Benefits and cost of valuing diversity

The most important key ingredient in this shift is: Minorities, now roughly one-third of the US population, are expected to become the majority by Considering consumer purchasing power inHispanics will account for 9. The new trend the trend of people living longer and retiring later, resulted in four distinct generations working side by side—conservatives, baby boomers, Generation X, and Generation Y or Millennials—each with its own mind-set, work habits, technology attitudes, and customs.

Benefits and cost of valuing diversity

Conflicting working styles across teams 1. Diverse cultural perspectives can inspire creativity and drive innovation Our culture influences the way in which we see the world.

Benefits and cost of valuing diversity

A variety of viewpoints along with the wide-ranging personal and professional experience of an international team can offer new perspectives that inspire colleagues to see the workplace—and the world—differently.

Diversity of thought has been shown to breed creativity and drive innovation, helping to solve problems and meet customer needs in new and exciting ways. Multiple voices, perspectives, and personalities bouncing off one another can give rise to out-of-the-box thinking.

By offering a platform for the open exchange of ideas, businesses can reap the biggest benefits of diversity in the workplace. Local market knowledge and insight makes a business more competitive and profitable A multicultural workforce can give an organization an important edge when expanding into new markets.

Often, a product or service needs to be adapted to succeed overseas.

The Benefits And Costs Of Valuing Diversity | Researchomatic

Understanding local laws, regulations, and customs, as well as the competitive landscape, can help a business to thrive. Moreover, local connections, native language skills, and cultural understanding can boost international business development exponentially.

And being more competitive ultimately means being more profitable. DiversityInc annually recognizes the top 50 most diverse companies and measures their success against the broader market.

Cultural sensitivity, insight, and local knowledge means higher quality, targeted marketing Cross-cultural understanding, along with local market knowledge, lends itself the production of more effective marketing strategy and materials.

For example, high quality and culturally sensitive translations of websites, brochures, and other assets are essential.

But these can be overlooked without the input of a native speaker. Even brand taglines can get badly lost in translation. What might work well on a billboard for a British company could fail or offend elsewhere. A memorable McDonalds print ad in Finland may have been considered clever locally, but it was seen as confusing and even grotesque by foreign audiences.

The danger of making a serious marketing blunder, which can cause irreparable damage to a brand or business abroad, can be mitigated by employing a diverse workforce with local marketing savvy. Drawing from a culturally diverse talent pool allows an organization to attract and retain the best talent According to a Glassdoor surveytwo thirds of job hunters indicated that diversity was important to them when evaluating companies and job offers.

In a competitive global job market, demonstrating that your business is invested in fostering a multicultural and inclusive environment can make you stand out to the right candidates.

Making diversity an important part of the recruiting process will broaden your talent pool of prospective employees. Not only does hiring from a more diverse talent pool makes your business attractive to ambitious, globally minded candidates, it also helps you to keep them on board.

Diversity, including diversity of gender, religion, and ethnicity, has been shown to improve retention and reduce the costs associated with employee turnover. In a diverse workplace, employees are more likely remain loyal when they feel respected and valued for their unique contribution.

This, in turn, fosters mutual respect among colleagues who also value the diverse culture, perspectives, and experiences of their team members. An inclusive atmosphere of cross-cultural cooperation is an excellent way to bond colleagues and teams across the business.

Studying and sharing a campus with students from different nationalities has been an awe-inspiring experience. Diversity and international exposure have always been important to the decisions I have made in my career.While diversity can also have its challenges in the workplace, it provides an opportunity for employees to reach out and discover the amazing commonalities beneath the surface differences.

Benefit: Diverse cultural perspectives can inspire creativity and drive innovation

Market. Diversity also incurs cost such as costs of legal compliance; which includes cost to train staffs, record keeping and legal fees. Additional cost include opportunity cost such as diversion of top management time, and productivity shortfalls.(Lockett, ).

13 benefits and challenges of cultural diversity in the workplace Katie Reynolds, 2 years ago 5 12 min read As national politics and discourse seem to grow more inward-looking and divisive across America and Europe, successful businesses must continue to think inclusively and globally.

The Benefits and Costs of Valuing Diversity The Benefits and Costs of Valuing Diversity Albert Jacquard rightly asserts that "The other is different, for sure. He is not to deny the difference, or pretend to forget, but to take advantage of.

Because life thrives on differences, uniformity leads to death”. the cost and benefits of diversity policies to the main actors for diversity policies in companies. Multiple sources of evidence have been used to achieve these tasks.

Diversity in business ownership, particularly among women of color, is key to moving our economy forward. The diversity of our nation’s business owners helps boost employment and grow our economy.

13 benefits and challenges of cultural diversity in the workplace Hult Blog