Why diversity is important to maintain profitability
Diversification refers to the differences in preferences and practices between people in terms of race, tribe, gender, sexual orientation, religion. On the other hand, multiculturalism focuses on inclusiveness, understanding, respect, and unequal power in society. This paper highlights the reasons why diversity is necessary for workplaces for the profitability of companies.
Diversity presents an opportunity for offering a wide range of services to customers (unknown).In this case, companies with a broad skill base. For example, having employees who speak or understand different languages has the upper hand in the competitive market. The advantage of adaptability means that companies will have faster planning and execution of ideas. Such companies can easily spot a crucial gap in the market. Diversity also leads to more accessible communication with customers and between employees (unknown). When Employees engage with each other, their motivation increases, and it is advantageous to the company.
Further, the Importance of diversity in communication is essential when dealing with external clients and the community. It is because customers have become diverse, and their choice of service is mostly dependent on the providers’ ease of communication. Therefore, the ease of communication between people saves time and money.
Multiculturalism increases team creativity as well as presents diverse solutions to problems in the workplace (unknown). New ideas pop up when individuals due to the exposure of individuals to multiple perspectives. Moreover, when different minds are working together, individuals present solutions following their diverse ways of thinking and decision making. The creativity and solutions displayed create profits for companies.
Therefore, embracing diversity in the workplace is necessary. The law advocates for a multicultural work environment, but an organization embracing a diverse working environment and a multicultural understanding is bound to make profits through the attraction of many customers, and broader market shares.
References
unknown. Human Resource Management. 2011.