The Impact Of Diverse Top Management Teams On Corporate Strategies And Performance

The purpose of this paper is designed to introduce, educate, and promote diversity within your company. Your company will be shown the merits of diversity and how diversity within your organization can be a benefit. This paper will be broken down into three main areas: Benefits of Diversity, Challenges of Diversity, and Recommendations for an effective diversity within your organization..

The way in which an organization tackles diversity determines its negative or positive outcome. All the 5 companies agreed that diversity has contributed to their success. Some barriers were identified in managing diversity like the difficulties faced by women in managing the work and family, fear of discrimination, resistance to change, diversity is not seen as an organizational priority, resistance to change and unsupportive working environment for diverse employees. Diversity contributes to more productivity but if not properly managed could hinder success.

“Diversity may be the hardest thing for a society to live with and perhaps the most dangerous thing for a society to be without” _William Sloane Coffin Jr_ Over the last decade there has been massive rise in level of workplace diversity within all the organizations. As a result of it majority companies achieved higher performance and according to all the researchers, it shows heterogeneous groups are more inventive than homogenous groups. It is not only about those heterogeneous people bring various type of figures their different type of thinking benefit organizations to bring out their best outcomes throughout the process

This report in this section will be discussed about leadership of managing diversity. Since the industrial revolution, the world economy had been developed rapidly. Especially after the end of World War Two, there are many multinational companies, which puts forward new requirements for the development of management. As a organizational decision makers and leaders, they also have a new understanding of leadership and organizational problems in the new era. Therefore, managing diversity as an important part of the problem with leadership is more and more widely accepted. It

Many organizations are beginning to view diversity as an organizational change. This could possibly mean changes in the power dynamics and organizational structure, the way decisions are made, and the way an

Diversity is of the utmost importance to an organization, as it increases the organization’s ability to adapt to the ever changing environment of the modern world. Today, diversity is a requirement for success and long term growth. Diverse companies have a comprehensive understanding of their customer’s needs and better internal talent due to a more extensive search of the labor market for qualified candidates. Moreover, diverse perspectives lead to innovation, and innovation leads to prosperity. Inclusion of unique perspectives avoids barriers and anxieties that would otherwise stunt a company’s growth. Furthermore, Studies show that companies with diverse board members tend to have greater success than

A 2013 survey of Fortune 1000 companies found that 78 of the best performing companies that had taken significant efforts to diversify their management and board of directors had consistently outperformed their peers (Expert pg1). Diversity has a thorough impact on everyone’s life and it has been a part of humanity since the beginning (Div Mgmt pg 3). With the population becoming more diverse than ever, so too has the workforce and the need for organizations to provide opportunities, incentives, privileges, and facilities to attract and retain diverse employees (Div Mgmt pg3). In a statement released by Catalyst Census in 2013, Ilene Lang, president, and CEO, said: “Diverse business leadership and governance is correlated with stronger business performance,

Diversity is an important component of team structure and forming. Planned or unplanned, diversity is likely an attribute in the overall team composition. Team diversity presents its challenges as teams are commonly assembled with members with different experiences, skills, talents and expertise (Smith, 2014). Organizational diversity has become an increasingly noticeable concern recently due to the modernization of the business culture. Virtualization, decentralization, globalization and a business requirement to create and innovate has forced organizations to explore more diverse teams to produce results. The variability will prove to be challenging and may trigger conflict that must be overcome internally by the team to move forward. This paper examines the importance of properly structuring and forming diverse teams to achieve high performance and success.

Managing diversity within a company is an important task that can have a major effect on a business. Diversity is measured in different aspects such as supplier diversity, affinity group diversity, employee diversity and technology diversity. The most common area of weakness in diversity with companies is employee diversity. This area of weakness has been a steady controversy for many large and small companies. Not every company struggles with diversity issues, in fact some companies exceed in being a diverse business. Not only does diversity factors like innovation, enhanced creativity, and cost savings benefit a company but it also puts them in favor with the public eye. Past controversies have shown that diversity can play a key factor in

The problem that most organizations are arguing is that diversity can also lead to misunderstanding, suspicion, and conflict which can result in low competitiveness and performance in the workplace. “However, the preponderance of the evidence favors a more pessimistic view: that diversity creates social decisions, which in turn create negative performance outcome for the group.”(Mannix, Neale, 2005) Sometimes not all companies are in the same situations when it comes to the diversity the workplace, and also not all the associates of management are leading their employees by not encouraging or giving them the trust they need. In addition I agree with my secondary research, therefore I believe that if the companies apply strategies in increasing adaptability, having to value diversity, and executing more effectively will bring great

According to Longenecker, Petty, Palich, & Hoy (2013), workforce diversity is the “differences among employees in the dimensions of gender, age, race, and ethnicity”. Differences among employees can be challenging and beneficial in a business. The benefits of attracting a diverse pool of candidates are; “improved effective recruitment methods, good relations maintenance with increasing heterogeneous customer base, varying perspectives to bear on business challenges, workplace innovation, and positive problem solving” capabilities (Longenecker & Petty, et al., 2013, p. 538). These benefits all contribute to the overall success of an organization.

Diversity improves workforce quality and performance in terms of diverse skills, creativity, problem-solving and flexibility. The effects of diversity on organisational outcomes, such as performance, creativity, teamwork and problem-solving, are the areas that attract the interest of researchers most of all. In fact, most of the diversity research focuses on these aspects, although the findings suggest mixed and conflicting results.

Diversity management has increased to improve competitiveness within the business world. Diversity shows employees that they are valued for their differences and are accepted for who they are. In the USA, effective diversity management is a critical factor for companies to be successful. In Asia however there has been less focus given towards diversity and the greatest difference is how they approach diversity based on their culture. In Korea, by example, gender is considered an important diversity characteristic when in most western countries race and ethnicity is more accepted as diverse compared to gender which is more used when considering discrimination. Studies have shown positive effect of diversity management in the US but

There are some advantages and Disadvantages that come with managing a diverse workforce of which management must be aware of to guide them in the decision making processes in the organization. They also reflect on the findings on the research conducted on the case companies.

The world’s increasing globalization requires more interaction among people from a wide variety of cultures, values and backgrounds. People no longer live and work in a one-dimensional marketplace- they are living in a highly complex and competitive environment that has growing demands of innovation in order to perform successfully amongst other industries. Business and organizations need to respond to this new diverse landscape, and the best corporations increasingly align with it. A strong diversity initiative and inclusion in an organization is crucial in remaining competitive in the current business world. Diversity is in the workplace is claimed to foster and spark creativity and innovation in employees. On the other hand, it is perceived to increase conflict and communication in an organization. Thus, in theory, diversity is allegedly advantageous to worker productivity, though counterproductive in work-group processes and dynamics. However, there is a lack of validity and reliability in the empirical research conducted to support this assumption.