Value of Diversity and Multiculturalism in Business - Essay Example

VALUE OF DIVERSITY AND MULTICULTURALISM IN BUSINESS goes here] [Your goes here] [Due the paper] Value of Diversity and Multiculturalism in BusinessDiversity of workforce is one of the rapidly emerging trends of the modern business world (Bhadury, Mighty, & Damar, 2000, p. 143). A diverse workforce has become the need of today for almost every small, large, and multinational organization in order to succeed and flourish in today’s world of competition. Companies develop well-organized diversity management plans to hire and manage a multicultural workforce which should be able to show cultural competence at the workplace (Human, 1996, p. 46).According to Tatum (n.d.), implementing a diversity plan is basically a part of the overall business strategy to build and maintain a positive and healthy workplace environment.

Diversity and multiculturalism in workforce produce a wide range of considerable benefits for companies. As Holt (2013) states, “Workplace diversity elevates companies because it provides many different perspectives during decision making, broadens the companys re ach in the market and allows everyone an equal chance to advance”. Some of the main benefits that a company can get by hiring a diverse workforce include improved economic growth, improved share of consumer market, reduced employee turnover costs, increased synergy in teams, and increased levels of productivity and profitability.

However, proper employee training is the key to obtain the maximum workforce diversity benefits (Sammour & Karp, 2000). Employees from different ethnic and cultural backgrounds usually have good relationships between them (Kundu, 2003). One of the main benefits of hiring a diverse workforce is that it increases the business of a company in international markets. The reason is that diverse workforce is able to communicate with international business community in an effective manner. Communication is one of the main barriers for a company in achieving international success.

However, this issue can be resolved by hiring employees with different cultural and ethnic backgrounds because such employees are able to communicate effectively with citizens and business professionals of foreign countries. A diverse workforce is also able to resolve complex business problems using critical thinking approach. A multicultural workforce is able to understand the political and legislative issues of different countries, as well as the norms and values of different cultures and that understanding helps in growing the business in international markets in accordance with those cultural and political limitations.

Moreover, multiculturalism also helps businesses in making ethical decisions which is a very important aspect of a successful and socially responsible business. Ethical decision making not only promotes the value of ethics and morality among employees but also plays a valuable role in improving consumer perception about the business.ExamplesMcDonalds (fast food business), Kentucky Fried Chicken (fast food business), and Debenhams Plc (UK based retailer) are three such companies which have achieved huge success in the international world by working on the strategy of hiring diverse workforce.

Here, I would like to express the benefits of a diverse workforce by giving my personal life experience of working for AT&T, which is an American telecommunication company. The management of the company has hired a diverse workforce in order to deal effectively with employee conflicts and international brand management challenges. The workforce of the company includes people from different national and cultural backgrounds because of which they are able to understand and resolve communication problems, employees’ issues, and business expansion issues effectively and efficiently.

References (Works Cited Page)Bhadury, J., Mighty, E., & Damar, H. (2000). Maximizing workforce diversity in project teams: a network flow approach. Omega, 28(2), 143-153.Holt, M. (2013). Workplace Diversity Strategies. Retrieved from http://smallbusiness.chron.com/workplace-diversity-strategies-3031.htmlHuman, L. (1996). Managing workforce diversity: a critique and example from South Africa. International Journal of Manpower, 17(4/5), 46-64.Kundu, S. (2003). Workforce diversity status: a study of employees’ reactions.

Industrial Management & Data Systems, 103(4), 215-226.Sammour, H., & Karp, H. (2000). Workforce Diversity: Choices In Diversity Training Programs & Dealing With Resistance To Diversity. College Student Journal, 34(3).Tatum, M. (n.d.). What is Diversity Management?. Retrieved from http://www.wisegeek.org/what-is-diversity-management.htm