Importance of Innovation, Cultural Diversity and Diverse Workforce for Business Growth

This report emphasizes the importance of innovation for business growth, challenges of digital innovation, cultural diversity in improving business operations, and positive effects of diverse workforce. It also covers the significance of conducting market research before launching new products and the need for proper guidance and training programs to adopt better cultural diversity at the workplace.

Creative people and
Organisations
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
REFERENCES................................................................................................................................6

INTRODUCTION
Innovation is key driver for success and creative people tends to deliver better outputs for
the firm in future. the present report is based on highlighting the importance of innovation for
the company that is wishing to expand its business globally. Also, the new upcoming digital
innovation and certain challenges will also be identified. Furthermore, the significance of
cultural diversity in improving the business operation will also be explained. Lastly, positive
effects of diverse workforce will also be covered under this report in detail.
MAIN BODY
In the current era where all the individuals are busy implementing various ideas for the
success of business it is very important that innovation is followed for longer time period in
organisations so that new ideas, workflows, services or products could be introduced that would
not only allow in gaining competitive advantage but will also increase the efficiency of various
business operations (Donbesuur and et.al., 2020). Also, through efficient innovative techniques
the firms are able to save time and unnecessary additional costs that are involved in the
conducting various tasks at the workplace. Moreover, higher profits are also ensured if
employees are able to develop efficient competencies through new changes that is introduce in
the organisation that will lead to the greater success. Innovation also enable the firm to address
all the environmental issues in best manner through using technologies that are sustainable and
environmental friendly. For example: Using the fuel efficient cars at the workplace, energy
saving products, biodegradable cups and much more.
Thus, through using such innovative techniques business attract more potential customers
and thus the goodwill of the company is maintained. Also, the staff is retained for longer time
period and remain motivated to provide new solutions of innovation to the business for future
growth (Nazarko and Melnikas, 2019). Furthermore, if anyone is planning to expand its
innovative business globally than it is very important that it should conduct efficient market
research of the target market before launching its new product. Thus, it will allow in knowing
exiting products in target markets and competitor’s innovative strategies so that similar product
would not be delivered in the future that will only limit revenues for the firm.
Moreover, digital innovation is most common where it has replaced many traditional
ways of working (13 benefits and challenges of cultural diversity in the workplace, 2022). Thus,
it can be said that with faster pace of innovation it has also some of the major disadvantages such
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as it has high level of risk associated with it as chances of earning profits are very less. Further,
to bring about any new innovation in the workplace or products it is crucial that lot of investment
is available with the company. Thus, for start-up companies or small business companies it
would be very difficult to arrange lot of finances and arrange the investors for the same. Thus,
the company should nurture innovation only when there are high level of funds and there is high
reliability from the customers that requires new products or services form the company (Cletus
and et.al., 2018). Also, various economic, political, legal conditions have to kept in mind while
promoting any kind of innovation so that there are no problems in the future company
operations. Furthermore, the company should allow open communication channels for all
employees for generating better ideas and should remain ready to collect feedback form the same
for further improvements if any. Also, the firm should celebrate success and develop the good
learning from the all pervious unsuccessful failures of innovation
Cultural diversity is another factor that every organisation has to face while conducting
any of its operations in different regions. It refers to existence of various ethnic groups that are
present in the society and highly influence various business decisions. Also, such type of
diversity could be either in form of age, class, gender, religion etc. that need to be closely
analysed before launching new service in the market. Furthermore, such type of problems could
be only solved only when the firm has developed ways like organising informal gatherings of
team members and selecting the one common language so that everyone knows and could
understand while carrying out any activity at the workplace (Blancero, Mouriño-Ruiz and
Padilla, 2018). Also, the firm should plan any kind of innovative projects according to the
different time zone so that greater flexibility at the workplace would encourage more active
participation and reduce the chances of conflicts among various departments.
Moreover, acceptance of cultural diversity is significant as it improves the supervisor
subordinate’s relationships and thus allows the firm to introduce new changes within the
workplace easily without much hesitation. Also, when the organisation is planning to expand
globally it is required that top manager practice empathy so that it could regular check with the
team members and solve any organisational issues if any. Furthermore, using such ways will not
only build stronger brand image but the company would also be helped from the diverse
workforce that is already known to the target markets and thus would provide better ways and
strategies to operate in that area (Waters, 2020). Further, innovation is long time process and it

does not yield immediate results it is very essential that proper guidance is taken form the third
party or external agents so that things could be carried out in accordance with the laws. Also, to
adopt better cultural diversity at the workplace management need to conduct various training
programs that would allow new people to understand the working and culture of the firm and
thus would serve as platform to increase both professional and personal growth of the employee.
However, with the continuous change in the employment laws it is required that firm undertakes
innovation and creativity as challenge so that all the future threats could be overcome easily.
CONCLUSION
From the above report it is concluded that innovation is very essential in today’s era for
all those firms that wish to stay ahead in the competition. Also, the report had identified that
adopting proper innovation in target market and through complete market research greater
revenues and sales of the business could be generated. Lastly, the role of cultural diversity in
promoting growth for the business had also ben covered under this report.
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REFERENCES
Books and Journals
Blancero, D. M., Mouriño-Ruiz, E. and Padilla, A. M., 2018. Latino millennials—The new
diverse workforce: Challenges and opportunities. Hispanic Journal of Behavioral Sciences.
40(1). pp.3-21.
Cletus, H. E. and et.al., 2018. Prospects and challenges of workplace diversity in modern day
organizations: A critical review. HOLISTICA–Journal of Business and Public
Administration. 9(2). pp.35-52.
Donbesuur, F. and et.al., 2020. Technological innovation, organizational innovation and
international performance of SMEs: The moderating role of domestic institutional
environment. Technological Forecasting and Social Change. 161. p.120252.
Nazarko, Ł. and Melnikas, B., 2019. Operationalising Responsible Research and Innovation–
tools for enterprises. Engineering Management in Production and Services. 11(3).
Waters, E. D., 2020. Power Skills, Diverse Workforce Dismantle Racism. Milwaukee Business
Journal.
Online
13 benefits and challenges of cultural diversity in the workplace. 2022. [Online]. Available
through:< https://www.hult.edu/blog/benefits-challenges-cultural-diversity-workplace/>.