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Diverse Teams in the Financial Industry Essay

Diversity is not that easy to deal with. Oftentimes, it causes conflicts in the workplace because of their different beliefs, ideas, point of views, and differences. This also applies to diverse teams. Differences of team members can destroy the team. But diversity also has its advantages.

Benefits from team diversity          

In the case “Can Absence Make a Team Grow Stronger?”, 54 diverse teams were studied and were found out to be successful (Majchrzak). The article proved that not all diverse teams are unsuccessful. It only showed that any diverse team can achieve their goals as long as they are aware of their individual responsibilities and their responsibilities as a group. In the case, the teams are even more productive and benefited more from each other.

Since the teams will not the able to assemble easily because of diversity, tasks are done faster because they do not have to wait for meetings and spend too much time in discussing about decisions. Another benefit is that members of the team are more comfortable working in their own offices. Another advantage is that team members can easily access their files in their own offices which leads to faster accomplishment of tasks. Lastly, there is little or no room for differences during conference calls and online team rooms that is why conflicts seldom happen.

Creating a diverse team

In creating a diverse team, a good leader is needed (Kottoli). The leader must be dedicated in creating a diverse team (Vinson). The leader must then choose not just diverse people but people who have different potentials and competencies. Of course, communication is very important. Diverse teams will not work if they will not communicate with each other because they seldom (or never) meet each other personally. Instant messaging services and teleconference calls are a necessity in creating a diverse team. The leader must not show any sign of favoritism to avoid conflicts.

If possible, members of the team should be appointed of tasks that he or she is good of so that every team member can be comfortable with their work. In this way, diverse teams can become really successful in the financial industry (“A Review on “Can Absence Make a Team Grow Stronger?””).

Reference:

Kottoli, Arun. “Building a Diverse Workforce”.  2006. May 1 2007. <http://arunkottolli.blogspot.com/2006/06/building-diverse-workforce.html>.

Majchrzak, A. “Can Absence Make a Team Grow Stronger?” Harvard Business Review  (2004): 131-37.

“A Review on “Can Absence Make a Team Grow Stronger?””.  2007. May 1 2007. <http://www.netage.com/pub/articles%20-%20new/absence_hbr_details.htm>.

Vinson, Jack. “Knowledge Jolt with Jack”.  2004. May 1 2007. <http://blog.jackvinson.com/archives/2004/04/30/harvard_can_absence_make_a_team_grow_stronger.html>. 

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