While diversity is commonly viewed in relation solely to race, ethnic and gender
variations, within the case, diversity will cover all aspects during which individuals
square measure totally different, including age, gender, ethnicity, language,
cultural background, theological virtue, sexual orientation and family
responsibilities, furthermore as academic level, work and life expertise,
temperament and legal status.
As a result of globalization, nations have become a mixture of different cultures,
religions and languages. The diversification of communities has inevitably affected
the workplace and has posed challenges to managers and leaders. It is important
for organizations to capitalize on diversity. The successful management of
diversity represents a crucial competitive advantage. Businesses which want to
secure a strong competitive position on the market need to take advantage of the
opportunities offered by diversity.
Among the opportunities arising from workforce diversity is the utilization of
different ideas created by the various backgrounds and perspectives of
employees. By combining the various points of view, managers can use this new
source of innovation and put it into practice. A diverse workplace also supplies
organizations with a wider range of solutions to all kinds of problems. The variety
of individual talents and experiences in a diverse workplace provides managers
with more flexible ideas, which can help the business adapt to changing markets
and consumer demands.
The variety of viewpoints offered by different employees prove to be a valuable
source of ideas for new products and services. A wider range of products and
services, in turn, will allow businesses to meet the needs of various customers
and do this more effectively, while also meeting their own strategy needs. A
workplace that reflects the diversity in society will provide the employer with
better understanding of its clients and allow it to offer more adequate services.
Talents and skills created in workplace diversity will make it possible to reach
consumers in more markets around the world and help the business on its way to
globalization.

Comments

Post a Comment

Popular posts from this blog

Drop Shipping

Image
A supply chain management method where the retailer does not keep stock of goods but transfers orders received from customers and its shipment details to the manufacturer, wholesaler or retailer, and then they ship it directly to the customer is called as drop shipping. Retail businesses make profit with the difference in wholesale and retail price but there are retailers who earn an agreed percentage of sales as commission which is paid to the retailer by the wholesaler. Drop shipping gained popularity as the seller need not keep goods in stock and they don’t have to take the stress of packing and dispatching them. The drop shipping retailer keeps goods on display in his physical brick and mortar store or even provides online product catalogue or hard copy to its customers for reviewing and purchasing.  This occurs when small retailers receive single large order for a product. Here, he arranges for the goods to be shipped directly from the manufacturer or distributor ...
Read more

Bid-Ask Spread

Image
The amount by which the ask price is exceeded by the bid price for an asset in the market is called as a bid-ask spread. It is essentially the difference between the highest price a buyer is willing to pay for an asset and probably the lowest one at which the seller would be willing to accept. An individual who is looking forward to sell will receive the bid price at which he is looking to buy, will end up paying the ask price. In short, bid-ask spread is the difference between the highest price which a buyer is willing to pay for an asset and the lowest price a seller would be willing to accept. The transaction cost involved here is referred to as spread and the price takers buy at the ask price to sell them at bid price whereas market maker buys at bid price and sells them at the ask price. The bid represents demand, and ask is used to represent the supply for an asset. The bid-ask spread is used as the de facto measure for understanding market liquidity. More Info : ...
Read more

Bailment

Image
In common law, bailment refers to a contractual transfer of assets or property from a bailor to a bailee where the bailor temporarily relinquishes possession and not ownership of the property. It describes a legal relationship where a personal property’s physical possession is transferred from one person to another who later takes possession but not total ownership as such. Bailment, in finance, means legitimate transfer of securities like shares of stock from one individual (owner) to another for short selling. Here, short selling means an investment or trading strategy where people bet on a decline in the price of securities. An example of bailment is a leased apartment where a tenant possesses and uses the apartment but in reality he does not own it. There are three types of bailments: a.        A bailment which benefits both the bailor and bailee b.        A bailment that benefits only the bailor c. ...
Read more