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Diversity in the Workplace

ACC607-01
by

Hilary Micallef

on 14 November 2013

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Transcript of Diversity in the Workplace

DIVERSITY
“the state of having people who are different races or who have different cultures in a group or organization”
CORPORATE
"best & brightest"
DECISION MAKING
diverse viewpoints
PROFITABILITY
benefits to all stakeholders
DIVERSITY
in the workplace
“85% of large global enterprises agreed or strongly agreed that diversity is crucial to fostering innovation in the workplace”
United States minorities are currently 1/3 of the population; the minority is expected to become the majority by 2050
defined
“the quality or state of having many different forms, types, ideas, etc.”
"diversity means understanding that each individual is unique, and recognizing our individual differences. These can be along the dimensions of race, ethnicity, gender, sexual orientation, socio-economic status, age, physical abilities, religious beliefs, political beliefs, or other ideologies" (CUNY)
“a diverse workforce combines workers from different backgrounds and experiences that together breed a more creative, innovative, and productive workforce”
benefits to the
CULTURE
"employees have even shown to work more effectively and act more determined when diversity in an organization is present, as there is competition amongst the highly qualified workforce"
lower turnover
friendly work environment
“in order to be successful and recruit and retain the best employees, they [the organization] must value the diversity of their employees and the clients they serve”
broadened perspectives
creative thinking
new attitudes
“diverse backgrounds are associated with diverse information, knowledge, and perspectives, and accordingly more diverse teams may bring together a larger and more diverse pool of task-relevant informational resources to draw from"
“like minds tend to gravitate toward like minds and not work as much with other people who do not think like them. We always need to branch out and work with people who are from different backgrounds and have different working and thinking styles”
“members of a social majority are more likely to voice unique perspectives and critically review task-relevant information when there is more social diversity present than when there is not”
a boost in
the businesses that fail to see the importance of diversity and inclusion might find themselves unable to attract and retain the kinds of customers, employees, and business partners that constitute our changing world in 5 to 10 years”
If a company desires to capture a greater share of the market and effectively compete globally, they must employ a diverse workforce that is committed to catering to the diverse needs of the global marketplace.
broader
service
range
CHALLENGES
understanding
inherent resistance to change
outlying ideas
commitment
A diverse workforce poses perceptual, cultural, language and communication barriers
“for companies ranking in the top quartile of executive board diversity, ROEs were 53% higher, EBIT margins were 14% higher”
"According to the Census Bureau, people of color own 22.1 percent of U.S. businesses. Moreover, women own 28.8 percent of U.S. businesses, and Latina-owned businesses in particular are the fastest-growing segment of the women-owned business market."
"Currently, people of color and women only represent about 14.5 percent and 18 percent, respectively, of corporate boards among the senior management of Fortune 500 companies."
WORKS CITED
http://www.americanprogress.org/issues/labor/news/2012/07/12/11900/the-top-10-economic-facts-of-diversity-in-the-workplace/
http://www.merriam-webster.com/dictionary/diversity
https://otis.experience.com/alumnus/article?channel_id=diversity&source_page=editor_picks&article_id=article_1134066102704
http://www.mckinsey.com/client_service/organization/latest_thinking/unlocking_the_full_potential
http://www.forbes.com/2009/06/02/diversity-collaboration-teams-leadership-managing-creativity.html
https://sites.google.com/site/diversityworkplace411/what-is-workplace-diversity-2/why-is-diversity-in-the-workplace-important
Something to Think About...
A firm has a very close-knit corporate culture that is currently very effective -- the employees are happy and the company is very profitable.

Do you think implementing a diversity program would help or hurt this company?
Full transcript