Explain some of the competitive advantages of effective diversity management.
What will be an ideal response?
Table 5.1 on page 110 outlines the answer.
1. Resource acquisition: Companies known for effective diversity management develop reputations as desirable places to work, and thus can recruit a highly skilled labor pool (1).
2. Marketing advantage: As markets become diverse, a diverse workforce provides increased awareness and a competitive advantage (1).
3. System flexibility: Appreciation of varying viewpoints produces greater openness to ideas and helps a company handle challenges and changes (1).
4. Creativity: Diverse viewpoints enhance creativity, decision making, and performance (1).
5. Problem solving: Diverse viewpoints lead to better decisions because a wider range of perspectives is considered and issues are analyzed more thoroughly and critically (1).
6. Cost reduction: Failure to integrate all workers leads to higher turnover, absenteeism, and so forth; effective diversity management saves money. (1). (total of 6 points)
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