Diversity management and change management go hand in hand. They support each other. Organizations that adapt themselves to change are more likely to be comfortable with managing diversity better. The article elucidates this new challenge before the corporate world of the new economy.

With the advent of digital economy one of the greatest challenges facing the organizations is the increasing diversity of workforce. It has become an essential business concern. There is a talent war raging among companies to retain their best talent in a bid to retain their competitive advantage. Companies can ill afford to restrict their ability to attract and retain the very best employees available. The changing demographics in the workforce are quite significant.

Today's labor pool is dramatically different than in the past. It is no longer dominated by a single homogenous group. People now overwhelmingly represent the workforce pool from a vast array of backgrounds and life experiences. Competitive companies cannot allow discriminatory preferences and practices to impede them from attracting the best available talent. It has become now a resource imperative for companies to have a diversified pool of talent. Workforce diversity should be treated as a business initiative and not a human resource or personnel department function. There is a strong business case for diversity in the workplace.The 21st century enterprises have a felt need to value, and leverage diversity. It is top agenda item for successful CEOs. It is commonly accepted business reality that heterogeneous groups outperform homogenous groups. Heterogeneous groups are better at problem solving, effective at decision making, and they are particularly well equipped in generating creative ideas. The advantage comes from the fact that the diversity of the workforce background itself imparts a fertile launch pad for creativity to work at its best. Two brains are better than one is a truism aptly applicable to business situations. The power of brainstorming to create a dramatic impact in finding creative solutions to business problems is enormous. Modern work teams can do wonders in workplace.

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