Continuing from our last blog post about MBA programs… Of all the conditions considered by students for opting for an MBA program, diversity is the least considered. But, with students opting to study abroad, diversity is increasingly becoming an important consideration. In the context of a business school, diversity means the make-up of students with regard to their genders and nationalities.
For business schools, diversity is important and such schools not only look for diversity of ethnicity, diversity of gender and diversity of age but also the diversity of thought, diversity of culture and diversity of origin. This diverse mix of people from different backgrounds is considered essential for students, who will be driving business growth of the future.
Reasons for opting for a diverse MBA program
If you are aiming to join an MBA program, you will do well to opt for a school that promotes diversity. Here’s why:
Business schools are going international, as more and more students are joining the MBA courses from foreign lands. This is because it provides you with invaluable exposure to different cultures and helps you in exploring business opportunities from a global perspective.
#2 Enriching interaction
Studying along with students of the opposite gender and those hailing from other countries and nationalities will make you more confident in interacting with them and later in dealing with them in a business set up. This enriching experience is not only valuable for studies and business, but also a great way to learn the psyche of these diverse people for better handling them in the future business environment.
#3 Enhanced classroom experience
Studying with a diverse group from around the globe enhances the classroom experience and also teaches you at the initial stages itself as to how to collaborate and network with them in the classroom. It provides you with a better idea of what a diverse culture looks like and also exposes you to differing opinions and viewpoints.
#4 Better understanding
When you pick up a job after graduation, you will be able to understand people from the opposite gender and diverse backgrounds better, since you have already had an exposure of how they communicate differently, listen differently and learn differently. As a leader of an organization, you will be more inclined to treat them according to their diverse traits to get the best out of them.
#5 Promotes innovation
Just think, if everyone comes from the same background with the same thought process, the conclusions are bound to be the same. However, in the case of a diverse group, its members will always view the problems differently. And such differing ideas and viewpoints lead to spirited debates. It is these debates that spark innovation owing to the different frames of reference for the diverse group.
#6 Business success
In a survey conducted at AACSB-accredited business schools, it was found that the most gender-diverse leadership outperforms the industry average by 15 percent. Not only this, a mere 10 percent increase in ethnic diversity contributed towards 0.8 percent in business earnings.
#7 Adapting business models to diverse groups
A country like the United States is made up of varied demographics that is not only limited to blacks and whites, but also various diverse groups within the white communities and the immigrants from all over the world. Exposure to this varied group helps in knowing their specific needs and help model various businesses accordingly. This diversity will also help in developing products and services for better catering to several communities.
#8 Promotes gender and cultural sensitivity
Studying together in a diverse classroom makes you more aware of the sensitivities of diverse individuals. This desists you from doing anything inappropriate. It also helps you in marketing products and services appropriately. The failure of Chevy Nova in Latin America is an example, where Chevy went ahead to market this car, without bothering to know that in Spanish ‘no va’ means ‘does not go’.
Diversity in a business school points towards inclusion, that is, whether the students enjoy equal access, opportunities and treatment. As Stephanie Naudin, Coordinator of the International MBA student and student services of the France-based International School of Management puts it, “Diversity is the mix, inclusion is making the mix work.”Opting for a diverse MBA program is akin to celebrating differences and similarities. This knowledge will always come in handy in running a successful business. You can learn more about online MBA programs here.