The lecture about the importance of diversity in the workplace outlined the benefits an organization can gain by creating a diverse workforce. People from diverse backgrounds have unique ways of solving problems. When an organization creates an inclusive environment, people from various cultural backgrounds converge to work there. Organizations face challenges that require employees to overcome by creating solutions. Solving these problems can be a source of innovation or organizations, which may render an organization competitive than its competitors.
A diverse workforce contains unique values and talents that are hard to find. These aspects make expose an organization as unique to its stakeholders and investors. Investors and stakeholders pride in being associated with organizations that are unique in their product and service delivery. When stakeholders appreciate an organization due to its uniqueness, they devote all their effort in achieving the organization's goals. Consequently, the organization improves its efficiency and productivity.
When an organization outperforms its competitors due to its unique talent and diverse workforce, the competitive advantage is hard to imitate. As such, the organization can maintain the competitive edge by nurturing and making the diversity more cohesive.
A workplace that encourages diversity becomes attractive to people of great talents. Such people long to work in such workplaces that value their unique talents. As a result, the organization can attract and engage the best talents within its industry. Since the work environment is accommodative, the engaged talents remain within the organization for a long time due to reduced employee turnover.
The interaction of the diverse workforce creates tacit knowledge that cannot be imitated by competitors. Moreover, the tacit knowledge cannot be taught in a formal learning setting apart from employees' interactions with their work and colleagues. When this knowledge circulates within the organization, even new employees receive it, making the organization a power house of knowledge and talents.