The Diversity And Cultural Diversity Management - 1634 Words

ïÆ'Ëœ Which advantages do Cultural Diversity and Cultural Diversity Management have ? The complexity of the current economic climate demands creative and innovative business approaches and presents the opportunity for growth in developing markets by addressing unexpected or counter-intuitive consumer needs. Shifting demographics, increasing purchasing power of non-traditional segments and a trend towards customization present a compelling case for viewing MasterCard’s business efforts through a diverse lens. As a global technology company keenly focused on innovation, diversity and inclusion is a business imperative for MasterCard as company believes that diversity sits at the root of innovation. Diversity of culture, experience, and thought†¦show more content†¦Ã¯Æ'Ëœ How is Cultural Diversity anchored into the management systems ? MasterCard firmly believes that the demographics of suppliers should reflect those of the customers. In 2001, MasterCard launched the Supplier Diversity Program in the United States so businesses owned by women, minorities and veterans, as well as small businesses, would have equal opportunity to participate MasterCard procurement process. In addition to making good business sense, this program offers several indisputable benefits: †¢ Developing an inclusive, competitive, and enhanced supply chain †¢ Enhancing MasterCard brand-building efforts †¢ Creating a competitive advantage †¢ Strengthening the communities in which MasterCard operates With this program, MasterCard aims to ensure that businesses that are owned by minorities, women, or veterans, as well as small businesses, have equal access to procurement opportunities. Additionally, the program allows other suppliers to receive credit for subcontracting work to minority-, women-, or veteran-owned enterprises, or using those enterprises to provide goods and services to their own businesses, because MasterCard sees this as adding value to the company.. Over time, the benefits of this program have proven to be even more pronounced than first anticipated, enabling MasterCard to enjoy what is considered as a competitive advantage in the industry. As a result, MasterCard has begun to expand the program beyond the United States,