Value of Having a Diverse Workforce

Over the last decade, the role of HR has evolved to include a variety of areas. These areas include, but are not limited to: (a) the value of having a diverse workforce, (b) inshoring and outsourcing personnel management, (c) repatriating employees from foreign assignments, (d) ethical leadership methods and corporate culture, (e) local and global security against terrorism, and (f) upward career pathing to counter possible perception of a glass ceiling.

For this interactive assignment, you will take on the role of an HR professional who has been tasked with researching potential areas that have evolved over the past decade. You will create a business case, to be delivered to the director of HR, justifying the value of an area of your choosing.

Select one of the areas above, and evaluate the potential challenges and conflicts of your selected topic.

Value of Having a Diverse Workforce – Sample Paper

Researching potential areas that have evolved over the past decade is the foremost task of any Human Resource professional. Pursuant to this aim, the value of having a diverse workforce was selected as an ideal area of focus that has, over the years, undergone numerous transformations. This business case will justify the aforementioned area of choosing by focusing on how a diverse workforce drives economic growth, increases market share, results in a more qualified workforce, and a reduced employee turnover cost. Furthermore, a comprehensive evaluation regarding why a diverse workforce is necessary for a competitive economy in a global market will also be provided.

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How a Diverse Workforce Drives Economic Growth

 Diversity in the workplace has recently emerged as a significant force driving economic growth. The unique talents and aptitude introduced by a diverse workforce facilitate innovations currently linked to high returns. It is estimated that 85% of successful enterprises attribute their growth to a diverse workforce utilizing innovation to drive economic growth (Brief, 2014, p. 23). Top entrepreneurs in leading economies such as the United States now serve as a representation of a diverse workforce. They painstakingly ensure that diversity is implemented in the workforce with a specific focus on driving economic growth within a varied talent pool.

Read also Managing Diversity and Promoting Multi-Cultural Competency in Healthcare Workforce

Increased Market Share

            Diversity shapes the entire business environment and is responsible for an overall increase in market share. Major firms typically set goals with the aim of realizing them within a specific period. According to Mor-Barak (2015), a diverse workforce is an essential constituent when seeking to achieve company objectives and increase market share (p.40). An immediate impact of a diverse workforce is an increase in a firm’s bottom line. Coupled with improved financial performance, diverse management teams now attribute their success and increased market share to an assorted workforce. Revenue is, thus, generated successfully using fresh approaches and ideas which introduce new modes of operation.

A More Qualified Workforce

 Diversity in the workplace incorporates uniquely talented employees, which results in a more qualified workforce. Sourcing staff members from a diverse pool results in the selection of the best candidates bound to introduce a new set of skills to an organization. These in-demand skills often include multi-lingual capabilities, experience working in an international setting, and ideas that will aid a firm transition into the global arena (Scott, 2012). The current wave of diversity witnessed globally after the outgoing Boomerang generation presents a progressive culture based on competence and qualification.

Read also Importance of Cultural Diversity in Multinationals

Reduced Employee Turnover Cost

 Lower turnover costs typically result from enterprises with a diverse workforce. The implementation of policies that focus on reducing discrimination is standard in business entities with a diverse workforce.  The effect is a company that embraces cultural and ethnic diversity while motivating staff members to display a level of social responsibility. Inclusivity introduces a low turnover cost since it avoids exclusionary policies, which may be regarded as hostile by a diverse workforce. Diversity in the workplace also attracts talent from across the globe, attracting top performers who are more likely to be retained by the company.

Read also Memo – Strategies To Reduce Expatriate Turnover

Value a Diverse Workforce for a Competitive Economy in a Global Market Place

 A diverse workforce is a critical element of a competitive economy since it markets the goods and services on offer to diverse demographics. Tapping into staff members with a diverse background enables businesses to increase their competitive edge and are, therefore, better positioned to market their goods to a broader consumer base. A diverse workforce is also fecund and regularly offers solutions that will increase a firm’s competitive advantage within a global market place. A heterogeneous workforce is ideal for brainstorming and introducing new insights in a rapidly transforming global economy.

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