Introduction There is no doubt that today¡¦s business world is changing rapidly and many factors are also simultaneously interacting. Perhaps these factors are created by diversity. According to the dictionary, diversity is a point or respect in which things differ. In fact, diversity in the population, the work force and the market place give many benefits for organizations. Managers are to gain more knowledge on internal diversity in order to maximize the efficiency of workforce and profit.
Innovation Planning and Design Process: The modern business world is an ever-changing environment that contributes to numerous challenges for companies to enhance stability, profitability, and productivity in every industry or sector. In attempts to keep track with the ever-increasing competitive environment, companies across every sector or industry should develop and implement innovative measures that help them gain competitive advantage over rivals. However, the innovative measure will not only be a one-time affair because of the rapid technological advancements that result in rapid changes in customer preferences. These improvements also lead to complete modernization of the market and business operations. Through innovation, the companies foresee these technological factors to deal with competitors to become successful.
Each must be fully accounted and appreciated for in order to understand complexity of human behaviours. Diversity is important in global marketplace, as business organization interrelate with diverse clients as well as cultures. The competition in global market helps to increase productivity, creativity, global understanding, language skills, procedures and solutions to solve tricky or complicated problems. Today business organizations realized that diversity and inclusion might enable them to retain and attract and retain the kinds of customers (Andrade,
In the collaboration of cultures, ideas and different perspectives results greater creativity in the corporate business. Many companies are focusing on corporate diversity initiatives to improve organizational performance. In the context of the workplace, valuing diversity means creating a workplace that respects and includes differences, recognizing the unique contributions that individuals with many types of differences can make, and creating a work environment that maximizes the potential of all employees. In the recent years due to rapid changes in the economy and globalization, corporations are facing competitiveness in delivering innovative products. The information exchange between individuals, teams, customers, suppliers, stakeholders and stockholders are depended on the quality of relationships and talent in the workplace.
The buying power of these growing diverse markets require companies to invest in the “most valued corporate resource of human capital” (Robinson, M., Pfeffer, C., & Buccigrossi, J. 2003) by leveraging the diversity of their people in recruiting and retaining the most talented professionals out there. To do this, companies must take initiatives in identifying satisfiers and dissatisfiers of the groups they wish to represent. In knowing these, companies are better able to adapt to changes in the external environment and to anticipate and respond to the changes. The key is that corporations need to recognize that Diversity Inclusion takes more than just lip service.
In this regard, since companies are extending their operations the entire world over, human capital globalization is inevitable since they will need to work with people from these countries for them to successfully exploit global markets. 2. How does this case illustrate the threats and opportunities facing global companies in developing their strategies?
The dynamic workplace causes to leaders who have to cope with many complex issues change their strategies to lead and motivate a diversified group of people while they have to work across the organisational boundaries (William, 2015). Global leadership is claimed to be a major issue in the literature of world business by Chuang (2013). Punnett (2004) demonstrates that efficiently leader is an essential key component of all organisations in this century to gain more business performance through using the benefits of globalisation and technology development. Chand (2014) states that leaders are key human resource in the organisation who are able to influence the subordinates to generate their high performance and bring the organisation achieve its goals. Leadership states to be an issue in this century because of extending economy by technological advances.
Thereby helping the company to expand globally, acquire more business opportunities, provide opportunities to create an excellent, diverse customer base and remain compe... ... middle of paper ... ...mployees how to work better with diverse boss or teammate, create cultural awareness and teaches cultural sensitivity. A cross-cultural training will help employees learn and understand the custom and beliefs of another culture. Encourages employees to appreciate and see the benefit another can bring into the workplace. The cross-cultural training helps leaders develop global skills for dealing with people or business partner from another culture. The training will not only ensure diversity, but prepares the organization’s leaders for the global market.
Today, after decades of expanding opportunity to all citizens, institutions are applying the lessons learned, to the task of meeting the new and growing needs of business, as well as of the larger society. The term diversity is embracing an international as well as multicultural perspective. The positive benefits that can be recognized from this diversity are significant to today's executives, corporations, and higher education. Commercial success in the future will depend, even more than it does today, on men and women who take leadership roles in an increasingly global economy. The intensity of today's global economy challenges corporate executives to compete successfully with anybody, anywhere, and at any time.
This has had serious impact on the personal and professional relationships among employees depending on the communication model that is established in an organization. In addition, due to the increased level of competitiveness in the business environment, organizations have been forced to establish suitable framework to effectively manage human diversity. This paper will analyze the concept of workforce diversity and organizational communication and determine its benefits and possible disadvantages in relation to business success. Benefits Organizations are forced to accept the concept of workforce diversity as