Discussion 6 Smb1000 After Reading The Chapters In This Modu

Discussion 6 Smb1000after Reading The Chapters In This Module Review

Review the following (3) topics below. Choose and post your response to one (1) topic.

#1 Chapter 20 Human Resources In what ways is the workforce becoming more diverse, and how do these changes affect recruitment by small companies? Diverse Workforce Requires Balanced HR Leadership. The human resources department is often called upon to lead the way when companies commit to managing or valuing diversity.

#2 Chapter 22 Managing the Firm's Assets How do working capital management and capital budgeting differ? These two forms of capital serve very different strategic objectives.

#3 Chapter 23 Managing Risk in the Small Business Define business risk and then distinguish between pure risk and market risk? Business activities involve an assortment of risks. For convenience, we distinguish between different categories of risk. In order to earn the full points for this assignment, you must: · Begin your post with the Chapter # and topic · Clearly and accurately explain your answer based on factual information. (25 points) · Include examples, illustrations and/or applications in your answer. If you copy information from the Internet, you must cite your source. (25 points) · 250 words

Paper For Above instruction

The chosen topic for this discussion is Chapter 20: Human Resources—Diversity in the Workforce. As businesses evolve in an increasingly globalized economy, workforce diversity has become a defining characteristic of modern organizations, including small businesses. The diversification of the workforce encompasses various dimensions, including race, ethnicity, gender, age, disability, and cultural backgrounds. These changes influence recruitment strategies significantly, compelling small businesses to adapt their human resource practices to attract and retain a diverse talent pool.

The increasing diversity in the workforce stems from several societal and economic factors. Globalization facilitates cross-cultural interactions, leading to a broader pool of talent available for recruitment. Immigrants and minority groups are contributing to a more heterogeneous workforce, especially in urban and suburban areas. Additionally, legislation promoting equality and anti-discrimination policies mandates fair recruitment practices, encouraging small companies to widen their outreach. According to the U.S. Equal Employment Opportunity Commission (EEOC), organizations are required to implement policies that prevent discrimination and promote inclusiveness, which directly impacts recruitment processes.

Small companies often face challenges in diversifying their workforce due to limited resources and narrower networks. To effectively attract diverse candidates, small businesses must develop inclusive job descriptions, use multiple recruiting channels such as social media and community outreach, and foster an organizational culture that values diversity. For example, a small tech startup might partner with local community colleges and minority organizations to reach underrepresented groups. Furthermore, training HR personnel in cultural competence enhances their ability to conduct unbiased interviews and selection processes.

The benefits of workforce diversity extend beyond compliance and social responsibility. Diverse teams enable organizations to bring varied perspectives, leading to increased creativity, problem-solving capabilities, and better customer understanding—especially in multicultural markets. A study by McKinsey & Company (2020) reported that companies with diverse executive teams were 25% more likely to outperform their peers financially. Hence, small businesses that prioritize diversity in recruitment can gain competitive advantages and foster innovation.

In conclusion, workforce diversity is expanding due to societal shifts and legislative pressures, impacting small business recruitment strategies. Effective management of diversity requires intentional outreach, inclusive practices, and a culture that celebrates differences. Embracing these changes not only aligns with ethical standards but also enhances organizational performance, ensuring small businesses remain competitive in a dynamic marketplace.

References

• McKinsey & Company. (2020). Diversity wins: How inclusion matters. https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters
• U.S. Equal Employment Opportunity Commission (EEOC). (2021). Summary of equal employment opportunity law. https://www.eeoc.gov/statutes/laws
• Shore, L. M., Cleveland, J. N., & Sanchez, D. (2018). Inclusive workplaces: A review and model. Human Resource Management Review, 28(2), 176-189.
• Robinson, G., & Dechant, K. (1997). Building a business case for diversity. Academy of Management Perspectives, 11(3), 21-31.
• Kulik, C. T., & Oglensky, B. (2000). The consistent and inconsistent effects of ethnicity on managerial career advancement. Journal of Vocational Behavior, 56(2), 236-258.
• Cox, T., & Blake, S. (1991). Managing cultural diversity: Implications for organizational competitiveness. Academy of Management Executive, 5(3), 45-56.
• Sturm, S. (2001). The architecture of inclusion: Evidence from corporate diversity programs. Harvard Business School Working Paper.
• Richard, O. C. (2000). Racial diversity in the workplace: A review and synthesis of research. Journal of Management, 26(3), 511-543.
• Jackson, S. E., Joshi, A., & Erhardt, N. L. (2003). Recent research on team and organizational diversity: SWOT analysis and implications. Journal of Management, 29(6), 801-830.
• Ng, E. S., & Burke, R. J. (2005). Person–organization fit and the war for talent: Does diversity management make a difference? International Journal of Human Resource Management, 16(7), 1195-1210.