Making the business case for cultural competence
No matter whether you are expanding your business into foreign markets, trying to recruit the best candidates from a diverse talent pool, leading a multinational (and perhaps remote) team of people, or ensuring your marketing and branding messages are received in the intended way: cultural competence and having a global mindset – your ability to work and relate effectively across cultures and behavioral norms – is a key business skill.
Companies with a global mindset, or rather: companies whose team members operate with a global mindset, are proving to be more successful. And since most people are moved to action by a fear of loss rather than by the prospect of a gain, let’s look at the inverse: organizations without globally minded employees are at risk of losing business and missing their targets.
Global Mindset affects the bottom line
A recent study surveyed 1,362 business professionals around the world and found that companies which are dedicated to fostering intercultural skills are much more likely to accomplish their most important strategic and business objectives than companies that do not. Among the survey respondents at companies that achieved or exceeded their business targets (called “Overachievers” in the study), 84% say their organization recognizes different cultural values and preferences in business activities. This compares to only 26% of respondents at “Underachiever” companies who could say that.