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 ...view middle of the document...
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 the technology drivers to be able to change their strategies before the business environment forces them to.
Together with the advancement of science and technology, technological innovations grew along with it, resulting to the emergence of new equipment and gadgets. No matter how big or small a company is, technology brings both intangible and tangible benefits to become cost efficient and to meet the growing demands and needs of customers. Technological innovations affect corporate efficiency, culture and relationship among employees, clients, suppliers and customers. The type and quality of technology used affect the security of confidential business information.
The impact that technology has had on business can be understood from the following features:
* Technology allows businesses to do everything faster. Many processes that once required ledgers, checkbooks and journal notations have now moved onto...