In today's knowledge based economies, the concept of management of diversity has been given an important position due to the benefits that it brings to various realms, be they social, academic or even political realm. Diversity management entails handling individual differences in a manner that is ultimately beneficial to all the stakeholders. To the diverse individual, the diverse management approaches ensures that the person is not victimized due to attributes that he or she posses while to the managing group, they get to learn the new ways of judging the phenomenon. Effective diversity management is there fore mutually beneficial to all the concerned stakeholders.
My encounter with the importance of diversity was rather unique. The encounter happened in the academic realm as my fellow group members and I were going through various financial approaches that have been used by diverse communities of the world. Out of curiosity, we decided to look and establish the how various groups of people perceive the presence or absence of money. In our narrow mind, we were convinced that simple financial attributes that explains that the value of money diminishes with time are universally held. To our astonishment, we discovered that although most of the people are aware of this fact, the fact only remains a theoretical preposition and thus would not use it to direct their financial management approaches.
One significant point of view that we got as a group was the way people viewed this concept. While it was nearly universally agreeable that money is in a constant state of diminishing its value, a good number of people argued that the psychological effect of money has been left out in this assertions. One argument from a person who seemed to understand the realms of psychology argued that in as much as money diminishes its purchasing power daily, the financial analyst ignores to examine the psychological effect of money. The person placed the view that in as much as the money may have lost its purchasing power significantly ten years from the time under review, the psychological satisfaction that one would derive from the money would be different, depending on the likes and the dislikes of such a person.
To support the argument, issues of a possible saving plan for a family in future were brought up. For instance, one may delay to purchase a luxury today to ensure that the same luxury is purchased in collaboration with other future family\y member. Though the value of the dollar may have diminished, the psychological reward that such an act would bring to a person would be far much greater than the value of money lost due to the diminishing value of money. With this assertion, it was concluded that the concept of time value of money may be realistic but may be ignorant of several factors that may justify the loss realized due to the passage of time, especially when examined out of the financial realms.
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In conclusion, it is evident that diversity is a rich tool that can enrich the education system as well as other social system of day to day life. Effective management of diversity ensures that the human race counter enlightens each other which may lead to development of better ways of attaining tasks thus bettering the qualities of people's lives. It can be a tool that can enhance a country's economic competitiveness as the varied ways that different thinkers view things shall provide avenues that shall guarantee development in various sectors of the economy. Due to these hidden advantages of diversity, it is evident that diversity management should be treated as a concept that is worth pursuing.