The classic business model relies on two fundamental drivers of profitability: increasing revenues and controlling costs. (Devoe, 1999) Our Human Capital – that is, our people’s expertise, creativity, attitude, teamwork, entrepreneurship, ability to solve problems and negotiate deals – ensures the organization continued progress in achieving these two goals.
Promoting diversity can help the organization increase revenue by attracting new customers; finding new markets; driving innovation, building client loyalty; retaining existing business; keeping the growth strategy from running out of fuel and improving success in cross-cultural negotiations. Fostering a diverse and inclusive workplace will help the organization control costs by lowering hiring and training costs by reducing the attrition rate of diverse employees and minimizing litigation costs. (Jackson, 1992) Cultivating a diverse work environment ensures that the organization maximizes it human capital by sourcing more broadly for top talent – internally and externally; maximizing productivity through flexibility and employee engagement and leveraging the value of diverse teams – innovation, creativity and quality.
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Our current workplace is very diverse in nature. Gender, ethnicity, religion, economic status and political affiliations are very diverse. For example, our workplace hires women for top management positions since this is considered as a management strategy to educate employees that leadership capabilities are valued more than gender. (David, 2008) One of its mission is to work closely with the various businesses and stakeholders to establish processes, practices and build and strengthen relationships which are centered around workforce, workplace and marketplace with a laser focus on underrepresented groups in leadership roles that would benefit the firm in achieving it’s business goals. Another aim is to create an inclusive work environment founded on the principles that mutual respect for individual differences are embraced, where diversity of thought, mind and experiences are valued and where people are promoted on their merits. Our workplace also ensures management accountability by establishing standard reporting mechanisms which are reviewed rigorously. The strategy is to utilize our diverse workforce to help our clients, customers and suppliers achieve their business goals by recruiting the highest quality people that mirror our customer and clients and the communities we serve and the marketplaces where we operate.
