Download Diversity, Equity, and Inclusion (DEI) in Management: Questions and Answers and more Exams Advanced Education in PDF only on Docsity!
MANGMT 3700 EXAM 2 QUESTIONS WITH 100%
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innovation revenue - ANSWER the income generated from new products or services created by diverse teams. these teams bring a variety of perspectives, helping companies develop innovative solutions that meet the needs of a broader, diverse customer base market penetration - ANSWER the extent to which a company can reach and capture different customer segments. diverse teams allow companies to better understand and cater to a wide range of markets, helping them expand and effectively serve global or niche audiences cultural competence - ANSWER the ability of supply chain professionals to understand, communicate with, and effectively interact with people across cultures, ensuring inclusive practices the business case for DEI 15 business benefits of DEI - ANSWER 1. to build stronger teams
- foster collaboration 3.leverage the best talents 4. ensure the production of new ideas 5. create a welcoming environment 6. make employees feel valued 7. perform well and achieve success 8. increase retention 9. make critical decisions 10. increase business development 11. build trust among employees 12. avoid stymied progress 13. engage with customers 14. enhance productivity 15. attract top talent sustainable governance 6 growth perspectives - ANSWER DEI in leadership supports sustainable governance by promoting inclusive decision-making, reducing risks, and ensuring better oversight. diverse teams improve accountability and long-term growth. leading to stronger financial results and compliance nuuday telcom company & its business case - ANSWER their DEI strategy boosted employee engagement and performance. by increasing women in management and prioritizing inclusion, the company saw improved employee satisfaction and motivation, proving that DEI drives positive business outcomes the risk of doing nothing - ANSWER ignoring DEI can lead to financial decline, higher turnover, and reputational damage. companies that neglect DEI miss out on innovation and risk compliance issues, leaving them vulnerable to losing talent and competitive edge talent management: the goal-oriented and integrated process of planning, recruiting,
developing, managing, and compensating employees throughout the organization diversity - ANSWER the variety of demographic features that characterize a company's workforce, particularly in terms of race, sex, sexual orientation, culture, national origin, ability/disability, age and religion workforce planning - ANSWER is the process of analyzing, forecasting and planning workforce supply and demand. it involves reviewing current staff, examining current and future personnel needs and identifying gaps between the supply and demand talent acquisition - ANSWER is the entire process of building a talented team of employees. you can think of it as an on-going process where employers work to build relationships, plan their hiring needs and find a consistent array of candidates onboarding - ANSWER promotes overall retainment through education. the engagement part of the onboarding process includes an engaging atmosphere with consistent dialogue and actionable goals professional development - ANSWER can increase your skills as an employee, which can lead to new opportunities and career advancement. professional development includes advancing skills, traits and competencies that contribute to your success in the workplace succession planning - ANSWER a process that involves filing important roles as individuals leave the position of the company. it's an ongoing effort to plan for when certain employees move into another position at the company, retire or pursue other opportunities inclusive leadership - ANSWER leadership practices that promote and support diversity, equity, and inclusion within the supply chain, ensuring all voices are heard and valued diversity councils - ANSWER an effort to underscore or implement their diversity initiatives. these efforts occurred during a period of extraordinary productivity gains in the U.S business councils - ANSWER help their companies attract and retain top diverse talent and customers, create new products, connect with the community and achieve other critical business objectives affinity groups (employee resource groups) - ANSWER also called networking groups, provide forums for employees to gather socially and share ideas outside of their particular business units interest groups - ANSWER connecting employees through their hobbies and interests
supply chain traceability - ANSWER the ability to identify and track the components that make up a final product. it essentially allows a producer, distributor or supplier to inspect for any issues that may arise before or after a product reaches the consumer inventory management - ANSWER tight control of inventory can be crucial to a company's success. by implementing inventory management software, you can keep detailed records of every product or material that goes in and out of the warehouse, whether it's or returned. lot and serial numbers, quantity of goods, and cost of goods are just some of the data employed in inventory management supply development - ANSWER the process of enhancing and improving the capabilities and performance of suppliers to meet an organization's needs effectively. it involves building strong supplier relationships and improving their ability to deliver high-quality products/services on time and within budget supply chain resilience - ANSWER the ability of a supply chain to adapt and recover quickly from disruptions, ensuring the continuous flow of goods and services despite challenges like natural disasters, economic shifts, or supply shortages supplier diversity - ANSWER the practice of including businesses owned by underrepresented groups (ex. women, minorities, veterans) in the supply chain to promote economic inclusion and equity economic inclusion - ANSWER ensuring that all individuals and communities, particularly those historically marginalized, have equal access to economic opportunities within the supply chain equitable sourcing - ANSWER the process of procuring goods & services in a manner that ensures fair treatment & opportunities for all suppliers, regardless of their background
inclusive procurement - ANSWER strategies & policies that actively seek to include diverse suppliers in the procurement process to foster a more inclusive supply chain a few key points from the video "what is supplier diversity?" - ANSWER supplier diversity refers to purchasing goods and services from businesses owned by minorities, women, or disabled veterans. it also promotes economic inclusion and ensures that diverse businesses have access to procurement opportunities. supplier diversity helps foster social responsibility and equitable sourcing how firms build the supply base and the necessary steps required - ANSWER 1. supplier evaluation- identify potential suppliers and assess their ability to meet required standards
- supplier certification- qualification & education to ensure suppliers meet required standards 3. supplier development- integrate suppliers into systems, offering training and technical support to meet quality, specifications, and schedules 4. negotiations- use cost based market based models and encourage long term relationships 5. contracting- share risks, create incentives and ensure fairness supplier diversity & its history - ANSWER supplier diversity began in the 1960s as part of the Civil Rights Movement, focusing on economic justice. it expanded in the 1970s with state and federal contract compliance. national minority supplier development centers and strategic supplier diversity programs began emerging in the 2000s benefits of a supplier diversity program - ANSWER csr fulfillment- supports sustainability & social responsibility. competitive advantage- opens access to new markets & business opportunities. economic inclusion- promotes equal opportunities & fosters local economic development. risk mitigation- reduces supply chain risks by diversifying the supplier base the federal government contracting requirements for supplier diversity - ANSWER the department of defense budget for 2024 is approximately $842B with $431B spent on defense contractors. contractors must target 5% of their spending with MBE
carbon footprint - ANSWER the total amount of greenhouse gasses emitted directly or indirectly by an individual, organization, event, or product, usually measured in carbon dioxide equivalents greenwashing - ANSWER the practice of making misleading claims about the environmental benefits of a product, service, or company practices to appear more environmentally friendly than they are triple bottom line (TBL) - ANSWER a business framework that includes social, environmental, and financial performance metrics, often summarized as "people, planet, and profit" impact investing - ANSWER investments made with the intention of generating positive, measurable social and environmental impact alongside a financial return the types & benefits of CSR (what is CSR- corporate social responsibility explained article & video) - ANSWER 1. environmental- reducing pollution, sustainability efforts 2.ethical- fair treatment, transparency, ethical practices 3. philanthropic- donations, community support
- financial- investing in sustainable programs and research. benefits- improved brand image, increased customer loyalty, reduced employee turnover, risk mitigation, and higher company valuation have a perspective on the business case for corporate community involvement - ANSWER CCI enhances brand recognition, attracts customers, boosts employee satisfaction, and drives long-term revenue by aligning business practices with societal good shareholder capitalism - ANSWER focuses on maximizing profits for shareholders. stakeholder capitalism - ANSWER considers the interests of all parties (employees,
customers, community) and prioritizes long-term sustainability articulate why companies have a corporate community involvement program - ANSWER companies use CCI to build a positive brand, attract conscious consumers, improve employee morale and mitigate risks a few key areas of giving & support (often referred as the firms pillars of community engagement) - ANSWER 1. education- scholarships, local education support 2. environment- sustainability projects, reducing impact 3. health- donating to healthcare causes 4. DEI- promoting diversity and inclusion 5. economic development- supporting local businesses have a perspective on CCI/CSR & its connection to DEI - ANSWER CCI & CSR are tied to DEI by promoting diversity, equity, and inclusion through hiring practices, community support, and social responsibility initiatives self study* find a few examples of community involvement / CSR that have a direct impact on the firm's top line/revenue: - ANSWER 1. ben & jerrys- their activism and sustainability efforts strengthen brand loyalty, increasing revenue 2. starbucks- ethical sourcing and community involvement attract socially conscious consumers, boosting revenue 3. patagonia- sustainability initiatives resonate with eco conscious customers, driving profitability self study* identify a few evidence-based best practices in supplier diversity/economic inclusion?: - ANSWER 1. johnson & johnson- supplier development programs to help diverse suppliers grow 2. AT&T- partners with national minority supplier development council (NMSDC) for diverse suppliers 3. walmart- set clear diversity goals in sourcing, enhancing inclusively and providing a competitive edge self study* identify a few company-specific examples of Talent Management & DEI (ex.
