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The Power Of Diversity - Press Release
02/06/2008 - By Karen Gibbs
Diversity is the practice of including people of different backgrounds, and thanks to globalization, is becoming the standard embraced by corporations as a means to foster growth.
While some may be slow to embrace change, it remains a pragmatic response to growing worldwide economies.
First came the entrance of women into factories post World War II, which opened the door to a change in the workplace dynamic. Several decades later, the advent of technology leveled the playing field for immigrants while outsourcing spurred inclusion within many Fortune 500 companies.
A recent New York Times article reports that diversity is finally reaching the corner office. In fact the corner office, now more than ever, represents every corner of the world. 14% of Fortune 100 companies are run by foreign-born CEO's. That can only mean good things for multinationals and the workforce they employ. Having a workforce that mirrors the marketplace serves is the best way to sell products. Incorporating diversity in both the strategic and bottom-line perspectives has proven to benefit all stakeholders.
The ranks of top executives will probably become more international as many business schools fill their classes with 40 percent or more foreign students, and more companies recruit worldwide. Culture, values and ethics are an inherent part of diversity and inclusion. Individuals and corporations that practice diversity are better able to achieve goals and deliver exceptional results. Moreover, diversity is a source of strength, and by mining the talents of people and cultures, can lead to more openness and transparency in every aspect of an organization’s operations.
As the corner office goes, so goes the workplace. CEO's set the tone, and those CEO's dedicated to the concept of diversity will lead the change from the old-boy network to one that values differences and benefits from those differences. A monolithic group-think will be unable to see other, more profitable options. A less diverse workforce will be ill-prepared to take on the challenges of a global marketplace, and will suffer in a competitive landscape.
Companies that successfully navigate the path to globalization will foster respect for others, awareness of differences and appreciation of those differences. Employees will find that diversity sparks creativity. A diverse workforce means a vast array of knowledge and one that will find working solutions to problems in less time. Many may find it an inspirational experience.
But to benefit, companies and employees alike must be open to change and not intimidated by doing business with people who are different. As geographic boundaries fall, more corporations are looking at foreign operations contributing more than 50% of their revenues, and more workers are spending time contributing to foreign operations.
And as those revenues grow, everyone involved – from board members to shareholders – should focus on the best person for the job, regardless of race, religion, or country of origin. And that’s a win-win strategy for success.
Karen Gibbs, a frequent panelist and commentator, was formerly co-anchor of Wall Street Week with FORTUNE.
© 2007 The Gibbs Perspective, LLC
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