the world demographic landscape is changing at a disparate rate. This change call for a global view around talent management and the need to hire for global & not local need. So the study is intended to identify what diversity really means for many businesses and how it actually adds value through innovation, the potential it represents for the business and the risk of doing nothing .In doing so we used data from many sources , most of which are from Economic census data . Overall theoretical data show that having a diverse workforce is a great source of innovation and profitability. While statistical data show that by 2050 the population will grow significantly, mostly coming from developing world and from Spanish –speaking background within us. Those data point to the fact that businesses need to adapt a long term strategic approach to Diversity if they are to remain relevant.
Keywords
Strategy, Human Resources, Demography, profitability, Diversity, Globalizations, Risk.
References
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