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Extremely Important !!
Same as to conduct business without diversity, one day business will end up giving nothing.
With increasing globalization and internationalization more businesses are operating across national boundaries, people from different countries and from many cultures and diverse backgrounds are increasingly required to work together. Increasingly multinational companies are adapting to cultural differences as a means to achieving competitive advantage in different industries and regions of the world. It is companies who are able to utilize these differences and diversities to achieve synergies in its operations that will become the ultimate winner in the market place. Where the differences captured in productive and innovative ways are applied to achieve great results.
Diversity is increasingly propelling people and organizations from different backgrounds, with different perspectives, expectations and at different stages of life and integrating them into a force influencing company’s profitability, growth and competitiveness.
They are achieving these by putting together and managing employees that are equipped with intercultural competencies and culturally aware global professionals. For these reasons diversity management has become strategic to business managers and their organizations.
The "business case for diversity" stem from the progression of the models of diversity within the workplace since the1960s. The original model for diversity was situated around affirmative action drawing strength from the law and a need to comply with equal opportunity employment objectives. This compliance-based model gave rise to the idea that tokenism was the reason an individual was hired into a company when they differed from the dominant group.
The social justice model evolved next and extended the idea that individuals outside of the dominant group should be given opportunities within the workplace, not only because it was the law, but because it was the right thing to do. This model still revolved around the idea of tokenism, but it also brought in the notion of hiring based on a "good fit".
Beyond having a workforce that mirrors the changing demographics of the global consumer market and the ability to better understand their desires and preferences, productivity, and costs can be analyzed to assist in building the business case for diversity. In the deficit model, organizations that do not have a strong diversity inclusion culture will invite lower productivity, higher absenteeism, and higher turnover which will result in higher costs to the company
