MBAs and Diversity: Why Businesses Need More of Both
There are many ways to improve business performance and efficiency. From strategic planning and market research to professional development and educational pathways, effective organizations employ the latest best practices to ensure operations are running strong.
Another key aspect of maintaining a successful business is hiring the right people for the job. And as it turns out, hiring a diverse workforce and Master of Business Administration (MBA) degree-holders has some shared advantages.
How Businesses Benefit From Diversity and Education
Versatile Skill Sets Workers who come from different backgrounds and experiences—both personal and professional—offer a variety of skill sets. The same can be said of MBA program graduates, who chose to both broaden and sharpen their skills by pursuing an advanced degree. The most successful businesses aren’t those that hire professionals with shared, specific expertise. They are the businesses that actively recruit and employ individuals with diverse knowledge and characteristics to bring new perspectives and creativity, so that each employee can contribute to the success of the business in a meaningful, unique way.
Improved Decision-Making One of the hallmarks of a high-quality MBA program is its focus on developing the leaders and business managers of tomorrow. Because of this emphasis, MBA degree graduates often possess the advanced leadership skills and decision-making capabilities organizations look for to fill senior-level roles and gain a competitive edge. Additionally, according to research conducted by Cloverpop—an enterprise decision-making platform—diverse teams make better business decisions up to 87% of the time.1 So, why is this boost in decision-making so important? A study by Harvard Business Review and Bain & Co. found that decision-making drives 95% of business performance.2 In this way, employing a diverse workforce that includes MBA graduates can directly impact a company’s success.
Expanded Professional Network When MBA-seekers enroll in their graduate program, they have the opportunity to network with other business professionals. These connections typically aren’t limited to the duration of the program, either. Rather, they carry on and grow as professionals move throughout their careers. When companies hire employees with an expansive professional network, they can gain deeper industry insights and seek potential candidate recommendations in-house. Likewise, a diverse workplace can open the door to a global network of business professionals and opportunities.
Enhanced Reputation According to a report released by the International Labour Organization, companies with inclusive business cultures and practices are over 57% more likely to improve their reputations.3 This is important, considering that in the digital age where public opinion matters more than ever, brand reputation is everything. In addition to employee diversity, credentials can also make a difference. Companies that hire individuals who hold an advanced degree—like a master’s in business administration—demonstrate a commitment to working with motivated and highly qualified professionals, which can further enhance their reputation.
Deeper Hiring Pool A 2019 ZipRecruiter report found that more than 86% of job-seekers consider workplace diversity to be an important factor when looking for a job. This preference was particularly true for millennials and Generation Xers, who value diversity in the workplace more than previous generations.4 And with Generation Z—the most ethnically and racially diverse generation yet—entering the workforce, this trend is only predicted to grow. In a 2018 survey, for example, nearly two-thirds of Gen Zers indicated that working alongside people with diverse education and skill levels is the most important element of teamwork.5 If companies want to tap into a deeper hiring pool in the future, promoting a diverse workplace is essential. They can also draw in more qualified candidates by offering senior-level and higher-paying jobs to professionals who earned their MBA degree, which can be applied to organizations across a wide range of industries.
Explore Walden University’s ACBSP-Accredited Online MBA Program
Just as workplaces need more diversity, the pool of MBA graduates needs to become more diverse. However, underrepresented minorities account for less than 10% of those applying to business schools.6
When you earn your master’s in business administration, you can position yourself to excel in your career or grow your business. In Walden’s Master of Business Administration (MBA) degree program, you can gain the real-world business knowledge and leadership skills you need to stand out as an effective decision-maker in today’s competitive market. With Walden’s online learning platform, you can complete your MBA program coursework from wherever you have internet access, at whatever time of day works best for you, as you work toward your business administration master’s.
Walden University is an accredited institution offering a Master of Business Administration (MBA) degree program online. Expand your career options and earn your degree using a convenient, flexible learning platform that fits your busy life.
Walden’s BS in Business Administration, Master of Business Administration (MBA), Doctor of Business Administration (DBA), and PhD in Management programs are accredited by the Accreditation Council for Business Schools and Programs (ACBSP). The MS in Accounting and BS in Accounting programs are also accredited by the ACBSP and have earned the organization’s separate accounting accreditation.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.
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