Diversity and Inclusion: Multinational Corporations’ Competitive Advantage in the post-COVID-19 Era

In the post-COVID era, it is more important than ever for multinational companies to have a competitive advantage. One way to achieve this is by fostering a culture of diversity and inclusion within the organization. There are many benefits to having a diverse workforce, such as improved creativity, innovation, and problem-solving ability. Inclusion allows employees of all backgrounds to feel like they belong and is valued within the company. Diversity & inclusion leads to improved morale and motivation, which can, in turn, lead to better performance and results.

Highlights:

1. The COVID-19 pandemic has brought to the forefront the importance of diversity and inclusion within organizations.
2. In a post-COVID world, multinational companies (MNCs) must emphasize diversity and inclusion (D&I) to achieve a competitive advantage.
3. Gender diversity and inclusion have a positive influence on creativity and innovation, organizational reputation, productivity, and organizational performance.

COVID-19 is causing significant inconvenience for businesses all across the world. In the short term, some suffer significant income losses, disruptions to operations and supply chains, and liquidity and solvency issues (González-Torres et al., 2021). Others are dealing with massive unanticipated surges in demand. In the medium term, organizations may anticipate significant and long-term changes in customer markets, regulatory frameworks, and labor deployments (Ahlstrom et al., 2020). Leaders and managers must be tenacious and resilient to chart an economically and socially viable route to the Post COVID-19 era (Oberoi et al., 2021).