Why Diversity and Inclusion are important for organization and national economic success.The growth of Hispanics/ Latinos in the U.S has contributed to the economic growth and represents an example to...

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WHY DIVERSITY AND INCLUSION ARE IMPORTANT FOR ORGANIZATION AND NATIONAL ECONOMIC SUCCESS
Abstract
The current research is on the topic- IMPORTANCE OF DIVERSITY AND INCLUSION FOR SUCCESS OF ORGANISATION AND ECONOMY. It aims to critically understand the importance of diversity and inclusion for success of the organisation and the economy. The study has been conducted in the specific context of the growth of Hispanic and Latinos in the United States. The research mainly concentrated on understanding the importance of diversity and inclusion. In addition to that, due emphasis is also paid toward understanding the importance of Latinos and Hispanics for the American economy. For this purpose, the research also emphasises on deeply understanding the existing literature upon the mentioned and its related topics.
To conduct the research effectively, the researcher has chosen primary research method, positivism theory and deductive approach. The researcher has collected primary data from interview of 7 experts. The collected data has been analysed and due inference shave been made by the researcher for the purpose of concluding the research. The researcher found out the diversity and inclusion are of prime importance for the success of the economy. The contribution of Latinos and Hispanics toward the economy of United States of America is significant higher in comparison to their population.
Acknowledgment
It gives me immense pleasure in completing my research dissertation, titled as “IMPORTANCE OF DIVERSITY AND INCLUSION FOR SUCCESS OF ORGANISATION AND ECONOMY”. This topic has helped me gain ample knowledge on the concepts and importance of diversity and inclusion for the organisation and the economy.
I want to acknowledge the assistance of all the people who had helped me complete this research successfully. I would wish to show my gratitude towards my supervisor who had helped me extensively in this study and without whose support; I would not have been able to finish this research. I would also like thank all the participants of the survey and the managers of the organisation, who had sportingly participated and cooperated with me in my investigation. Without their support and response, this study would not have been possible. Lastly, I would also express my thankfulness to my friends and family whose encouragement has assisted me during my research.
Thanking you all,
_______________.
Table of Contents
Introduction    3
Introduction    3
Background of the Research    3
Research rationale    4
Research Aim    5
Research Objectives    5
Research Questions    5
Significance of the Research    6
Chapter 1: Literature Review    7
Chapter 2: Empirical Research and Interview Methodology    15
Data relevant to the treatment of the problem    15
Solving the problem    16
Empirical Research    17
Chapter 3: Analysis: Critical Approach to Results    19
Janet Balanoff    19
Gaby Ortigoni    20
Claudia Romo Edelman    21
Daniel Villao    21
Maggie Arboleda    23
Catalina Hoyos Nipe    25
Gilda Alvarez    26
Chapter 4: Conclusion and Recommendations    28
Conclusion    28
Recommendations    29
References    30
Introduction
Introduction
In the modern times, diversity and inclusion are among the most debated topics across the globe. Organisations like Amazon, Microsoft and other are hiring employees from across the globe based on the skillset being possessed by the individuals. The HR managers are facing issue in managing the diversified workplace due to difference in culture, race and other issues. Organisations in USA seem to be hiring the Hispanics/Latinos a lot and that has led to a diversified workforce. In this dissertation, the researcher sheds light on the requirement of diversity and inclusion of organisational as well as economic success.
Background of the Research
In the modern scenario, the focus of the organisation is more on hiring talented individuals rather than focusing on culture or race. The Human Resource Managers are crossing the traditional boundaries of caste, colour, creed, culture and others to hire the best resource from the industry. With the increasing diversity in the workforce, the issues among the employees arising due to difference in culture and others may also increase. However, a lot depends on the manager about the manner in which the conflict is resolved. Almost all the organisations are focusing on diversity and inclusion at the workplace whether government or private organisations.
The trend of hiring depending on race or creed seems to be changing across the globe with talent getting an edge over race, creed and colour in the selection process. Diversity and inclusion has led to a change in the organisation culture and thereby has an impact on the overall organisational efficiency whether positive or negative. The economy is a mix of multiple organisation therefore, any impact of diversity and inclusion on organisational success will have a similar impact on the overall economy also. Therefore, this research will shed light on the importance of diversity and inclusion for organisation as well as economic success.
Research rationale
The researcher has observed that there are lot of issues at workplace and among the society relating to diversity and inclusion. This is also a political discussion at the time of election regarding citizenships and all such issues. It is greatly observed that organisation hire individuals from different religions or culture and later there are cultural issues among the organisation. Then such culture may have a negative impact on the productivity of the individual. The individual is affected by the same and other employees or members of the society are also affected due to such issues.
Some of the societies still do not want to accept people from different race or colour in their society. In such a scenario, there poses multiple issues for the organisation and the economy. However, such issues may be created with deliberate intention or just by following the traditional practices. Organisation tend to hire the best of talent however cultural issues makes it difficult for the managers to retain such talented professional due to workplace or societal issues. In such a scenario, the efficiency of the organisation is hampered and collective hampering of organisational efficiency hampers the economy.
There are certain people who just go behind the traditional thoughts and their sometimes no attempts are made to moult their thoughts in the favour of the organisation, society and the economy. There are multiple issues with diversity and inclusion however, there are numbers benefits too. The researcher had observed that lack of knowledge and traditional thoughts are sometimes reasons behind diversity and inclusion issues. Such through process need to be changed for the benefit of the economy and the aim of every citizen should be to contribute to the economy rather than creating cultural and inclusion issues. Understanding of the importance of diversity and inclusion is of prime importance for all those involved in cultural issues and creation of bias culture both at workplace and in the society. This research work focuses on understanding the importance of diversity and inclusion for organisation and economic success.
Research Aim
The aim of the research is to critically understand the importance of diversity and inclusion for success of the organisation and the economy. This study has been conducted in the specific context of the growth of Hispanic and Latinos in the United States.
Research Objectives
· To understand the concept of diversity and inclusion
· To identify the ways through which diversity and inclusion can affect the employability in organisation and economy
· To understand the financial impacts of diversity and inclusion on organisational and economy
· To identify the ways through which diversity and inclusion can affect the workplace and the economy
Research Questions
· What is diversity and inclusion at workplace and economy?
· What are the ways through which diversity and inclusion can affect the employability in organisation and economy?
· What is the financial impact of diversity and inclusion on the organisational and economy?
· What are the ways through which diversity and inclusion can affect the workplace and the economy?
Significance of the Research
The research will provide a knowledge to the readers about the importance of diversity and inclusion for organisational success and the economy. It will lead to lesser organisational as well as societal issues due to diversity and inclusion. The mind-set of the public will be shaped in the favour of the organisation and the economy. In addition to that, those are the victim of these issues, it will be favourable for them.
In addition to that, organisation that do not favour diversity and inclusion will also tend towards maintain a talented workforce comprised of individuals from different places and having some unique set of skills. This will enable the readers to change their mind-set and ensure that they do not create problems for people from different culture, race or creed at workplace or in the society. This will also enable the readers to understand the actual importance of diversity and importance for growth of the economy and their contribution in various aspects.
Chapter 1: Literature Review
In simple words, diversity can be referred to taking into account differences among people and groups of people and having a positive approach to such differences. It is also about celebrating and valuing the differences among us. It can be strongly linked with the promotion of freedoms and human rights, on the basis of principle like respect and dignity. Inclusion is creating an environment in which all individuals feel welcomed, supported, respected and valued for active participation. According to Velasco and Sansone (2019), a welcoming and inclusive environment embraces the differences and ensures respect in actions and words for all the people[footnoteRef:1]. It should be understood that an inclusive group involves diversity but a diverse group may not be inclusive. [1: Velasco, M. and Sansone, C., (2019). Resistance to Diversity and Inclusion Change Initiatives: Strategies for Transformational Leaders. Organization Development Journal, 37(3), pp.9-20.]
Equity can be referred to an approach which ensures that all individuals have equal access to all the opportunities. It recognises that due to the existence of barriers and advantages, we all are unable to start at the same place. There are multiple advantages of diversity and inclusion. A diverse workforce that drives economic growth and is able to grab a large share of the consumer market. As noted by Mottet (2019), diversity encourages a workforce that is both competitive and innovative[footnoteRef:2]. Diversity in the boardroom is required for leveraging the full potential of a company. Inclusion ensures that the voice of each employee is being heard. This leads to an increase in job satisfaction, which ultimately leads to increasing employee efficiency. [2: Mottet, T. P. (2019). Making the lawn and landscape worn: removing barriers to student success at Hispanic Serving Institutions. Communication Education, 68(4), 521-528.]
In the modern corporate scenario, most organisations require a passionate, skilled and innovative workforce. As commented by Ballysingh, Zerquera , Turner and Sáenz (2017), selection or rejection of candidates on the basis of caste, creed, colour and others is lesser observed in the modern times[footnoteRef:3]. MasterCard, Accenture, EY, Disney, Coca-Cola, Microsoft, Facebook are classic examples of companies setting examples of how a diversified workforce should be. In addition to that, personalities like Bernard Coleman III, Head of DI for Uber, Jessica Miller-Merrell, founder of ‘Workology’ and many personalities have clearly spoken about the importance of diversity, inclusion and equity at the workplace. [3: Ballysingh, T. A., Zerquera, D. D., Turner, C. S., & Sáenz, V. B. (2017). Answering the call: Hispanic-Serving Institutions as leaders in the quest for access, excellence, and equity in American higher education. Association of Mexican American Educators Journal, 11(3), 6-28.]
In the case of the US, there are many companies that have adopted a diversified and inclusive culture. U.S is in a very good position in comparison to other countries when it comes to supporting a diversified and inclusive working culture. Companies like Adobe, Accenture, Cisco and others present classic examples of a diversified and inclusive working environment. According to Powers (2018), the most important factor affecting the pay scale, promotion and others is talent and skill set possessed by the individuals rather than anything like race, creed or others[footnoteRef:4]. In case of diversity, inclusion and equity, countries like Norway, Sweden, Canada and the USA have similar numbers. In the USA the percentage of female workers in the total workforce is a little higher in comparison to other countries. In Europe, Sweden is a classic example of gender equality and diversity. In a similar fashion, Holland also has a diversified and inclusive working environment. [4: Powers, L. (2018). Understanding educational inequality: Latino students and academic achievement in the United States (PDF) Retrieved from https://research.steinhardt.nyu.edu/scmsAdmin/media/users/ll409/Powers_-_Thesis.pdf]
As noted by Bayers and Rouse (2016), barriers to diversity and inclusion include discrimination, bullying, and stigma, selective mentoring, pointing out mistakes rather than suggestions and others[footnoteRef:5]. The morale of those affected by discrimination and such issues is disturbed. This leads to inefficiency and thereby making it had for the individual to survive. The results of inequalities lead to insecurities and other issues, which often leads to irritation for the affected. In some cases, the affected person starts taking abusive drugs or tries to show frustration on someone else. According to Schultz, Bocarro, KangJae , Sene-Harper, Fearn and Floyd (2019), the perception of the other people towards the affected also changes as everyone feels that the affected is worthless, which leads to insecurity and other social issues[footnoteRef:6]. [5: Bayer, A., & Rouse, C. E. (2016). A New Look at Diversity in the Economics Profession. Journal of Economic Perspectives, 30, 221-242.] [6: Schultz, C. L., Bocarro, J. N., KangJae, J. L., Sene-Harper, A., Fearn, M., & Floyd, M. F. (2019). Whose National Park Service? An Examination of Relevancy, Diversity, and Inclusion Programs from 2005–2016. Journal of Park and Recreation Administration, 37(4).]
Education is said to be the foundation of economic wealth, political stability and social prosperity. Education empowers an individual to participate in the empowerment process. Education plays a key role in modifying, conserving and transforming identities. Education shapes the thought process of an individual for the best of mankind. It enables an individual to think being race, caste, creed, religion and others thereby promoting diversity and inclusion.
There are multiple actions that can be taken for promoting the practices of diversity and inclusion. As commented by Smithers, (2018) aligning the hiring practices with that of the composition of the society, conducting training programs for development of all individuals, creation of employee resource groups among the organisation for enabling an individual to perform at the highest potential[footnoteRef:7]. Career advancement programs for all members of the organisation can also help in development of the individual lacking some skills thereby leading to diversity, inclusion and equity. [7: Smithers, D. (2018). Retention and Graduation Rates of African American and Hispanic Students in Community Colleges in TN: Index of Institutional Practices that Support Minority Student Success.]
As commented by Bayer and Rouse (2016), true diversity and inclusion means that there is respect for each individual in the organisation[footnoteRef:8]. In addition to that organisation comprises of groups of people from different culture, society, colour and sex. True diversity is including members from different cultures in the organisation, promoting respect for each and every individual. True equity means giving similar opportunity to all individuals with similar talent irrespective of caste, creed, religion and culture. [8: Bayer, A., & Rouse, C. E. (2016). A New Look at Diversity in the Economics Profession. Journal of Economic Perspectives, 30, 221-242.]
According to Moreman (2019), Hispanics can be referred to those individuals who are of Spanish origin or who speak Spanish[footnoteRef:9]. On the other hand, Latino refers to people from Latin America or descended from people of Latin America. While Latinex is a gender neutral neologism used instead of Latino or Latina. A and O are symbols of gender in Spanish, therefore, X in LatinX is a gender-neutral neologism used to denote Latin Americans irrespective of their gender. [9: Moreman, S. T. (2019). The Hispanic-serving institution: communicating a future with or without a past. Communication Education, 68(4), 509-516.]
As noted by Delaine, Tull, Sigamoney and Williams (2016), in recent times, there is a slow rate of growth of Hispanic in the US[footnoteRef:10]. Before the 1990s, the annual rate of growth of the population of Hispanics was 5.8% which came down to 4.4% during the period 2000-2007. The numbers further came down by 2.8% to 2.4% in the recent years. In 2018, the Hispanics population reached a new high of 59.9 million[footnoteRef:11]. Increasing opportunities in the United States is the main attraction for the Hispanics and the Latinos. This has led to an increasing number of Latinos and Hispanics in the United States of America. This has been the main attraction for the people from all the regions like Africa, India and others. [10: Delaine, D. A., Tull, R., Sigamoney, R., & Williams, D. N. (2016). Global diversity and inclusion in engineering education: Developing platforms toward global alignment. International Journal of Engineering Pedagogy (iJEP), 6(1), 56-71.
] [11: Schink, W., & Hayes-Bautista, D. (2017). LATINO GROSS DOMESTIC PRODUCT (GDP) REPORT]
As commented by Osanloo, Parra and Pedraza (2018), the Hispanics are those individuals who are of Spanish origin or have descended from those of Spanish origin[footnoteRef:12]. On the other hand, Latinos or Latinx are associated with the Latin Americans. For the Hispanics living in the United States, the identity is multifaceted and multidimensional. However, in recent times, they have adjusted themselves to the culture of the United States and the culture has been well absorbed by them. [12: Osanloo, A. F., Parra, J. L., & Pedraza, C. A. (2018). “Los olvidados”–An integrative review of the extant literature review on the forgotten ones in intercollegiate athletics. Journal for the Study of Sports and Athletes in Education, 12(1), 53-74.]
As stated by Lynch, Burton, Behrend, House, Ford, Spillane and Means (2018), race is just a social construct rather than a biological classification. An individual born in America in a Spanish family will adapt himself to the American culture and therefore,...