From its beginning, the United States has continued to grow to include more diverse people. The demographic changes are rapid with the US Census Bureau projecting that by 2040, half of Americans will be in the ‘minorities’ bracket. This survey serves to highlight the timely imperative of managing diversity.
While some may look with nostalgia to a more homogenous past, forward looking companies have embraced the changing picture of America and the global marketplace it reflects (Robinson, 2006, pp.110-155). Credible, measured, corporate- wide diversity initiatives result in; increased market share both nationally and globally; increased reputation capital as an employer or vendor of choice; improved ability to attract and retain top talent; reduced turnover costs; competitive advantage through multiple perspective; and significant reductions in litigation costs for complaints. Studies have also shown that companies with diverse and supplier base are more successful in gaining access to multicultural markets. From a recent survey carried out by the American Management Association, results show that heterogeneous teams consistently produced superior corporate results than homogeneous teams and that costs estimates for training a new employee range between 2% to 4% of annual salary (Robinson, 2006, pp.156-168).
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