Power of Diversity
Part one: End of Chapter Questions
Four facts from the chapter that you would utilize in your presentation
1 Changing Demographic Profile in the United States: The changes in the demographic composition in the united states has called for provision of equal chances as the level of education, skills and other aspects are increasing all over the nation and therefore sourcing for the best would call inclusion of all the people through open interviews and therefore handpicking the best to mark an impact in the company.
2 Increasing influence of women: Women have increased dedication and claimed equal rights in the business world by proving what a man can do they can also do it. This has led to them occupying huge positions and managing big companies and therefore including them in the company’s structure would transform its performance.
3 Discrimination in the workplace: The level of discrimination has continues registering a huge percentage all over the world and withy the need to equally treat all the people and giving them equal opportunities the need to consider diversity in the workplace is vital.
4 Business growth issues that are associated with diversity in the workplace: Diversity has registered a positive growth as the relationship and the interaction maintained in the company has led to increased innovation and therefore opening chances for organizations to grow. This is because there are divers ideas presented and therefore making it easy to harmonize them and come up with the best way out.
Flesh colored Band-Aids product sold by corporations and message the customers get when the companies diversify
Diversification leads to opening of better market chances as well as neutralizing the risk. For companies who sell a single flesh colored Band-Aid product means that market failure of that product would lead to incur huge losses which would call for liquidation of the company to totally diversifying to produce other products. Having a more diverse line of flesh colored Band-Aids mean that they enlarge their market and also they give their customer varieties to choose from this therefore means that they have a chance to even expand the market and suit customer needs in terms of color tastes and preferences.
What are four specific demographic shifts as it relates to race/ethnicity and women that indicate the U.S. workplace is becoming more diverse.
1 Increasing influence of women I workplace
2 Increase in more people of color
3 Diverse religions in the United States
4 The language
What are four specific demographic shifts as it relates to age, disability and or religion that indicate the U.S. workplace is becoming more diverse.
1 Increased youth employment
2 Provision for slots for disabled people in government positions
3 Opening church to leadership positions
4 Not influencing the church with political affairs
Purchasing power of people of color and the importance of this information in workplace and handling the employees and customers diversity
The purchasing power of Hispanic/Latino stands at 1.2 trillion. Knowing the information about the b purchasing power of people of color would change the view they have in that as much as they have a major influence on the economy they also need to be included in the job opportunities and the nation building programs. Ensuring that there is diversity and including all the people in the program would help ensure that they feel valued and therefore this cloud also increase their openness and the purchasing power.
Now answer the following six questions
Formula for success
The formula of diversity has greatly changed. It no longer just considers creation of heterogeneous workforce but it focus on use of the workforce to create products, services, and business practices that can be give a company a competitive advantage in the market. To succeed having a diverse market makes the company will inclusive as the competition is global and therefore this gives a platform for showing diverse ideas which translate to acceptance and recognition I the global market.
Mattel’s employee resource groups and how they drive innovation
Women and other minority groups are the Mattel’s resource groups and they help drive innovation through defining products that work for their demographic regions and providing other variable insights into the market they reflect. They also help the company avoid making embarrassing and costly mistakes in the market.
Top five recruiting sources for attracting talent
- Being reflective of the talent in that market
- Employee outreach efforts
- Forge long-standing relationships with universities to tap into talent
- Use of vendors to reach broad variety of talent
- Training the talent available to effectiveness
- L’Oréal USA Harnessing Employee’s Diverse Perspectives for Innovation perspective helped this organization do “what” in their product line?
L’Oréal USA helped the organization in research and innovation through creation of products that addresses multitude of customer’s concerns while also building communities with diverse populations. Building of customer brands and offerings cater for certain ethnic groups.
My opinion about L’Oréal USA contribution
To my opinion it was successful and maintaining the past, present and also going for additional future customers help in expanding the organization and putting it in a competitive advantage as compared to other companies in the same industry.
Groups targeted by Americas, EMEA, Asia Pacific and the areas that need to be improved
The major groups in Figure 8 targeted by Americans, EMES and Asia Pacific are nationality, sex orientation, disability, age, race/color, ethnicity/national origin and gender. Some of the top areas of improvement are the disability, sexual orientation and nationality issues. The above mentioned areas of improvement register the lowest number of groups considered in all the nations. America registers 46% disability, 42% sexual orientation and 38% on nationality considerations. EMEA on the other hand registers 69% disability, 45% sexual orientation and 28% nationality considerations. Asia Pacific also shows 42% disability 29%sexual orientation, 68% nationality considerations. The reason as to why I choose this is because in totality they are the one registering smaller percentage in the whole category.
Part two: End of Exercise
Why comfy diversity programs are a missed opportunity
Comfy diversity programs are only hold to compliance reasons and they only comply with the lay or show that the companies value the law. This however doesn’t exhaustively bring out the best benefits of diversity in the workplace. In diversity management a company should be in a position to link the managers and the employees and ensure that they have a positive relationship one that is geared towards improving the performance of the company. This however is not shown in the comfy programs but they are just a waste of money as they do not cover the specific purpose they are meant to cover.
A well-coordinated comfy program should ensure that all the people have equal opportunities and that they are well represented instead of saying that we should be colorblind and not practically implementing that in the work environment. Ensuring that there are equal chances and that all diverse groups are represented in the company’s workplace goes a long way and it is easier said than done. Most company claim to maintain diversity but the standards are still low as some of the issues like the racial discrimination and the gender balance in the work place is not observed.
Part three: Power of Diversity
Diversity is the state of being or the condition of being or composed of different elements. Some of the parameter that shows diversity are age, race, ethnicity, gender, language, physical ability religion, marital status, values, skills, job levels, sex orientation, experience, education and many others. An example of the level of influence a certain group can have is the level of expenditure in the global economy. According to Groschl and Institut catholique de Paris (2016) women control $12 trillion of the overall $18.4 trillion global consumer spending. This, therefore, means that women have a great significance in making major economic decisions as a small shift of this would adversely affect the level of spending and therefore leading to economic downfall globally.
Different groups rule a certain segment of the market and this explains the market segmentation in the today’s economy. Most of the businesses succeed in because they study their past, present and target market and therefore developing the ability to diversify their products to incorporate all the diverse people in the market. The major goal of diversity in the workplace is incorporate people from all walks of life with a different personality but who are geared towards the same objectives and that is the objective of the company. The major objective of any organization is to profit maximization at the lowest cost possible. The different people incorporated in the organization bring about diverse ideas which are streamlined and implemented leading to the growth and other advancement of the organization.
There are facts that I would utilize to convince workforce of managers and power players that diversity is important and that if the company wants to increase the sales, it can do so by hiring new groups and representing the market needs.
The differences that are incorporated in the work environment that is the diversity brings about the difference in the way the business presents itself in the world and therefore the level of acceptance it gains globally (Thomas, 2015). This all tribes and other diverse groups are represented and therefore acting as a way of giving back to the society through giving them jobs which is later reciprocated in accepting the business and hence increasing the company sales.
Diversity also increases the behavior that leads to better performance as it amplifies creativity and problem-solving (Thomas, 2015). In diverse organizations, there are high levels of employee’s engagement, and this leads to increased productivity which directly translates to profitability. This would in return lead to high sales as the seriousness and healthy competition in the workplace is maintained.
A diverse workforce also overcomes the groupthink issue the draws the company backward. In the workplace, a 1% increase in racial or gender diversity leads to 3% to 9% increase in sales representatively (Bertelsen, 2011). People from a similar background are expected to raise common solutions as they have a shared experience. Diverse groups bring about different ideas which are shared among the members and therefore expanding their ways of thinking. Thinking outside the box and having different views of ideas from different people stimulates innovation and hence market growth.
Diversity helps the company to connect better with the consumers as one wrong word in the sales business can kill the business and therefore it needs different people to approach different customers and positively drive the chat (Thomas, 2015). It is important for the sales team to understand the different lifestyles and the cultures of their customers for effective excellence in the market.
Bertelsen, B. (2011). Everything you need to know about the importance of diversity in the workplace.
Groschl, S., & Institut catholique de Paris. (2016). Diversity in the workplace: Multi-disciplinary and international perspectives. London: Routledge.
Thomas, K. M. (2015). Diversity dynamics in the workplace. Australia: Thomson/Wadsworth.