Diversity in the Workplace: A Competitive Advantage, Papers of Leadership and Team Management

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Running head: DIVERSITY 1 Diversity Student Name Course Name Professor Name January 20, 2021

DIVERSITY 2

Diversity It is crucial to consider a diverse workforce for a company looking to build a more inclusive and diverse workplace. Diversity in the workplace relates to the range of differences in an organization between people. Diversity means not just how people recognize themselves, as well as how others interpret them (Dyson, 2021). In addition, successful firms exploit inclusion and diversity as a competitive advantage in today's globally competitive environment. The company's target market is very far from homogeneous. Similarly, the workers come across diverse backgrounds, abilities, and skills. Diversity can build a competitive advantage through acceptance, increasing innovation, and capacity for problem-solving. For example, acceptance increases customer satisfaction and brings new opportunities in various market segments by offering multilingual services and support. And a varied workforce assures that goods and services' concepts do not clash with distinct cultural values. Innovative services and goods successful marketing is a critical competitive advantage path (Sarkissian, 2019). Moreover, diversity can make a difference at the bottom line by thinking innovatively as creative ideas arise from people's unique perspectives and experiences. The diverse team has to cultural sensitivities awareness. As employees obtain new capabilities, skills, and perceptions, their aptitude to positively contribute to their bottom line is improved exponentially. By attracting potential hires gradually prioritizes diversity while evaluating a company. For example, the BCG (Boston Consulting Group) recent study has identified that diversity raises the company’s bottom line. Its study showed that growing the leadership team’s diversity contributes to better and more innovation and better financial performance. Rising diversity has a direct impact on the bottom line, they have found. Because of innovation, businesses with more diverse teams of management have 19 percent higher revenues (Powers, 2018).