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The modern workplace generally presents unique leadership challenges due to racial, age and educational background differences. As a result, senior executives have to find ways of effectively leading their employees. Fortunately, with the right leadership skills, senior executives would be able to address diversity challenges and improve performance at the workplace. To learn more about diversity in the workplace, view the infographic below.
In order to provide effective leadership, one must accept, understand, acknowledge, celebrate, and value the differences inherent among employees with respect to race, age, ethnicity, mental capability, social class/standing, gender, and physical ability.
Across the US, men constitute 69% of labor force participation by gender. Women on the other hand constitute 57% of workforce participation by gender. If you breakdown the US workforce by ethnicity, Caucasian men and women account for 70.5% and 56.9% of labor force participation rates. In the same vein (workforce participation by ethnicity), African-American Men and women account for 63.5% and 59.2% of labor force participation rates. Male and female workers of Asian ethnicity constitute 73% and 57.1% of workforce participation rates. Finally, Hispanic males and females account for 76.3% and 55.9% respectively.
It is noteworthy that up to 81.4% of the entire US labor force is made up of workers who lie within the 25-54 year age bracket. Out of these, 81.7% are 25 to 34 years old. It is worth noting that 40% of all new employees across the US come from minority groups, which means the American labor force will remain ethnically diverse for decades to come.
First, diversity offers an organization different skill sets and talents. At the same time, an organization can create an inclusive work environment thanks to diversity. Moreover, diversity simply mirrors a company’s customer base that is in most cases highly diverse. A fourth diversity benefit is empowering a business to compete globally. Finally, diversity can boost a company’s competitive advantage by improving employee retention rates, employee morale, and ability to attract new talent.
According to a Forbes study, 85% of 321 large corporations surveyed globally say diversity fosters innovation. As such, organizations that promote workplace diversity attract and retain highly skilled staff and boost customer loyalty. Studies have also shown diversity improves creativity, job satisfaction and employee performance. Furthermore, diversity translates to better gross revenues, shareholder value, market share, productivity, and profitability. Thanks to diversity, the US female workforce accounts for 47% of total GDP.
As the nation’s oldest private military college, Norwich University has been a leader in innovative education since 1819. Through its online programs, Norwich delivers relevant and applicable curricula that allow its students to make a positive impact on their places of work and their communities.
Norwich University’s online Master of Science in Leadership program is designed to help you demonstrate the skills and knowledge needed to lead teams and inspire progress, while also growing your career. The program is practical and pertinent, allowing students to apply leadership concepts immediately to their careers.