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There are seven challenges required to be an exceptional manager (Kinick & Williams, 2013). Currently, Target is seeking solutions to combat online competitor sales and can benefit greatly from six of the seven challenges. These six challenges include managing for competitive advantage, diversity, globalization, information technology, and ethical standards.
First, managing for competitive advantage over rival businesses will allow Target to efficiently respond to customer’s demands new innovations and quality products and services (Kinick & Williams, 2013). It is important for Target to focus on the needs of customers because, the customers are the reason any business exists. Also, customers are attracted to better services and products that they can acquire efficiently.
Second, being able to manage for diversity is an organizations ability to maximize the contributions of employees regardless of age, gender, race, or ethnicity (Kinick & Williams, 2013). Due to the present diverse age, gender, race and ethnicity in the population and the expected increase in the diverse population, any business’s management should be flexible and should monopolize the use of diverse employees to strengthen the organization. Target can benefit by managing for diversity and realizing that just
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According to the U.S. Department of Commerce, e-commerce or online shopping has increased consistently from the year 2004 to 2014 (Bucchioni, P., Liu, X., & Weidenhamer, D., 2015). Individuals are successful finding items that suit their needs online and Target will benefit by implementing a plan for online shopper to secure some of the cash flow being
According to Kantar Retail, most of Target’s shoppers are younger on average than its rivals, and more educated. That means it has to consistently offer something different and appealing; it emphasizes more on the latest-trend apparel, eye-catching home décor and exclusive designer merchandise than its competitors. This results in a willingness to pay a bit more for items by customers who are willing to pay a bit more. Moreover, this successful
Diversity in the retail marketplace is something that is significant to the company’s success. Retailers are comprised of people selling things to people. Thus, the people that do the selling must be a good representation of the people that are doing the buying. Companies that are well diversified in their hiring practices, as well as organizational goals, are well recognized by the public. Likewise, companies that are unjust in the functioning of their company will be viewed in a negative light, which could lead to decreased sales and company accountability. Taking this into consideration, observing the diversity profiles for two major retail companies can lead to a firm understanding behind their success and company values.
Target has 1,799 stores, and its annual revenue was more than $71 billion in 2014. Considering that Target operates only in the United States, the company’s total income does not seem too low. Like Walmart, Target is open to all customers without membership, and its products are similar to Walmart’s products. For example, both companies sell household essentials, pharmaceuticals, personal care items, cleaning and paper products, apparel, accessories, sporting goods, electronics, and food items, along with furniture and other products. Instead of offering membership discounts, Target offers REDcard debit and credit cards, which provide consumers with a 5% discount on purchases. Since Target utilizes e-commerce for sales of its goods, delivering products worldwide can be highly beneficial for the company’s
Target Corporation being a retail industry, the structure by product grouped to a functional level practices works the best. This is necessary for the other functional levels to collaborate as a single team to produce a positive customer shopping experience. Target Corporation further divided the functional level into a geographic area to exercise management tasks effectively with the given authority. Each structure of the management at the geographic level has a strategy discussion, a line of communication, growth, and progress reporting according to the corporate reporting plan. Jana Potts who manages Target Corporation store has closer to 300, 000 employees working for her and the effective can be improved if the role is broken within domestic into channels, stores into broader segments and a separate global position. The rapidly growing online channel and global expansion are necessary to support Target Corporation's strategy of internal growth and sustain it for long term sustainability. These structural changes will allow Target Corporation to connect with its employee at a functional level and bring changes faster, track and monitor the
Recommendations to achieve a sustained competitive advantage: Online, mobile, and store purchase will certainly increase customer traffic with the online and store combinations gives Target Corporation with a best possible low-cost price. A best-cost provider strategy allows Target to position itself and compete with low-cost providers such as Walmart. In addition, it employs a competitive strategy with a designer label along with superior supply chain, increased operational capabilities, and skilled employees. . The strategy of sending coupons are huge for a customer, so increase discount based on their purchase history and use the store brand credit card to attract more customers.
The foundation for developing an effective diversity management program relies on leadership commitment and the CEO should communicate the organization’s position on diversity management and his or her sincere belief in the importance of diversity (Cañas & Sondak, 2010). Indra Nooyi, the current Chairman and CEO of PepsiCo, is a leader who demonstrates a strong passion for managing diversity. In this paper I will be discussing Indra Nooyi’s personal and professional background, the status of diversity within PepsiCo before her role as CEO, the leadership philosophy on managing diversity Indra Nooyi has taken, the strategies she has used to implement diversity management, and her diversity related goals. I will conclude with a discussion on the current status of PepsiCo in terms of diversity, their future diversity goals and how Nooyi’s diversity management efforts have affected the overall success of the company as a whole.
This document will explore what a company can do to foster diversity in the workplace. The business case highlights the development and implementation of organizational initiatives that could:
The impact of diversity in the workplace is contingent upon several factors. Across companies diversified workforces are becoming increasingly common. To successfully manage a diverse workforce, organizations are ensuring that employees understand how their values and stereotypes influence their behavior toward others of different gender, ethnic, racial, or religious backgrounds; are gaining an appreciation of cultural differences among themselves; and behaviors that isolate or intimidate minorities are being improved (Noe et al., 2010, pg. 302).
It comes as no surprise that the leader in diversity for the fast food industry is none other than McDonald’s. McDonald’s is the national, and global, leader in total sales, and is one of the most recognizable companies in the world. McDonald’s possesses an astounding 25% of corporate officers as minorities. Further, 24% of all McDonald’s corporate officers are women. Recently, McDonald’s has increased their spending on minorities and women, given that more than 40% of McDonald’s U.S. franchise operators are women and minorities.
In a world that has grown increasingly smaller due to mass media, world travel, and readily available information, the workplace has grown increasingly diverse in both gender and cultural aspects. Individuals no longer live and work within the confines of their geographic locations. At almost any position with any company the individual employee is a part of a larger world economy that harvests assets from the ends of the earth. Because of this, companies seek to capitalize on diversity to become more creative and flexible in their business models.
It provides individuals to have diverse work environments to be more effective with their customer base. A workplace and life without diversity would have everyone looking the same from hair, eyes, face, clothes, etc. Learning more and accepting diversity will improve a team’s interpersonal communication and opportunities. The workforce has changed dramatically since this training has been introduced into organizations and now more women are in the work force, including more immigrants and an increase in racial diversity (Bucher, pg. 51). There should be specific goals to diversity training that have employees understand challenges and benefits revolving around diversity to organizational values.
Moreover, this equivalent opportunity concept in workplace diversity is aimed for guaranteeing that business organizations make the most out of the difference from workforce varieties rather than to losing ability which may help the businesses to be more proficient and effective. Workplace diversity carries with the heterogeneity that should be sustained, developed and acknowledged as method for enriching organizational effectiveness in this modern society (Henry & Evans, 2007). In order to make sure organizations achieve the diversity goals, businesses should take the appropriate actions to boost culturally diverse employees. Thus, businesses need to gain progress toward multiculturalism, which should incorporates to avoid employees ' impression of the degree of separation and bias, the equal rewards and punishment, the openness of critical information, and the chances for employees to stepping up for their career goals in future (Brown, 2008). Truly, develop and implement multiculturalism in the workplace is not an easy thing to do for businesses. It needs a certain numbers of policy and regulations to follow and adjust before businesses or organizations are actually considering diversity. Also, work diverse group come from people that has different ages, ethnicity, and sexual orientation working together to form a multicultural workplace. There are some
Consultants and the managers as well as business leaders believe that effectively managing and handling the diversity is the competitive advantage. This advantage stems from the process in which diversity management affects the organizational
For instance, if a chip company hires an employee with an Asian background, they might create chip flavors that would attract other Asian individual’s similar tastes. Diversity can also positively impact satisfaction and performance in the workplace. The staff of a company will feel more comfortable working in a diverse setting where they feel they are being treated equally. This sense of equality ultimately leads to higher performance and studies have shown that having a diverse workforce is positively related to high
Diversity is all around us and how organizations deal with the notion of diversity can be complex and quite diverse. We know that being diverse in the workplace is important to the organization's success, should be recognized, accepted, and embraced. It’s how the organizations live up to what they believe in and must go above and beyond legal compliance and requirements to promoting diversity and inclusion. Otherwise, employees may view the organization's vision and policies as lip service and only be tolerant of diversity because the organization said so.