Business Essay Example | Topics and Well Written Essays - 1250 words - 5

Business - Essay Example In simple terms, diversity can be viewed as difference. In the workplace, diversity is defined by Bell (2007) as attracting, recruiting and retaining persons from a wide talent base regardless of their religious affiliation, race, class, gender, national or ethnic origin, sexual orientation, age, disability, marital status and any other groupings. This ensures the organizations recruits individuals with a wide range of skills and from different economic, social and cultural backgrounds. There are often group conflicts in organizations that hinder a good working relationship and attainment of company objectives yet diversity is highly valued in organizations. The big question is, â€Å"how can diversity work for organizations?† To answer this question, this paper will compare and contrast various views from different authors regarding diversity in the workplace. The trends that have necessitated diversity will also be discussed. It will also evaluate the diversity in practice i n two organizations: HSBC and Wells Fargo. It will discuss the importance of diversity in the two companies. Some companies develop a diverse workforce to comply with laws but for other organizations, diversity is much more than just a policy as it is the key to success. Besides compliance, companies that have an inclusive workplace environment enjoy a lot of benefits which will be discussed later. The challenges facing implementation are also worth noting. Global Trends Various global demographic, economic and legislative trends have over the years necessitated the development of diversity in workplaces. According to Mor Barak (2011) there has been a workforce decline in various countries thus the need to engage immigrant workers to fill the employment gap. Italy workforce for example, is expected to decline from 60 million to 56 million by 2050 while that of Germany is expected to decline from 82 million to 69 million (P. 4). These are countries which have been known not to entert ain immigrant workers but the demographic trend forces them to. On the other hand, developing countries are faced with the problem of the youth who comprise more than half of the population (Kirton & Green, 2004). Since these economies are growing at a slow pace they cannot accommodate all those youths hence they look for jobs outside borders. Another trend is the growing number of women in the workforce and individualized migration to look for better opportunities without relying on their husbands or family (Bibard, 2011). This has changed the workforce dynamics to a great extent prompting the need to embrace diversity. Various legislations have also been emerging that press the companies to become diverse workplaces. These range from the universal declaration of human rights to the legislations on equal employment opportunity. Inclusive workplace programs have therefore, been instituted in many organizations to tap the benefits of a diverse workforce (Findler, Wind & Mor Barak, 20 07). Companies which do not know how to manage diversity in the workplace risk losing business due to high turnover, absenteeism, and low earnings. Managing diversity is not a simple task. On one hand companies need to appreciate the importance of diversity for organization success and on the other hand, diversity brings about group conflicts which can lead to disharmony and even violence in the workplace (Powell, 2004). Service companies rely so much on diverse customers thus needs to