In an increasingly globalised world, we are being exposed to more cultures than ever before. Reduced barriers to trade and a surge in international migration have meant we are working and doing business with people from all corners of the globe.
Rather than merely accept this modern reality, or worse still, fight against it, a growing body of evidence suggests that we should encourage it—the benefits to your career or company can be significant.
Here at Australiance, we live and breathe diversity, priding ourselves on being able to find you the top international talent for your business. And with over 28% of Australia’s population having been born overseas, we understand that diversity is woven into the fabric of Australian society itself.
Below are three major benefits of a culturally diverse workplace.
1. Increased Productivity
A culturally diverse workplace has been shown to boost productivity. A 2015 report from the McKinsey Global Institute found that companies that ranked in the top quartile for ethnic and racial diversity were 35% more likely to have profits exceeding the national median for their specific industries.
“We live in a deeply connected and global world. It should come as no surprise that more diverse companies and institutions are achieving better performance.“
– Vivian Hunt, a director at McKinsey
2. Increased Creativity
The more culturally diverse your workplace is, the richer the pool of cultural knowledge you have to draw upon becomes—consequently, you’re provided with more creative solutions to complex international problems.
“Creativity through diversity can be amplified by team members’ different national cultures as well. Such national cultural diversity also increases through improved market knowledge about the match between expectations and products delivered to customers of global markets. Thus, culturally diverse innovation teams are an option for coping with the challenge of globalizing markets.”
– Ricarda Bouncken, in Milieus of Creativity
3. Positive Brand Image
Don’t hesitate to promote the culturally diverse make-up of your team! It’s an invaluable asset that shows clients your team possesses a diversity of expertise—an essential characteristic of any company doing business across borders or cultures.
But it’s not only from a customer’s perspective that your company looks good—potential employees will also be attracted to a more diverse workplace. A diverse workforce shows that your company fosters an inclusive work environment, regardless of individual differences, and people will be more eager to work for you because of it.
“Diversification and globalization are the keys to the future.”
– Fujio Mitarai, CEO of Canon
So, a culturally diverse workplace equals instant business success, right?
To reap the full benefits of a culturally diverse workplace, businesses must ensure effective cross-cultural communication between team members. Failure to do so often results in confusion, conflict and a less productive workplace.
Stay tuned for our next article, where we’ll tell you how you can make the most of culturally diverse teams through our expert partners, E4B. They specialise in training non-native English speakers on how to effectively communicate in English-speaking business settings.