Diversity Inc annually recognizes the top 50 most diverse companies and measures their success against the broader market.
Recent research from Mc Kinsey also underscores the fact that diversity is good for a business’s bottom line.
For example, cosmetic giant L’Oréal attributes much if its impressive success in emerging markets to its multicultural product development teams.
Multiple voices, perspectives, and personalities bouncing off one another can give rise to out-of-the-box thinking.
Even brand taglines can get badly lost in translation.
A frequently cited example is from KFC in China, whose chicken was marketed as so tasty, you’ll “eat your fingers off!
According to a Glassdoor survey, two thirds of job hunters indicated that diversity was important to them when evaluating companies and job offers.
Embracing cultural diversity in the workplace is an important first step for businesses that want to be competitive on an international scale.
By offering a platform for the open exchange of ideas, businesses can reap the biggest benefits of diversity in the workplace.
A recent study from Forbes echoed this notion, concluding that A multicultural workforce can give an organization an important edge when expanding into new markets.
Diversity, including diversity of gender, religion, and ethnicity, has been shown to improve retention and reduce the costs associated with employee turnover.
In a diverse workplace, employees are more likely remain loyal when they feel respected and valued for their unique contribution.
Moreover, local connections, native language skills, and cultural understanding can boost international business development exponentially.