Why is the diversity of team/group members often important for companies to remain competitive?
One reason why diversity is important in the team or business setting is that it helps to strengthen bonds between individuals. When individuals are able to understand and appreciate different narratives of others, it allows for a valid and real connection to emerge. This helps to strengthen unity. Individuals who understand different valences of experience are able to feel a greater sense of empathy and kinship with their colleagues. This helps to broaden the appeal of the unit to enhance competitiveness because individuals realize that while they possess differences, they are linked by a common good, a thread that unifies and eliminates all barriers of distinction. This becomes a reason why diversity is so important.
There are a few major reasons advanced for this:
1. Economically speaking, companies that do not diversify rob themselves of the potential talents of people from the ethnicities (or other groups) that they do not hire.
2. A variety of viewpoints (believed to come in part from diversity) can improve a company's ability to innovate.
3. Diversity can help a company market itself to a larger variety of communities whether that be ethnic groups within a country or people in foreign countries. This point of view argues that minorities and/or foreigners will feel more comfortable dealing with companies who have "people like them."