I keep hearing it’s crucial to be diversified. Why?

It depends on what we are talking about. For a company or corporation it may mean to offer a variety of products or services. There I would argue that some companies are doing pretty well focusing on small range of products. Example is Intel compared to Motorola. In 1074 Motorola had much faster processor than Intel. Motorola were offering a wire range of products like 2 way radios and pocket TVs. Intel however wanted to take over the processor market, and they did. So in this case Motorola was diversified and Intel were not but it worked out better for Intel.

In the context of diversified work force this pertains to employees ethnicity, gender and age group. I cannot really argue against that idea however I don’t think it is crucial to have diversified workforce. But it is very advantageous. When you pair people with different ethnicity your company culture becomes richer. Richer culture develops richer ideas. Also when you pair younger employ with experienced employ the productivity increase but your cost does not double because the younger employee is usually paid less. As far as the gender diversity goes, biologically males and females excel at different areas.

If a person is diversified… I understand that as being a Jack of all trades and mater of none. Which is not necessary a bad think but also being a mater of one trade is not bad, as long as that trade is relevant to the current times and location.

It is not crucial to be diversified, it is crucial to be able to understand what is changing around you and what is reaming unchanged and to adopt accordingly.