Socioeconomic Diversity in the Workplace

Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

Successful companies know the benefits of employing a diverse workforce. In this lesson, we will describe what socioeconomic diversity means in the workplace and the responsibility managers have to individuals of all backgrounds.

What Is Socioeconomic Diversity?

Workplace diversity is a vital part of any company culture. Can you imagine working at a job where everyone was the same, and everyone had the same ideas? It is beneficial for companies to have people with different backgrounds who can bring different knowledge and ideas to the table.

Socioeconomic diversity is based on a worker's education and his financial status. It is important for managers to stress socioeconomic diversity within the business. A person's financial situation should not have any bearing on how he performs at work. Just because a person may be wealthy, does not mean he is a good fit for a position, or will necessarily perform well. Treating all employees equally is essential for a fair workplace environment.

For example, imagine you have a company with a Human Resources representative who is in charge of hiring employees. One potential candidate for employment is an individual who has a college degree, but lives in low-income housing. Assuming this person is a good fit for the position, it would be unfair and biased not to hire him based solely on where he lives. It would be more ethical to hire him, and give him a fair shot at the job. Perhaps in doing so, he would be able to make money and get himself out of low-income housing. The point is, the amount of money a person has should not be a factor in the hiring process.

An Employer's Responsibility

Being an effective employer means you need to be sensitive to the needs and concerns of employees who do not have the financial stability others have. You should give employees the opportunity to learn and advance in their field, to help them better themselves. Providing employees with classes, opportunities to earn extra certifications, and other ways of furthering their education are ways you can help employees advance financially.

It is your responsibility as an employer to treat your employees fairly and to do your best to help good workers reach financial stability. Providing opportunities for employees who need help is essential to help them grow within the company. If you want to have a strong team, you have to invest in your employees and give them opportunities to advance to higher positions within the company.

Education and Training

Helping employees to become more successful in their field can be done by furthering their education. Paying for their education will help those who do not have money advance within the company. A show of faith like this also serves to increase employee loyalty and commitment to the company as a whole. In addition to education, providing employees with on the job training helps immensely as well. If an employee already has the education, but needs the practical experience, providing extensive training to help him learn more about his position will further help to achieve the overall company goals.

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