You are being interviewed for a Team Manager position in a multinational financial institution. The team consists of eight members from different generations, ie. Gen Z, Gen Y, Gen X and the babyboomers. There are however, diversity issues such as stereotyping and a low representation of female senior executives in the team.

In your response to the interview panel: Explain the concept of 'workforce diversity' and its importance to the organisation (two hundred fifty words). Propose two potential workplace diversity initiatives that you aim to undertake to address the diversity challenges mentioned above (four hundred words). Support your reasoning using relevant organisational examples and concepts/theories learnt during this semester. Your answer should range from five-hundred fifty to six-hundred words.