The Value of Diversity in the Workplace

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The world is becoming smaller every day. The Internet, mass media, telecommunications and mass transportation have all contributed to the shrinking of international market. Because of these technologies, there is a continuing necessity for companies to address the needs of a very diverse market so that they can be competitive. Companies must now ask themselves what they can do to increase the number of customers for which they serve while determining the needs of these customers. This business process makes diversity a crucial part of a company's growth and operation. Hiring and retaining employees with diverse backgrounds to meet the demands of the global marketplace is the first step to meeting these challenges. Companies like EBS PaineWebber (Grano, 1999) have committed themselves to diversity so that they can establish themselves as a diverse organization ready to meet the needs of a diverse group of potential clients. UBS PaineWebber (Grano, 1999) has discovered that they must hire the best employees available with diverse backgrounds and talents. Hiring and retaining diverse employees not only establishes the company as a diverse organization that can meet the needs of a diverse clientele but also diverse employees have the potential for improved performance over less diverse groups. Diversity can be especially beneficial on creative projects like product development or marketing (Neale, 2000). Diversity is not simply a difference between people based upon where the...

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