Introduction
The corporate justification for inclusion and diversity is becoming more widely accepted. While equality is frequently the driving force behind these initiatives, businesses have started to see inclusiveness and diversity as a tool of competitive edge and, more particularly, as a critical growth driver. There are many reasons why companies now prefer to incorporate workplace diversity into their corporate culture. However, while the benefits might involve the company growth and rapid increase in revenue, there are shortcomings, such as a lack of efficient communication, which is being eliminated in Bahamian companies, such as KPMG and Cable Bahamas Ltd.
Meaning of Diversity in a Workplace
First, it is necessary to define diversity in the context of the workplace in companies. Workplace diversity is described in a Forbes article as a business that hires employees with a variety of traits, including gender, age, religion, race, ethnic heritage, sexual orientation, religion, language, education, skills, and others (Westover, 2020). The article emphasizes that companies should take active measures to attract and retain a diverse workforce that encompasses a range of ages, races, faiths, and belief systems (Westover, 2020). Therefore, diversity in a corporate context is a framework that promotes inclusivity.
Benefits and Shortcomings of Diversity
The first reason why companies promote diversity is that its benefits dynamic business growth. McKinsey & Company’s most recent research confirms the compelling financial rationale for gender diversity in company management as well as cultural and ethnic diversity and demonstrates that this business argument is only becoming more robust (McKinsey & Company, 2020). More than ever, diversified businesses are now more likely to beat less diverse competitors in terms of growth. According to McKinsey & Company’s 2019 research, businesses with greater gender diversity were 25% more likely to outperform other businesses (McKinsey & Company, 2020). Therefore, each company will be eager to expand and grow with the help of diversity and inclusivity.
Additionally, the benefit of diversity is that it increases an organization’s income. McKinsey & Company discovered that these cohorts’ average chance of financial gains is in line with the findings of the aforementioned quartile study (McKinsey & Company, 2020). Businesses in the Resting on Laurels group, for instance, had the highest average chance of outperforming their competitors in terms of revenue in 2019, at roughly 62 percent, which is likely due to their historically high degrees of diversity on management teams (McKinsey & Company, 2020). In this case, increasing income rates positively influences applicants, companies, and current employees.
However, it is essential to mention that diversity might often involve shortcomings. For instance, diverse teams are sometimes plagued by communication problems. Efficient communication and promotion are always possible with high-quality adaptations (Stone et al., 2020). When functioning in a diverse group, it is additionally a method to let data be lost during the process (Stone et al., 2020). Still, sometimes it might transcend the trivial issues of the language barrier and involve cultural beliefs (Stone et al., 2020). Here, different cultures have various approaches to communication and gestures and might even involve certain stereotypes, which might lead to conflict situations in teams. Thus, increased diversity can bring challenges when not managed properly.
Examples of Diversity Roles in Bahamian Companies
Finally, it is notable that many subsidiaries and companies working in the Bahamas are open to diversity and promote it immensely. The examples when diversity comes into play involve better communication with clients and motivation for employees. For instance, diversity benefits businesses, according to KPMG in the Bahamas (KPMG, n.d.). Diverse teams more accurately represent the varied business practices of the company’s clients. KPMG may communicate many points of view and develop rounded perspectives as a result, which encourages creative thinking. Moreover, the Bahamian subsidiary points out that it aims to establish a diverse workplace where talent is acknowledged, regarded with respect, and given options regarding their work schedules and professional growth (KPMG, n.d.). Diversity, in KPMG’s opinion, helps it to hire and retain the finest employees, offer clients the greatest services, engage with communities more effectively, and create a good impact on the company (KPMG, n.d.). Therefore, the company not only supports diversity approaches but encourages other companies to follow the same path.
Additionally, the group of firms, which includes Cable Bahamas Ltd., is proud to highlight the women in leadership who make up more than half of senior managers within the organization. Here, diversity comes into play by motivating women through executive positions. Cable Bahamas Ltd. retains its position as a pioneer in diversity, tolerance, and inclusivity (The Nassau Guardian, n.d.). Senior executive positions, notably vice presidents of the central business divisions, are held by these women (The Nassau Guardian, n.d.). According to Beverly Saunders, vice president of human resources, the business intentionally fosters a forward-thinking workplace where capable women may take senior positions (The Nassau Guardian, n.d.). As a result, in such a company, diversity is incorporated through bigger opportunities for women in terms of leading positions, which encourages other employees as well.
Conclusion
Hence, while the advantages could include the expansion of the business and a quick rise in income, there are drawbacks as well, such as a lack of effective communication, which is being fixed in Bahamian firms like KPMG and Cable Bahamas Ltd. A company that values workplace diversity is one that employs workers that have a range of characteristics. Companies support diversity first and foremost because it fosters dynamic corporate growth. Diversity also has the advantage of raising an organization’s revenue. However, it is important to note that variety may frequently come with drawbacks. For instance, communication issues might occasionally hamper heterogeneous teams.
References
KPMG. (n.d.). Diversity and culture. Web.
McKinsey & Company. (2020). Diversity wins: How inclusion matters. Web.
Stone, D. L., Dulebohn, J. H., & Lukaszewski, K. M. (2020). Diversity and inclusion in organizations. Information Age Publishing, Incorporated.
The Nassau Guardian. (2022). Cable Bahamas Group of Companies is serious about women in leadership. Web.
Westover, J. H. (2020). Creating a workplace culture of belonging, diversity and inclusivity. Forbes. Web.