3.13: Diversity as a Strategy for Business Growth

Question 1

Explain the importance of Managing Diversity as a Strategy for business growth

Answer 1

Diversity refers to the inclusion of a variety of different individuals or groups within a firm, this includes diversity in terms of gender, race, ethnicity, age, sexual orientation, physical ability and other factors that may shape a person’s experience. Management of diversity enables a firm to be influenced by a large range of talent, skills and ideas which in return helps enhance the innovative process, public image and the entering into new markets as culturally diverse employees can provide input on unfamiliar markets.