A company has to practice diversity in all its activities in order to gain a favorable public image and also improve overall performance and corporate governance. This paper will highlight some of the best practices a company can adopt in its investment plans. First, it is important for a company's managers to consult widely before undertaking any investment activities. Managers should seek the input of all internal stakeholders first before taking on any investment because all investments carry a certain amount of risk. Seeking the opinion of others may help managers realize the existence of a certain variable they may have overlooked. Consulting also could lead to suggestions of useful risk mitigating methods (Kossek et al., 2006).
The company human resource designee should be included as an advisor to any diversity plan. The recruiter can advise as to what resources are being utilized to obtain a diverse candidate pool. Another option is to assign an individual to be part of the local diversity organizations. The website or organizations will offer training webinars, networking and job fairs to assist with attracting a diverse workforce. Here is the example for the community.
Besides advice, there other reasons why consulting is important for a company. It sends the message that people are regarded as important within the company. Taking in a project without consulting members could lead to its opposition even when its benefits are quite clear. As such, this is a conflict management within a company because members need to feel valued at their place of work.
Another best practice in investment within a company is keeping people informed about the progress of a given project or how a certain investment is going. This diffuses any mystery surrounding such an investment and company members will feel part and parcel of the company. If there are any committees that will be formed to manager or spearhead a particular portfolio's management, it is important that such a committee be all inclusive to reflect the face of the company. The benefits that will accrue to the company by doing this include rich decision making as well as loyalty from employees (Kossek et al., 2006).
Every diversity plan should be presented yearly and reviewed with management, human resources and any other individuals involved with the hiring process. The plan should be reviewed based on the metrics and targets established for that year. All areas not meeting goals should be assigned to establish plan for the coming year. Once all parties have updated their responsibilities it should be complied by designated individual/manager. The plan should be reviewed quarterly to monitor achievement or areas for improvement.
Accountability starts with management. In order to ensure that all policies and procedures are followed it must be followed first by management. They are put in place to ensure compliance with any applicable laws and regulations. They are also the internal guidance for the expectation of diversity in the workplace. There should be internal controls established to ensure the diversity plan is being met.
A good plan should be a reflection of the community in which the company does business in. The census bureau should be utilizing when establishing a plan. A company should review other like companies within the community to compare notes. If a company is part of a large corporation you can compare to like size agencies and geographic areas.
Climate can be a huge struggle for many business. A good rule of thumb is that everyone knows the climate in which they will be working in. Different types of climate could be excessive heat in the summers or cold winters. Each employee should know the type of climate they will be working in so that they can plan accordingly. An example would be if the employee is working in drastic cold temperature to make sure that they have the proper outside gear to ensure that they will stay warm and be able to do their job to the best of their ability.
Investing is important in any business. The best practice would be to invest in multiple different areas so that the business' money is not all in one place. This will help the company to have more diversity throughout their investments so that if one investment doesn't make as much that there is still potential with the other investments.
There will always be a diversity of people in any business. Having a plan to eliminate discrimination between people of different beliefs, races, and so on is important. The best plan to have is a no tolerance policy for any discrimination. This will make it clear to everyone entering the business that there will be procedures taken if this is found to have happened.
References
Kossek, E. E., Lobel, S. A., & Brown, J. (2006). Human resource strategies to manage workforce diversity. Handbook of workplace diversity, 53-74.