Why Diversity Matters | Partners in Diversity

In today’s global marketplace, companies need a competitive edge and the best way to create that edge is through a diverse workforce. Studies show that if a business’s employees have similar backgrounds, education and world views, then they will tend to think similarly and approach the world in similar ways.

An individual’s ethnicity, religion, culture, gender and socio economic background can greatly affect their way of negotiating the world and add a new perspective and approach to a company and its challenges. A heterogeneous workforce also helps organizations compete by showing investors, potential clients and customers, and the broader community that a company is backed by idea dexterity and progressive leadership.

For example, Forbes listed the 100 best companies to work for in 2010. From this catalog Forbes listed companies with the most diverse workforces. The top five companies on the list that are publicly traded are Marriott International with 66 percent ethnic minority employees, Men’s Wearhouse with 54 percent, Qualcomm with 54 percent, Whole Foods Market with 45 percent, and Carmaxx with 45 percent. If you were to review these companies’ stock trends and compare their trends to peers and the market, you may be surprised to see they are on par or exceeding their market peers. Ostensibly a correlation can be drawn between a diverse workforce and a company’s success.

Workforce diversity also represents a business’s customer base, better connecting the company to its target markets. (employerbrandingtoday.com)