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It is said that diverse boards are more transparent and acco

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Nicole Santiago

on 18 December 2015

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Transcript of It is said that diverse boards are more transparent and acco

It is said that diversity in the work place are more transparent and accountable, communicate more effectively, implement innovation more successfully and enjoy a better reputation compared to firms or companies without diversity.
Six key reasons to tie workplace diversity to organizational strategic goals and objectives are:

1) Greater adaptability and flexibility in a rapidly changing marketplace.

2) Attracting and retaining the best talent.

3) Reducing costs associated with turnover, absenteeism and low productivity.

4) Return on investment (ROI) from various initiatives, policies and practices.

5) Gaining and keeping greater/new market share (locally and globally) with an expanded diverse customer base.

6) Increased sales and profits.
Direct Link: Organizations that expand their customer base most effectively do so with a workforce that is reflective of their clients. DuPont, for example, considers diversity a business imperative vital to ongoing renewal and competitiveness in the 21st century. This philosophy was illustrated when the company learned how one small change could directly translate into significant profits. At DuPont Merck, the sales of an anticoagulant drug in the Hispanic markets were low. When a Hispanic manager noticed that the drug was only labeled in English and consequently translated the instructions into Spanish, sales improved significantly. Now, educational materials for the drug are translated into 15 languages and bring in millions of dollars in new business.
Indirect link: Having access to and retaining talent from a worldwide diverse labor pool is key to gaining a competitive edge in the global marketplace. To expand and keep a market share.
Workplace diversity can be viewed as having both direct and indirect links to the bottom line. In business, the preferred equation for success is a single action that directly impacts financial performance.
Breaking Boundaries
By: Nicole Santiago
Firms are increasingly aware of the impact of diversity initiatives on organizational effectiveness. For example, factors that affect organizational profits are highlighted in a study by the Society for Human Resource Management on the impact of diversity on the bottom line. HR professionals from companies on Fortune's list of "Top 100 Companies to Work For" state that diversity initiatives provide organizations with a competitive advantage by positive improvements in corporate culture, employee morale, retention and recruitment.
"If you manage a company to be as fair as possible, then you will have the best possible workforce, the best possible customers, the best possible suppliers, and the smartest investors,"
Luke Visconti, CEO and founder of DiversityInc.
Fortune reported in February 2014 that just over 4 percent of Fortune 500 CEOs at that time were minorities, a classification including African-Americans, Asians, and Latin-Americans. And there were 24 women CEOs in the Fortune 500 -- representing 4.8 percent of companies -- as of June 2014
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