To understand fully what the "business case for diversity management and equal opportunities" really is, it is important to know the meaning of business case. Business case pertains to a planned proposal for business change based on terms of costs and benefits. This is an initial requirement before a huge project is undertaken and is necessary for a number of project management processes.

The business case is expected to address the business need of the project. It must include the reason for undertaking the project, the perceived business advantages, options involved complete with the reasons behind choosing which option to carry out, the projected costs, risks and gap analysis.

Business Case for Diversity Management

The “business case for diversity” simply means that companies believes that employing a diverse workforce allow them to be in a position to understand the demographics of the customers they serve much better making them better able to thrive in the marketplace than companies that hire only a limited group of employee demographics. Also, a company that supports diversity of workforce is better able to address employee satisfaction and retention issues.

It is important to note that diversity in workforce means employing people without discrimination to gender, age and ethnic or racial backgrounds. Since globalization is the current overwhelming trend in business, diversity in the workplace is a better accepted and applied concept now more than ever.

The business case for diversity has been examined by a number of researchers and no research support was found to support the “diversity business case”. Also, in US companies are not allowed to hire on the basis of race or ethnicity for whatever profit reason it may be.

An important requirement of the business case is how a company uses its diversities. This is called inclusion. If the company has a diverse workforce yet the employer does not take advantage of the wide range of experience within his organization then it could not enjoy the advantages offered by background diversity.

Diversity issues change with time. Implementation of diversity is more often than not limited to the Human resources department. UK companies see it as a tool to a good economic case that enables them to reach new markets. Diversity then becomes an extra marketing tool to bring in new customers.

Diversity could either be superficial or deep-level. Superficial diversity refers to differences in gender, race and nationality. Deep-level refers to differences brought about by knowledge and cultural values. It is often noted that in a company setting increase interaction among a diverse workforce lessens the significance of superficial diversity and increases the importance of deep-level as the team learns how to function as a unit. According to studies, in deep level diversity, the informational diversity or the differences in knowledge contributes positive results to the performance while value diversity or differences in cultural views could lead to negative results.

Certain processes could have positive contribution to deep level informational diversity. One is the need to share unique views with others. In a group setting though, members tend to discuss what they have in common rather than their differences. In order to encourage sharing of unique knowledge, it is important to let the group know who has knowledge on certain things.

Also, instead of group information sharing, debate should be encouraged so as to allow members to challenge the ideas of other members. Processing deep information that way could lead to positive results.

Critics of business case for diversity believe that it is not effective because there is currently no published research that shows how surface-level diversity can improve the organization. Also, most research shows surface diversity to have no or even negative results to employees' performance.

Legal Issues Surrounding Diversity

UK employers are cautioned in using “diversity programs” because no court has ever found programs to be enough reason to have hiring preferences. This is in compliance with anti-discrimination laws practised by UK companies. This forces UK companies to comply with diversity laws.

The Business Case for Equal Opportunity

The "business case for equal opportunity” strives to eliminate discrimination and harassment in the workplace in order to reap the following benefits: more productivity among employees, higher moral in the workplace, higher staff retention, reducing complaints and the time involve in resolving them and to make the company more appealing to employees.

According to Guy Russo, McDonald"s CEO, “commitment to Equal Opportunity makes good business sense because it ensures a company attracts and retains the best people. EO policy also provides confidence to employees that they will be treated fairly and receives equal access to opportunities."

The business case for equal opportunity intends to create an environment where people are not excluded from activities on the basis of permanent traits such as race, disabilities, creed, religion, gender and others. The "business case for equal opportunity" must enable employees' similar access to education, employment and health care. Also, employers are required to implement action plans that allow participation of minorities and women in the workplace. The "business case for equal opportunity" must provide an equal opportunity policy statement, analysis of the current work force, recognition of problem areas, creating goals and timetables for employment opportunities, particular action programs to address problem areas, promote community action programs, and creating an effective internal audit and reporting system.

To indicate that an employer practices equal employment opportunity, abbreviations such EOE or MFDV (or Male, Female, Disabled, Veteran) are added in job advertisements.

Critics of the "business case for equal opportunities" pointed out that methods of finding out if equal opportunity is carried out is not complete. Opportunity as a matter of fact is difficult to measure. In reality, equal opportunity in employment is considered to be present if people of similar abilities achieve similar results after doing similar amount of work.

Similarities of Business Case for Diversity Management and Equal Opportunities

Both "business case for diversity management and equal opportunities" aim to employ people without discrimination as to age, sex, race, creed and others. These thrusts are intended to maximize opportunities within the organization.

Business cases for both diversity management and equal opportunities must comply with the legal frameworks of the country like the anti-discrimination laws in the UK.

Both "business case for diversity management and equal opportunities" rely on the results of the implementation of business cases. A company that does not take advantage of its diversity or in the implementation of equal opportunities will not most likely reap its desired benefits in the end.

Both business case diversity and equal opportunity aims to promote positive results in employees' performance.

Culture is an important emphasis to both business cases.

Emphasis in differences in cultural or informational views is considered important in business case diversity. While, business case for equal opportunities would much rather emphasize employee similarities.

Employee satisfaction and retention are important to both.

Differences

Diversity business case is sometimes used as a marketing tool to penetrate new market shares. Equal opportunity is a tool to achieve the best employees by providing a safe and equal social environment.

Business case diversity is more concerned of managing diversity to the company's advantage. Business case equal opportunity is aimed to promote employees' well-being.

Cooperation among employees is strongly encouraged in business case for equal opportunities. In business case diversity management, there is more to be gained if employees do not focus on common grounds but in their diversity of knowledge especially in informational diversity.

Business case for equal opportunities is more concerned with employee relations rather than contributions as practiced in business case diversity. Maintaining or promoting high morale among employees is an important tool to achieve equal opportunities for employees.

The proper tools make whatever needed look politically correct. If you buy those tools, you have to hire someone to do the task. If you do not know a lot about that market that may not be the best idea. Image is the name of the game. Image creates sales.

If you use that business enough that it is worth acquiring that business that is another venture. If you own a catalog company and acquire a vendor who makes products you sell, or purchase a distributor, it is usually because your company invests enough money into that business that acquiring that business is to your advantage.

Either you take on those employees or you hire your own and let those go based on the circumstances. Because the next thing you want to do is make sure you are not taking on employees to do double to the work, if you already have people taking care of that assigned position.

At every venture you have to look at costs. The most cost efficient is the way to go. It is not worth the investment unless you find the money you spent make everything more worth while.

Firstly you should create a detailed business plan, not only to hand to investors but to cement your ideas of the business,(particularly if you already have employees or partners) what you expect to achieve and physical details of how the business will be started and what funding you need for each particular cost.

The first thing to do is to conduct in depth market research into firstly the area that the business will be located, in terms of competition and logistics, and also for potential demand from the local area which will allude to what kind of sales and turnover you can expect.

Next you should assess several local premises that would be suitable for the business taking into account again logistics and the overall costs of the site, such as rent, how much space you will have for stock, and from that the likely costs of the utilities which apart from phone bills will relate to the size of the building (IE it costs more to heat a larger building than a smaller one).

As well as this you should calculate the cost per unit with fixed costs added on, as well as estimating your variable costs such as phone bills or suppliers costs if the market for these goods tends to fluctuate (like gold or petrol for example).

Supposing you now have several potential premises and have a detailed outline of the competition for the market, both local firms and national firms that might affect sales and demand, as well as demand for the particular service or product you are offering. You should now produce a profit projection for the next two financial years, showing clearly the amount you will have to make to break even, as well as your pricing strategy, whether that will be cost plus or skimming etc.

Once you have a detailed plan to present to potential investors you can now seek out financing fro all the different locations depending on how much you want and how much control of the business you want to maintain.

The greatest degree of control of course would be to simply get bank loans, or small business loans, some of which are sometimes available from local councils or the government. Sometimes help is also available from local authorities in the form of grants, so long as your business meets certain criteria, such as providing the local area with jobs or funding money back into community projects.

Usually for smaller businesses again you can approach friends and family for investors, which will allow you to retain control fairly easily, as well as having people you know and trust to help you with certain aspects of the business. Te downside of this of course is that there will sometimes be interference from your peers who think they know better than you about certain aspects of the business, as well as there being strain put on your personal relationships if anything goes wrong with the business. Similarly you can try to find a partner from inside the industry itself, by either headhunting staff fro the local competition or advertising for a partner with relevant experience, which will help as they will already know the best practices for running the business.

For larger businesses there is also the option of presenting your business plan to venture capitalists, which are basically firms or individuals who invest in businesses for a share of the company and the profits. These can be very useful as most of them will have had extensive experience in the general running of a business, and can share their experience to further efficiency and therefore profit.

Also quite often they will likely have a lot of useful contacts in the business world such as better suppliers or new clients, which again is useful. They will also sometimes lend you a member of their staff to help with the setting up of the business and the smooth running for the first few months, which can be a very valuable asset to have at your disposal. The downside of venture capitalists however is that they will have a say in all the major decisions to do with the business and may limit fast decision making if they have to approve decisions.

These options of course depend on which type of business you are starting up, but the best way to obtain the funding is always to have a detailed plan and to have either a high quality product or a unique selling point that your competition does not, which will set you apart from them in the market.

An effective compliance program will:

• Minimize the chances of breaking the law
• Minimize the effects on your business if you do breach the law
• Keeps down the legal costs

Having an effective compliance program will show that you take your legal responsibilities seriously and protect your businesses assets.

The main reason for legal risk management is the penalties put upon you for breaches of the law.

The maximum penalty for breaches of the trade practices act when it was written was $10 million for part 4 breach (anti-competitive conduct) and $200 thousand for a part 5 breach (consumer protection).

Individuals who participate in any breaches of the law can be fined.

Litigation can be an expensive ordeal you have to spend the money to defend the reputation of your business when you get taken to court and you can also be made to pay for the other parties court fees.

The court will always consider ordering the business which breaks the law to pay damages. If you make a profit from illegal doings you can be made to pay back that profit.

Your supervisors etc. would have to devote a great deal of their time and attention to the case. This means that your competitors could be stealing your market and customers while you and your staff are busy trying to regain your reputation.

Your business reputation is one of the most valuable assets you have! Any legal action taken against your business will therefore hurt your business.