Impact of Technology and Workforce Diversity on the Corporate Sector
III B.A. Corporate Economics
With the onset of globalization, the corporate sector has transformed in many ways. It has adopted new work policies and adapted to new technologies. The impact of technology and workforce diversity on corporates is an area of growing importance. In a multicultural nation such as India, workforce diversity has a huge impact on business. With the expanding innovations in technology, businesses are forced to explore and adapt to new technologies in order to make the processes faster and more effective. This is also important for them to be able to stay ahead of the game and face competition.
Businesses today use technology in almost every facet of operation. They communicate with advanced network systems; they analyze data and plot forecasts using complicated programs; they utilize all types of digital media for marketing campaigns; and they streamline operations with new inventory and check-out systems. Technology is not without its downsides, but business cannot deny the impact it has had on every level.
As we enter the 21st century, workforce diversity has become an essential business concern. In the so-called information age, the greatest assets of most companies are now on two feet (or a set of wheels). Undeniably, there is a talent war raging. No company can afford to unnecessarily restrict its ability to attract and retain the very best employees available.. Employers are realizing the importance of a diverse workforce and the impact it has on the business. Diversity is the inclusion of things, people, and places that are different. For example, having different races, genders, ages, and ethnicities of people in one place is showing great diversity. No one thing or person is the same and is made up of different cultures and backgrounds. Also diversity can be the different opinions of individuals. When a company shows diversity, their employees will work with better attitudes and an exceptional work ethic. Allowing an employee who may not be as educated as another employee the opportunity to advance from an entry-level position to a managerial position is showing diversity. It is showing that employment and growth is provided for those who have not received a college degree but still value their work ethic, and showing that anyone with good working skills can work for the company. A diverse workplace allows for flexibility and creative thinking. People from different cultures and backgrounds bring new perspectives and fresh ideas to the table. A diverse organization allows for more business opportunities and draws a larger audience.
Further, one must take into consideration the effect of cultural diversity on the use of technology in corporates. Cultural diversity and technology in the workplace encompasses a number of factors, ranging from age and generation to socioeconomic status and income. The rate at which workers embrace or depend on technology in the workplace may also depend on gender or familiarity with technology solutions and the effectiveness of technology for workplace efficiency.
Technology and the Corporate World
The impact of information technology on the office has been a topic of interest for many years. Vannevar Bush first wrote about it in 1945 when he argued that machines could function as an extension to human memory and he proposed a machine that he called a Memex. Soon enough, the world’s first modern computer was invented and since then computers have changed the way business is done. In the diagram to the left, a simple relationship is illustrated between technology drivers, business environments and company strategies. Technology drivers – i.e., changes in how we do things – change the business environment, which again imposes changes in strategies of companies. Technology strategy aims to enable companies to understand...
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