ASSIGNMENT HELP | How can diversity give a company a competitive edge? Can diversity really make a difference in the bottom line? How?

Diversity can provide a company with many benefits that can amount to a competitive edge in a competitive environment. First, diversity improves the company’s ability to attract and retain talented employees hence reducing labor | PLACE YOUR ORDER NOW AT writtask.com | mere reputation of having a diverse and inclusive workplace can offer a company an advantage during the hiring process as it can attract the most talented and qualified prospects from the | PLACE YOUR ORDER NOW AT writtask.com | diversity and inclusion practices tend to enhance their loyalty to the company as they feel valued and respected thus creating an environment that promotes professional development, growth, engagement, and improved | PLACE YOUR ORDER NOW AT writtask.com | in a more efficient, productive, and healthy organization (Konrad et al., 2005).

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The ultimate benefit of workplace diversity is increased | PLACE YOUR ORDER NOW AT writtask.com | profits. A study conducted by McKinsey & Company involving 180 companies in France, Germany, UK, and the US revealed that companies that have a diverse workforce are also the best performers in | PLACE YOUR ORDER NOW AT writtask.com | these companies make better decisions faster, are better at problem-solving, and are highly innovative which gives them a competitive advantage over their | PLACE YOUR ORDER NOW AT writtask.com | effect is that these companies achieve better business results and reap more profits. This, therefore, has a positive effect on the company’s bottom line.

References

Konrad, A. M., Prasad, P., & Pringle, J. (Eds.). (2005). Handbook of workplace diversity. Sage.

Hunt, V., Prince, S., Dixon-Fyle, S., & Yee, L. (2018). Delivering through diversity. McKinsey & Company Report. Retrieved April, 3, 2018.