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Advantages of a Diverse Workforce

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  • 0:04 What Is Diversity?
  • 0:37 Customer Base and Innovation
  • 2:03 Turnover and Recruitment
  • 2:59 Lesson Summary
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Lesson Transcript
Instructor: Artem Cheprasov

Artem has a doctor of veterinary medicine degree.

Diversity is important everywhere, be it in school or in politics. It's also important in the workforce. Find out why as we go over some of the numerous reasons for this.

What Is Diversity?

You know how a monotonous routine can either bore you to death or drive you insane? A little diversity never hurts to help you avoid mental fatigue, excite your day a bit, and make you more creative.

The same thing goes for diversity in the workplace. When we refer to this kind of diversity, we're talking about the inclusion of people from a wide variety of backgrounds, including those encompassing different nationalities, religions, sexual orientations, ethnic groups, and socioeconomic statuses.

Why is diversity a good thing in the workplace? This lesson answers this question.

Customer Base and Innovation

Imagine you're trying to appeal to as broad a customer base as possible. That's kind of the goal of business, isn't it? If you want to dine with the classes, you have to appeal to the masses as the saying goes. So let's say that there are two competing businesses in the U.S., which is a melting pot of diversity. We'll call them business A and business B.

Business A has the same product as business B, but business A has a highly diverse workforce, especially their sales team. Which sales team do you think is going to better connect to the wide variety of sociocultural aspects of a diverse nation's population? Clearly, it's going to be business A. They might have a sales force that can speak and culturally connect to people with different languages and backgrounds. That personal connection to a wide variety of backgrounds can help the business capture more clientele, with all else equal. So, diversity can help expand a businesses' customer base, which is the group of people who keep buying your business' products or services.

Okay, what about this then? Business A and business B again. Business A has a highly diverse research and development team while business B doesn't. Which R&D team do you think is going to be able to figure out what product to come up with next and how to develop it better? Of course, it's business A. They have a wide variety of input from people from various economic backgrounds, ethnicities, and so on. This can help business A come up with newer and more creative products or solutions than the same old stale mindset of business B. So, innovation, or creative and original thinking, via a diverse creative input is bolstered thanks to diversity.

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