The Importance and Benefits of Establishing Objectives of Cultural Diversity in the Workplace

The Importance and Benefits of Establishing Objectives of Cultural Diversity in the Workplace

In today’s highly competitive job market, companies need to recognize the importance and benefits of fostering cultural diversity in the workplace. According to a survey by Deloitte in 2018, 69% of executives agree that diversity and inclusion are crucial issues facing their companies. The survey further stated that companies with diverse teams enjoy a 2.3 times higher cash flow per employee, and those with inclusive cultures are 1.7 times more likely to be innovation leaders in their industries. These numbers highlight the need for a company to have objectives that promote cultural diversity in the workplace.

Objective Setting

Objectives are measurable goals that help track progress in achieving desired outcomes. In establishing objectives of cultural diversity in the workplace, leaders must involve employees from all levels. These objectives aim to raise awareness, promote inclusion, and foster an environment where all employees feel valued and respected. However, setting objectives is not enough; continuous evaluation and monitoring of progress ensure that the company is on track in achieving its goals.

Benefits of Cultural Diversity in the Workplace

1. Encourages creativity and innovation: Different cultures bring different perspectives. A multicultural team is exposed to more diverse experiences that enhance the team’s creativity and innovativeness in developing solutions and strategies.

2. Increases employee motivation: In a diverse environment, employees are more motivated when they are recognized for their unique contributions, which leads to higher job satisfaction levels and reduces employees’ turnover.

3. Improved decision making: Diversity in the workplace results in multiple perspectives and opinions that lead to better decision-making processes. This also reduces the risk of groupthink, which can limit team creativity and innovation.

4. Better customer relations: A diverse workforce better reflects a wider customer base and improves communication with customers whose cultures and backgrounds may differ from the traditional customer base.

Examples of Companies with Successful Objectives of Cultural Diversity

1. Unilever: Unilever is a multinational company that established objectives to increase the number of women in leadership roles by 50% by 2020. They also aim to ensure that half of the managerial-level positions are held by women.

2. Airbnb: In 2016, Airbnb launched its ‘Open Doors’ policy to address racial discrimination by users. The policy involved increasing the number of underrepresented minorities in leadership positions and training employees on unconscious bias.

Conclusion

In summary, companies who want to improve their performance in today’s global market must establish objectives that promote cultural diversity in the workplace. Cultural diversity encourages innovation, employee motivation, improved communication, and better decision-making. Effective objective setting, regular evaluation, and monitoring ensure successful implementation of objectives. Companies like Unilever and Airbnb have successfully implemented diversity objectives that have positively impacted their business. Therefore, all companies should invest in an inclusive culture to enhance performance and increase their competitive advantage in today’s dynamic job market.

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