Final answer:
Sustainable competitive advantages from workforce diversity include better decision-making, innovation, and the potential to break down discriminatory barriers, leading to a more competitive economy. Professionalizing HR functions can reduce hiring biases, and organizations benefit from a diverse and high-quality workforce.
Step-by-step explanation:
Workforce diversity offers several sustainable competitive advantages for a company in today's global marketplace. Diversity training plays a critical role in helping teams bridge cultural differences and improve cooperation. With a diverse workforce, companies can capitalize on a broad spectrum of viewpoints and experiences, enabling better decision-making and innovation. Moreover, research such as Pettigrew and Tropp's 2006 meta-analysis suggests that engaging employees of different backgrounds under conditions of equality, shared goals, and institutional support can significantly reduce prejudice and improve teamwork.
The U.S. population and workforce are becoming more diverse racially and ethnically, a trend that is expected to continue based on projections by the U.S. Bureau of the Census. As the workforce diversifies with increases in minority populations and the rise of women in corporate hierarchies, there are potential benefits such as breaking down discriminatory barriers and allowing traditionally disadvantaged groups to realize their full potential. This shift can lead to a more dynamic and competitive economy.
However, challenges such as social tensions and potential dips in productivity due to discrimination are concerns expressed by some. Policies aimed at professionalizing human resource functions have demonstrated success in reducing biases in hiring, as seen in research on employer discrimination in Canada. Ultimately, an organization's success heavily relies on the quality and diversity of its workforce, and efforts to ensure equity and inclusion can position an institution for greater competitiveness.