Importance of Corporate Diversity Essay Example | Topics and Well Written Essays - 1250 words

Importance of Corporate conversion - Essay ExampleMarried households with children drove that drop as they went from 40% to 23%. What is most get about this change is the increase in Non-traditional households which have grown from 12% to 22%. This group is do up of all sorts of new family and household formations - mostly single parent households. Single-mother families grew from 3 million in 1970 to 10 million in 2003, while the number or single-father families grew from half a million to 2 million. Non-Traditional household formations also intromit gay and lesbian households and a newer phenomenon whereby older, single mint (single parents are the drive) pass off long-term roommates to help alleviate the financial burdens that often come with living al genius. As the number of combinations and permutations of how people lead their lives continues to grow, traditional demographics work less productively as proxies for attitudes. Therefore, truly understanding the needs and wa nts of consumers and build products that meet their unique circumstances becomes more and more challenging.A emergence concept is that companies that incorporate motley in their work force are more likely to innovative compared to those firms that do not. Therefore, it can be seen that diversity is now forcing firms to recruit, retain and develop employees from change multicultural backgrounds, different ethnicities, minorities, and also from the socially negative groups in the society. This diversity affects businesses in several ways firms can increase their product sales as efforts by executives having versatile background can bring and bring new ideas that enhance sales a diverse work force brings in new customers because their diverse backgrounds help in serving the customers better according to their needs, a diverse workforce questions and challenges that they think might affect the customer base because of advertisements, slogans or product contents being offensive to a particular customer group other issues such as globalization demands it having a diverse work force also is supposed to increase the rear line of the company since the company incorporating diversity is looked upon favorably by employees, customers and also by the legal and the regulatory authorities. Some of the benefits that organizations are experiencing as a result of work force diversity also include lower costs since firms now face lesser law suit costs by hiring the diverse workforce, which previously they tend to reject and faced lawsuits over it. The diverse work force strengthens and reinforces the culture that promotes creative thinking and innovation. As mentioned, diversity generally enhances the bottom line i.e. the profits, firms are also seen as favorable in stock markets thus trading at premium and are also seen as likely targets for mergers. Firms when growing in size are in dire need of new and more recruits, selecting from the diverse pocket billiards of hu man resources give them a broad base to select from. Diverse population has different and varying lifestyles, thus firm can use this to its own advantage by utilizing some at one time and some other when special circumstances occur. Diversity can