An analysis of the benefits of cultural competence in todays increasingly globalized marketplace

Advantages of Cultural Diversity in the Workplace Advantages of Cultural Diversity in the Workplace March 21, Haley Smith Blog Cultural diversity in the workplace occurs when a company hires employees from a variety of backgrounds, race, gender, age, or religion.

An analysis of the benefits of cultural competence in todays increasingly globalized marketplace

An analysis of the benefits of cultural competence in todays increasingly globalized marketplace

Conflicting working styles across teams 1. Diverse cultural perspectives can inspire creativity and drive innovation Our culture influences the way in which we see the world.

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A variety of viewpoints along with the wide-ranging personal and professional experience of an international team can offer new perspectives that inspire colleagues to see the workplace—and the world—differently.

Diversity of thought has been shown to breed creativity and drive innovation, helping to solve problems and meet customer needs in new and exciting ways. Multiple voices, perspectives, and personalities bouncing off one another can give rise to out-of-the-box thinking.

By offering a platform for the open exchange of ideas, businesses can reap the biggest benefits of diversity in the workplace. Local market knowledge and insight makes a business more competitive and profitable A multicultural workforce can give an organization an important edge when expanding into new markets.

Often, a product or service needs to be adapted to succeed overseas. Understanding local laws, regulations, and customs, as well as the competitive landscape, can help a business to thrive.

Moreover, local connections, native language skills, and cultural understanding can boost international business development exponentially. And being more competitive ultimately means being more profitable. DiversityInc annually recognizes the top 50 most diverse companies and measures their success against the broader market.

Cultural sensitivity, insight, and local knowledge means higher quality, targeted marketing Cross-cultural understanding, along with local market knowledge, lends itself the production of more effective marketing strategy and materials.

For example, high quality and culturally sensitive translations of websites, brochures, and other assets are essential. But these can be overlooked without the input of a native speaker.

An analysis of the benefits of cultural competence in todays increasingly globalized marketplace

Even brand taglines can get badly lost in translation. What might work well on a billboard for a British company could fail or offend elsewhere.

A memorable McDonalds print ad in Finland may have been considered clever locally, but it was seen as confusing and even grotesque by foreign audiences. The danger of making a serious marketing blunder, which can cause irreparable damage to a brand or business abroad, can be mitigated by employing a diverse workforce with local marketing savvy.

Drawing from a culturally diverse talent pool allows an organization to attract and retain the best talent According to a Glassdoor surveytwo thirds of job hunters indicated that diversity was important to them when evaluating companies and job offers.

In a competitive global job market, demonstrating that your business is invested in fostering a multicultural and inclusive environment can make you stand out to the right candidates. Making diversity an important part of the recruiting process will broaden your talent pool of prospective employees.

Not only does hiring from a more diverse talent pool makes your business attractive to ambitious, globally minded candidates, it also helps you to keep them on board.

Diversity, including diversity of gender, religion, and ethnicity, has been shown to improve retention and reduce the costs associated with employee turnover.One of the key goals of the data marketplace is to let organizations benefit more from the investment they have made in data over the years.

Introduction

In this Keynote, Rick explains how an enterprise data marketplace differs from a data warehouse and a data lake. cultural competence is an on- going process that also requires provider agility/balance between understanding general value systems without over -simplifying and also respecting unique Benefits of Cultural Competence.

to perform global leadership efficiently in the increasingly tough global market is vital global leaders must show expected competence in cross-cultural Essential Skills for Leadership Effectiveness in Diverse Workplace Development.

A concept analysis of cultural competence. Author links Abstract. Objectives.

The Global Innovator : How do Intercultural Competence be recognized ?

To clarify the meaning and reduce ambiguities of the concept cultural competence, and promote consistency in using the concept in nursing dialog, research, and practice.

The importance of cultural competence for nurses was highlighted in this concept analysis. Benefits of building an organization's cultural competence are: Increases respect and mutual understanding among those involved.

Increases creativity in problem-solving through new perspectives, ideas, and strategies. Secondly, in today's globalized context, managing diversity could arrive to each global head, when he encounters diversity through different ways of thinking, behaving or valuing.

That is why a leader needs to be an "effective intercultural communicator".

A concept analysis of cultural competence - ScienceDirect