A major step towards implementing a diversity plan in an organization is to hire employees of different backgrounds. This can be done without discriminating against qualified applicants who do not meet this criterion but will require modification of the hiring process to cover more issues of diversity. When posting job descriptions for online classifieds and advertisements, organizations should have disclaimers that applicants must be culturally aware and be able to work with all types of people (Smulowitz, Becerra & Mayo, 2019). Management should also ask questions surrounding diversity during interviews to know if the applicant is willing to be part of an elaborate diversity plan of the organization. Ayadi et al., (2015) stated that if organizations treat everyone the same during the hiring process, they may come across dozens of diverse, highly qualified potential employees to choose from.
Diversity and Return of Investment (ROI)
Diversity is one of the core growth principles of entrepreneurship with the return on investment (ROI) based diversity concept following a simple proposition -the more audiences you market your services or products to, the more opportunities you can create in terms of revenue generation. Therefore, the more diverse potential customers you have in your marketing demographic, the more chances you can increase your revenue (Bursell & Jansson, 2018). ROI-Based diversity recognizes the globalization of the business world and the need to market multiple demographics to even the smallest enterprises. In a fast-changing world, one size fits all do not work, and so different demographics respond to different cultural nuances. Diversity in the workplace can elevates companies as it can offer a variety of perspectives during decision-making, broaden the reach of the company in the marketplace, and allow equal opportunities for everyone to advance (Bursell & Jansson, 2018).
Ayadi, O. F., Ojo, A. T., Ayadi, M. F., & Adetula, D. T. (2015). Gender diversity in the governance of the Nigerian securities market. Corporate Governance, 15, 734-746. https://doi/10.1108/CG-01-2015-0007
Bursell, M., Jansson, F.(2018). Diversity preferences among employees and ethnoracial workplace segregation. Social Science Research, 74, 62-76. https://doi/10.1016/j.ssresearch.2018.03.009
Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72, 1671-1696. https://doi/10.1177/0018726718812602
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