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

( how )
- 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
- improving recruitments practices to access a wider pool of candidates from a global environment, e.g. advertising online
( why )
- anagement of diversity enables a firm to be influenced by a large range of talent, skills and ideas
- helps enhance the innovative process, public image
- helps entering into new markets as culturally diverse employees can provide input on unfamiliar markets