Major trends today in the change in labour force Essay

Major trends today in the change in labour force - Essay Example There are basically seven major factors that motivate small and large companies in diversifying their workforces. These seven factors include the social responsibility, economic payback, resource imperative, legal requirement, marketing strategy, strategy related to business communications and strategy building. As a good diversity practice the people from disadvantaged groups of a community are considered and this relates to corporate responsibility of any business. Through diversification of the workforce the individuals can get a break required for earning a living. Diversification of workforce that is through welfare to work is likely to turn the tax users in tax payers. The changing demographics have greatly affected the workforce. The labor pool today includes people from various backgrounds and different life experiences. Under the legislation many companies round the world are observing equal employment opportunity that makes it best possible to utilize a workforce that is di verse. Nowadays in such a competitive world to fulfill a customer base that is extensive diverse it is very important to have a diverse workforce which is capable of making up for the customer base from every walk of life. For the companies that opt for retaining the homogenous workforces things are likely to become ineffective very soon. While recruiting the employees all the successful companies generally look for a diverse workforce and value them for their unique abilities and qualities. Analysis of Workforce Diversity Valuing and managing the workforce diversity is one of the key elements of effective management of people. This can ultimately enhance the workforce productivity and the overall performance of the company. The demographic changes like organizational restructuring, women in working places and the legislation related to equal employment opportunity require the companies a review of their management procedures and the development of new and innovative ways to manage people. Advantages of Workforce Diversity Diversity at the workplace has a lot of benefits that are discussed ahead. Workforce diversity is probable to lead towards an innovative and creative culture that has no limits. A diverse workforce can lead a profit making by ideas, creativity, innovation and exchange of knowledge (Esty, et al., 1995). An organization that has built up a rapport for diverse workforce is famous for attracting the best talent from all parts of the world. Marketing of products can be made easier as people with different backgrounds can come up with unique marketing campaigns that are likely to increase the sale. People from different areas speak different languages so the workforce that is diverse can understand and can develop better bonds with the customers as the company has employees that can speak various numbers of languages. Workforce diversity is also taken to play a crucial part in the effective solving of problems nowadays. By the diversity different talents are put together and different set of skills is used that increase productivity of the organization. By attracting and retaining the employees with diverse skills, competencies, talents, knowledge etc. the company is likely to win a competitive advantage. Diversity assists in building a synergy amongst teams and improves the communication skills. A lot of money can be saved by this diversification process as this is what the legislation of any country says. Challenges related to Workforce