The workforce in North America is no longer homogeneous, but rather extremely diverse: age, languages, people of color, disability, GLT, etc. And this trend will become even more prevalent due to globalization.
While some astute business owners view this trend as a great business opportunity, but some others are not sure what to make out this or not even sure how to deal with this diversity issue.
The benefits of a multicultural staff are astounding. For example, many companies achieve a higher retention rate, meaning they now allocate less resources for hiring and training new employees. Depending on a position, the average expenses of hiring a new employee costs about $10,000.
When there is a diverse group of personalities from various cultural backgrounds, they become much more innovative in coming up with solutions to a problem. They begin to think out of the box which is almost mandatory in today’s competitive global business climate.
The worst mistake any company can make is by hiring people who think alike.
Furthermore, employee moral remains higher because retention strategies typically embrace tools such as mentoring, recognition, creating a supportive and welcoming workplace.