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This article raises a vital question as to how executives can successfully improve financial performance at all levels of an organization and may lack the fundamental fortitude necessary, to be an all-encompassing model to predict financial performance. It further encourages executives to investigate scholarly work to increase financial performance, enhance profitability and sales, and improve shareholder value.

Drawing from the existing literature, new insights identify workplace diversity as a primary driver of sales, profitability and financial performance for companies. Identifying a new managerial approach may be necessary, as the new business environment demands are increasingly difficult to adapt and sustain these three key factors.

The critical and unanswered question is: how can corporate leaders improve financial performance?

There are many academic studies that focus on the organizational and managerial factors that drive sales, profitability and financial performance. Diversity and inclusion in the workplace are areas that play critical roles and are a strategic prerequisite for business success in today’s hypercompetitive global environment.

In particular, a diversity and inclusion strategy can help companies to improve financial performance in terms of achieving commercial goals and the quality of products and services. This is the reason that this strategy is so popular among practicing managers today.

The ultimate business outcome is financial success which narrows the gap between success and failure. This can be achieved by the commitment of its members and facilitated by an executive acting as a facilitative leader. In doing this, corporate leaders need to focus on the critical human assets such as commitment and help followers to effectively implement organizational changes, with both efficiency and effectiveness.

They can shed light on the strategic role of follower attitudes and values to accomplish a higher degree of effectiveness and highlight the importance of employees in implementing changes at the organizational level. When corporate leaders show concern for the employee’s individual needs, individuals begin to contribute more commitment and they become more inspired to put extra effort into their work. This extra effort improves the quality of products, customer satisfaction, impacts the return on assets, sales, shareholder value, and improves financial success and operational risk management. 

Financial success can be only be achieved by a diversity and inclusion strategy. Diversity of skills and interpersonal relations that is based on trust and reciprocity, can improve innovation and the performance of group cohesiveness.

At this point, you’re probably asking why the diversity of skills is so important.

The simple answer is that companies that may lack diversity in the workplace can’t share their knowledge. With an effective diversity and inclusion strategy, global leaders may improve knowledge sharing and learning that can eventually enhance financial performance in global markets, through empowering human resources and enabling change at the organizational level.

Executives can increase workplace diversity to facilitate knowledge sharing and build relationships, aiming at improving customer satisfaction through acquiring additional knowledge from customers, developing better relationships with them, and providing a higher quality of service and/or products for them.

Furthermore, creating an expert group or steering committee may be short-sighted because such groups may not have sufficient diversity to comprehend knowledge acquired from external sources.

Leadership in some companies has failed to pay attention to this important matter and create a team that makes diversity a priority and represents a variety of ideas and perspectives. A leadership status that isn’t only a failing platform but one that represents destruction, as opposed to innovation and expansion. This leadership gap can provide lessons for CEOs and executives in today’s organizational challenges.

The fact remains that leaders who manage diversity and use it as an important driving force for financial success, find their companies to be more competitive and on the cutting edge.

The question posited for top management executives and leaders in any and all companies is to accept the challenge of diversity and inclusion strategy implementation. That way they can address the current gaps in business effectiveness and improve their financial performance and competitiveness in global markets.

I suggest that executives embrace a diversity and inclusion strategy. I attempt to blend scholarly concepts with real world application through thoroughly looking at an effective strategy for maximizing financial performance.

Based on this article, executives can now see that they must be aware that their diversity in the workplace can fundamentally impact the way a corporation performs and can make a change in the processes a company achieves commercial objectives, improves sales, profitability, and increases financial performance. Financial performance is dependent on how executives formulate their diversity and inclusion strategy. Success for companies in today’s global business environment can be better achieved when a diversity and inclusion strategy is effectively applied and widely used to achieve a higher degree of performance. Therefore, when companies can have a diverse employee population, they will secure a foothold in the ever-expansive global business environment.

Mostafa Sayyadi | Contributing Writer

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Finding the right candidate for a job can be a daunting process for many employers. Individuals with a great work ethic and a strong skillset are essential for maintaining a productive organization. When it comes to finding the right people, utilizing the services of a recruitment agency is an effective way to fill job openings.


There are many benefits of a recruitment agency and using their services will significantly simplify the hiring process for you and your organization. Here are a few of the advantages:


Time and Cost


Time is of the essence in today’s world, especially if companies want to remain competitive. Stopping or slowing production can result in a loss of revenue. Job openings need to be filled with suitable candidates who can learn fast and make notable contributions to an organization. Recruitment agencies can match and shortlist candidates, saving your company on countless hours of sorting through hundreds of applications. As a result, open positions can be filled much faster, saving you time and money.


Network


Recruitment agencies maintain an extensive pool of skilled candidates in their databases. Job seekers seek them out for employment opportunities, which ensures that agencies are always receiving new applicants from a wide cross-section of backgrounds, experience levels, and expertise.


Pre-Screening


Candidates go through extensive assessments and evaluations before being referred to a potential employer. The agency will take care of all the background and reference checks, ensuring that only the best and most qualified candidates move on to the next stage.


Employee Retention


Workplace turnover is significantly reduced when the employee is the right fit for the job. Knowing that the available candidates have already gone through a thorough screening process puts the manager’s minds at ease when selecting an employee. That added confidence makes the final hiring decision that much easier to make.


Building Relationships


Over time, employers will find that the hiring process through the recruitment agency they’ve engaged becomes more efficient. The agency will have established prior knowledge of the employer’s specific needs and expectations, and thus be able to provide valuable advice and expertise on future hires.


For your next job opening, consider using a recruitment agency. The benefits will be reflected in an efficient and skilled workforce that’s capable of boosting company morale and helping you achieve your organizational goals.


N. Johnson | Contributing Writer

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Hiring can sometimes be a nightmare. You need someone to fill a position quickly, but you’re not sure where to look, or you don’t have time to take care of it on top of all the other things you have to do. There are lots of companies dedicated to servicing this issue, but weeding out the good ones from the bad can be almost as confusing as actually hiring for the job you’re looking for. This week, we’re here to help you make the distinction a little more painlessly. Here are four qualities of a successful staffing agency:


A Good Curated Network

A good recruiter knows that their strength only extends as far as their contact list will allow it to. Any respectable staffing agency will place the highest emphasis on making sure their candidate pool stays “free of leaves” and will screen their candidates extensively before adding them to their database. Bear in mind that a great network only stays “great” if it’s updated constantly. Look for companies that maintain a strong presence within the professional community and seemed to be as engaged now as they were 5-10 years ago. Otherwise, you may end up with a list of people who were fantastic prospects – a decade ago.


Regional Knowledge

Before you get too excited about the size of a company’s database, make sure that they actually have a strongly established network for the region you’re hiring in. If they claim to hire all across Canada, press them about the areas that they say they have the strongest presence in. If yours is one that they’re still “developing”, then it might be best to find another agency.


Industry Know-How

So the agency has a solid network in your area and a strong commitment to keeping it that way. Seems like a great time to jump on board with them, right? Well, not so fast. Before you decide whether a company is right for you, make sure that they’ve actually got experience hiring for the field and the type of position you need. A recruiting organization dedicated to helping young professionals might not be the best place to find new senior management; likewise, a staffing firm with a history of helping marketing/sales professionals probably isn’t going to have the right structure to help you find a new mobile app developer. Do some research on the companies you’re considering and observe whether they’ve hired successfully for the areas you need. Meet with them and ask them questions about the industry and see how comfortable they are with the subject matter.


They Communicate & Ask Questions

When sitting in a meeting with a representative from the agency, there should be plenty of questions being asked from both parties. If you’re the only one who seems curious, then that should be a big red flag. Hiring can be a complicated process, and every company has very different ideas about what the ideal employee will be. A good recruiting organization will maintain a constant dialogue with you to make sure that they know exactly what you’re looking for. This an on-going process, since new questions can come up on almost a daily basis. For example, if someone has a great personality and all the skills required but only has 4 years of experience instead of 5, should they be considered for the role? Regular follow-up is key in ensuring that stellar candidates don’t slip through the cracks in those kinds of situations.

Staffing is already hard enough without creating another headache by wrestling with ineffective recruitment agencies. Bad hiring can cost an organization thousands in a very short amount of time, so focus on finding the one with the right connections, location, knowledge and engagement before you fork over any of your hard earned cash.


L. Wang | Contributing Writer

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Blog, Human Resources

When done right, succession planning is the seamless process of replacing a top executive when they decide to leave an organization. However, as business trends change, so does the system. The practice is now more inclusive and has a wider scope. Aside from exit strategies, succession planning should take into account both the short-term and long-term stability and sustainability of a company’s human resources, as well as the individual development of its employees. keep reading

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Blog, Human Resources

A simple contract is an agreement made by two parties. This agreement can be an oral or a written one. There must be an offer, consideration, and an acceptance to make it valid. Even if the document is not drafted by a lawyer, it can still land you in court in the case of a breach of the contract. It’s advisable to have a written contract rather than a verbal one. keep reading

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Blog, Human Resources

Hiring can be a difficult process. You need a position filled quickly but you’re not sure where to look, or you don’t have time to conduct a search with all the other things you have to do. There are lots of companies dedicated to helping businesses address this issue but weeding out the good ones from the bad can be almost as confusing as actually hiring a new employee. keep reading

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Blog, Human Resources

Selecting the right employee is a challenging process, even more so for a job within the vulnerable sector. The Criminal Records Act defines vulnerable members of society as persons who because of their age, disability, or other circumstances (temporary or permanent) are in a position of dependence on others or are at a greater risk than the general public of being harmed by a person in a position of authority or trust.

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