Advertising And Its Impact On The Business

How does diversity impact companies and the workforce?

Diversity and Organizational Performance How does diversity impact companies and the workforce? Due to trends in globalization and increasing ethnic and gender diversity, it is imperative that employers learn how to manage cultural differences and individual work attitudes. As the labor force becomes more diverse there are both opportunities and challenges to managing employees in a diverse work climate.

Opportunities include gaining a competitive edge by embracing change in the marketplace and the labor force. Challenges include effectively managing employees with different attitudes, values, and beliefs, in addition to avoiding liability when leadership handles various work situations improperly.

Reaping the Advantages of Diversity The business case for diversity introduced by Taylor Cox and Stacy Blake outlines how companies may obtain a competitive advantage by embracing workplace diversity.

Organizations that have policies and procedures in place that encourage tolerance for a work climate of diversity and protect female and minority employees and applicants from discrimination may reduce their likelihood of being sued due to workplace discrimination. Cox and Blake identify this decreased liability as an opportunity for organizations to reduce potential expenses in lawsuit damages compared to other organizations that do not have such policies in place. Additionally, organizations with a more visible climate of diversity experience lower turnover among women and minorities compared to companies that are perceived to not value diversity.

Although there is also research showing that organizations that value diversity experience a higher turnover of White employees and male employees compared to companies that are less diverse,99 some experts believe this is due to a lack of understanding of how to effectively manage diversity. Also, some research shows that Whites with a strong ethnic identity are attracted to diverse organizations similarly to non-Whites.

Organizations perceived to value diversity attract more women and minority job applicants to hire as employees. Studies show that women and minorities have greater job-pursuit intentions and higher attraction toward organizations that promote workplace diversity in their recruitment materials compared to organizations that do not.

Reaping the Advantages of Diversity

As organizations attract more job candidates, the chances of hiring quality employees increases, especially for jobs that demand highly skilled labor. In summary, organizations gain a competitive advantage by enlarging their labor pool by attracting women and minorities. Marketing When organizations employ individuals from different backgrounds, they gain broad perspectives regarding consumer preferences of different cultures.

Organizations can gain insightful knowledge and feedback from demographic markets about the products and services they provide. Additionally, organizations that value diversity enhances their reputation with the market they serve, thereby attracting new customers. System Flexibility When employees are placed in a culturally diverse work environment, they learn to interact effectively with individuals who possess different attitudes, values, and beliefs.

When employees possess cognitive flexibility, system flexibility develops at the organizational level. Employees learn from each other how to tolerate differences in opinions and ideas, which allows communication to flow more freely and group interaction to be more effective. Creativity and Problem Solving Teams from diverse backgrounds produce multiple points of view, which can lead to innovative ideas.]

Advertising And Its Impact On The Business Video

Why Is Marketing Important For Businesses? Advertising And Its Impact On The Business.

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It lets you see every interaction they have with your company, even before and after they engage. What is a conversion? A conversion is a marketing term for any time a prospect completes a desired action. In turn, the percentage of recipients who take the desired action versus the total number of recipients becomes your conversion rate. Obviously, the higher your conversion rate is, the better. For instance, if your ideal customers are very active on social media, you can allocate more marketing dollars to Facebook or Instagram advertising. On the other hand, it may be better to focus on LinkedIn for a professional B2B audience. Advertising And Its Impact On The Business