IDEAS home Printed from https://ideas.repec.org/a/but/manage/v32y2020i1p87-97.html
   My bibliography  Save this article

The importance of diversity management, creativity and innovation in creating a successful company

Author

Listed:
  • Marius Savin

    (Academy of Economic Studies, Bucharest, Romania)

  • Aurora Cosma

    (Academy of Economic Studies, Bucharest, Romania)

Abstract

This conceptual and discursive paper argues that diversity is a recognizable source of creativity and innovation that can provide a basis for competitive advantage. On the other hand, diversity is also a cause of misunderstanding, suspicion and conflict in the workplace that can result in absenteeism, poor quality, low morale and loss of competitiveness. Firms seeking competitive advantage therefore face a paradoxical situation. If they embrace diversity, they risk workplace conflict, and if they avoid diversity, they risk loss of competitiveness. The advantages and disadvantages associated with workforce diversity put organizations in a position of managing a paradoxical situation. To give support to this assertion, the paper considers what is meant by diversity, how it is best managed, what its relationship with creativity and innovation might be and how the problems created by the management of diversity, creativity and innovation might be resolved

Suggested Citation

  • Marius Savin & Aurora Cosma, 2020. "The importance of diversity management, creativity and innovation in creating a successful company," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 32(1), pages 87-97, December.
    • Handle: RePEc:but:manage:v:32:y:2020:i:1:p:87-97
    as

    Download full text from publisher

    File URL: https://manager.faa.ro/archive/manager_32/m_32_87_97.pdf
    Download Restriction: no
    File URL: https://manager.faa.ro/archive/manager_32/m_32_87_97.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sorin-George Toma & Shinji Naruo, 2017. "Total Quality Management and Business Excellence: The Best Practices at Toyota Motor Corporation," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 19(45), pages 566-566, May.
    2. Paul Marinescu & Sorin-George Toma, 2017. "Creativity and innovation in management," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 25(1), pages 147-154, May.
    3. Don Knight & Craig L. Pearce & Ken G. Smith & Judy D. Olian & Henry P. Sims & Ken A. Smith & Patrick Flood, 1999. "Top management team diversity, group process, and strategic consensus," Strategic Management Journal, Wiley Blackwell, vol. 20(5), pages 445-465, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Daniel RUSU, 2021. "The Effect Of Internal And External Factors On Strategic Management For Innovation Processes At The Company Level," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(1), pages 408-418, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Patzelt, Holger & zu Knyphausen-Aufseß, Dodo & Fischer, Heiko T., 2009. "Upper echelons and portfolio strategies of venture capital firms," Journal of Business Venturing, Elsevier, vol. 24(6), pages 558-572, November.
    2. Olson, Bradley J. & Bao, Yongjian & Parayitam, Satyanarayana, 2007. "Strategic decision making within Chinese firms: The effects of cognitive diversity and trust on decision outcomes," Journal of World Business, Elsevier, vol. 42(1), pages 35-46, March.
    3. Pierpaolo Parrotta & Dario Pozzoli & Mariola Pytlikova, 2014. "The nexus between labor diversity and firm’s innovation," Journal of Population Economics, Springer;European Society for Population Economics, vol. 27(2), pages 303-364, April.
    4. Nikola Rosecká & Ondřej Machek, 2023. "How Relational Conflict Harms Family Firm Performance: The Mediating Role of Family Social Capital and the Moderating Role of Family Ownership," Journal of Family and Economic Issues, Springer, vol. 44(4), pages 854-869, December.
    5. Donaldson, Jason & Piacentino, Giorgia & Malenko, Nadya, 2017. "Deadlock on the Board," CEPR Discussion Papers 12503, C.E.P.R. Discussion Papers.
    6. Yingna Wu & Liang Ding & Xuan Song & Jun Chen, 2023. "Top Management Team Heterogeneity and the Performance of Cross-Border M&A," SAGE Open, , vol. 13(2), pages 21582440231, June.
    7. Ye Dai & Gukdo Byun & Fangsheng Ding, 2019. "The Direct and Indirect Impact of Gender Diversity in New Venture Teams on Innovation Performance," Entrepreneurship Theory and Practice, , vol. 43(3), pages 505-528, May.
    8. Baik, Kibok & Kim, Kyoung Yong & Patel, Pankaj C., 2019. "The internal ecosystem of high performance work system and employee service-providing capability: A contingency approach for servitizing firms," Journal of Business Research, Elsevier, vol. 104(C), pages 402-410.
    9. Amanpreet Kaur & Balwinder Singh, 2017. "Construing Reputation from Gender Diversity on Boards," Paradigm, , vol. 21(2), pages 111-125, December.
    10. Aurora Cosma & Marius Savin, 2020. "Innovations and Discoveries in Medicine During the Covid 19 Pandemic," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 31(1), pages 7-15, December.
    11. Jiunyan Wu & Tomoki Sekiguchi, 2020. "A multilevel and dynamic model of intragroup conflict and decision making: application of agent-based modeling," Frontiers of Business Research in China, Springer, vol. 14(1), pages 1-26, December.
    12. Tingko Lee & Wei‐Tsung Liu & Jun‐Xian Yu, 2021. "Does TMT composition matter to environmental policy and firm performance? The role of organizational slack," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 196-213, January.
    13. Adams, Renée B. & Akyol, Ali C. & Verwijmeren, Patrick, 2018. "Director skill sets," Journal of Financial Economics, Elsevier, vol. 130(3), pages 641-662.
    14. Mercedes Rodríguez-Fernández & Ana I. Gaspar-González & Eva M. Sánchez-Teba, 2020. "Does Diversity in Top Management Teams Contribute to Organizational Performance? The Response of the IBEX 35 Companies," Social Sciences, MDPI, vol. 9(4), pages 1-16, March.
    15. Tjaša Bartolj, 2023. "Should Firms Strive for the Educational Diversity of the Workforce? Estimation of the Impact of Firms’ Educational Structure on Sales Growth and Exports," SAGE Open, , vol. 13(1), pages 21582440231, February.
    16. Dong Kyoon Yoo, 2017. "Impacts of a Knowledge Sharing Climate and Interdisciplinary Knowledge Integration on Innovation," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 16(02), pages 1-23, June.
    17. Sonja Sperber & Christian Linder, 2018. "The impact of top management teams on firm innovativeness: a configurational analysis of demographic characteristics, leadership style and team power distribution," Review of Managerial Science, Springer, vol. 12(1), pages 285-316, January.
    18. Bowo Setiyono & Amine Tarazi, 2018. "Does Diversity of Bank Board Members Affect Performance and Risk? Evidence from an Emerging Market," CSR, Sustainability, Ethics & Governance, in: Belén Díaz Díaz & Samuel O. Idowu & Philip Molyneux (ed.), Corporate Governance in Banking and Investor Protection, chapter 0, pages 185-218, Springer.
    19. Corrado Cuccurullo & Federico Lega, 2013. "Effective strategizing practices in pluralistic settings: the case of Academic Medical Centers," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(3), pages 609-629, August.
    20. Ramos-Garza, Claudia, 2009. "TMT strategic consensus in Mexican companies," Journal of Business Research, Elsevier, vol. 62(9), pages 854-860, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:but:manage:v:32:y:2020:i:1:p:87-97. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Cosmin Catalin Olteanu (email available below). General contact details of provider: https://edirc.repec.org/data/faaubro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.