Value of Diversity and Multiculturalism in Business Essay

Value of form and Multiculturalism in Business - Essay ExampleDiversity and multiculturalism in men produce a wide range of considerable benefits for companies. As Holt (2013) states, Workplace diversity elevates companies because it provides many different perspectives during decision making, broadens the companys re ach in the market and allows everyone an equal chance to advance. Some of the main benefits that a company can get by hiring a diverse workforce allow improved economic growth, improved share of consumer market, reduced employee turnover costs, increased synergy in teams, and increased levels of productivity and profitability. However, proper employee training is the key to keep the maximum workforce diversity benefits (Sammour & Karp, 2000).Employees from different ethnical and cultural backgrounds usually have good relationships between them (Kundu, 2003). One of the main benefits of hiring a diverse workforce is that it increases the business line of a company i n international markets. The reason is that diverse workforce is able to communicate with international business community in an efficient manner. Communication is one of the main barriers for a company in achieving international success. However, this issue can be resolved by hiring employees with different cultural and ethnic backgrounds because such employees are able to communicate effectively with citizens and business professionals of foreign countries. A diverse workforce is also able to resolve complex business problems using critical thinking approach. A multicultural workforce is able to understand the political and legislative issues of different countries, as well as the norms and set of different cultures and that understanding helps in growing the business in international markets in accordance with those cultural and political limitations. Moreover, multiculturalism also helps businesses in making