Successful firms must continue to think inclusively and globally while national politics and discourse appear to become more inward-looking and polarizing across America and Europe. For companies that wish to compete globally, embracing cultural diversity in the workplace is a crucial first step.
Organizations across industries, including the Virgin Group, Disney, and PricewaterhouseCoopers, are recognizing the advantages of a diverse workforce. However, operating across borders, cultures, and languages inevitably presents obstacles.
Diversity and an international mindset are ingrained in the Hult culture. Our goal is to equip students with the skills they need to succeed in a business climate that is fundamentally fast-paced, unpredictable, and global. These 13 important advantages and difficulties of cultural diversity in the workplace will undoubtedly be encountered by our students as they grow into the future leaders in global business.
Benefit: Cultural diversity can spark imagination and spur innovation.
Our culture has an impact on how we view the world. An multinational team's diverse opinions and extensive personal and professional experience can provide fresh viewpoints that encourage coworkers to perceive the office—and the world—in new ways.
It has been demonstrated that diversity of thinking fosters creativity and propels innovation, helping to solve issues and satisfy client wants in novel and exciting ways. For instance, the world's largest cosmetics company L'Oréal credits its multicultural product development teams with much of its exceptional performance in new countries.
Benefit: Local market expertise and insight boost a company's profitability and competitiveness.
A diverse workforce can give a company a significant advantage when entering new markets. A product or service frequently needs to be modified in order to succeed abroad. A firm can prosper if it is aware of local laws, rules, and customs as well as the market environment. Additionally, local connections, proficiency in the original tongue, and cultural awareness can greatly accelerate the growth of an international business.
Furthermore, being more competitive ultimately results in greater profitability. Each year, Diversity Inc. names the top 50 most diverse businesses and assesses their performance relative to the overall market. Recent McKinsey research further supports the idea that diversity benefits a company's bottom line.
Benefit: Local knowledge, cultural sensitivity, and insight lead to more effective, personalized marketing.
The creation of more successful marketing strategies and materials benefits from cross-cultural awareness and local market expertise. For instance, it is crucial to translate websites, brochures, and other assets well and with consideration for cultural differences. But without the assistance of a native speaker, these can be missed.
Translation mistakes can happen with even brand taglines. One widely used illustration comes from KFC in China, where the chicken was advertised as being so delicious you'd "eat your fingers off!" (A poor translation of the phrase "Finger lickin' good" from their brand catchphrase.)
Benefit: Employing a talent pool that is culturally diverse enables a firm to draw in and keep top personnel.
Two thirds of job seekers said that diversity was important to them when evaluating firms and job offers, according to a Glassdoor survey. In a cutthroat global job market, showcasing your company's commitment to creating a diverse and inclusive workplace will help you stand out to the right applicants. Your skill pool of potential employees will grow if you prioritize diversity in the hiring process.
Additionally to attracting ambitious, globally minded candidates, hiring from a more diversified talent pool can help you keep them on board.
Benefit: An organization with a diverse skill set may provide a wider and more flexible range of goods and services.
Companies gain from employing specialists with a wide range of abilities that are frequently not available when hiring locally by utilizing a talent pool that is culturally varied. By utilizing the knowledge and expertise that their international employees bring to the table, globally focused businesses can expand the scope of their services.
Your company can gain the competitive edge of adaptability by having a wider skill set and a potentially more varied supply of goods and services. Nimble and flexible firms succeed in today's unpredictable and uncertain global business climate.
You will develop the ability to communicate successfully across cultures and come to appreciate the significance of diversity in the business by studying abroad and learning with classmates and teachers frin abroad and complete trains like certifications of chcdiv001.
The world is at the hands of technology today.
And it’s not stopping, every day people come up with new innovations.
We are not just surrounded by technology, we are immersed in it.
Gadgets and machines have entered every sector.
The healthcare industry, worldwide, has benefitted immensely from all the technological developments.
Accepting innovations with open arms, we are moving towards more efficient, more qualitative, and more affordable care.
People analytics has played a key role in transforming how HR leaders make decisions.
It is more than just an emerging HR trend today, it has become central to an organization’s broader people strategy.A research study conducted by Corporate Research Forum found that 69 percent of organizations with 10,000 employees or more now have a people analytics team.
To help you understand how these high-level applications of people analytics will impact future business dynamics, we have listed four people analytics trends that are shaping the future of work.People Analytics Trend #1: Moving from Descriptive to Predictive AnalyticsMost HR departments relying on people analytics use descriptive analytics to inform their HR decisions.
Predictive analysis is the process of analyzing historical and real-time data to predict future outcomes using artificial intelligence (AI) algorithms to provide insights.
https://is.gd/NBPmt3 People Analytics Trend #2: Cognitive Computing Empowers People AnalyticsYou might all be familiar with the spooky yet exciting applications of AI.
Anshul Sheopuri, former Director of the People Analytics, and now VP and CTO, IBM, quoted in an interview that “in the cognitive era, the role of the HR practitioner will evolve to one of a consultant who can nimbly leverage cognitive solutions and add value where the technology has ‘blind spots’.”People Analytics Trend #3: Shifting Focus from Individuals to Organizational Network AnalysisMost people analytics models focus on individual employees.
