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market knowledge and insight

 Benefit: A diverse skills base allows an organization to offer a broader and more adaptable range of products and services

By drawing from a culturally diverse talent pool, companies benefit from hiring professionals with a broad range of skillsthat are often not accessible when hiring locally. Globally oriented companies can add to their service range by leveraging the skills and experience their international employees bring to the table.

A broader skills base and a more potentially diverse offering of products and services can help your business to have the competitive advantage of adaptability. In today’s volatile and uncertain global business environment, nimble and adaptable organizations are the ones that thrive.

Adaptability means faster and more effective planning, development, and execution. A company with cultural and cognitive diversity can be quicker to spot a gap in the market. It will also have the global (or market-specific) insight and experience to help a new or adapted product to meet changing consumer behavior—and succeed.


6. Benefit: Diverse teams are more productive and perform better

The range of experience, expertise, and working methods that a diverse workplace offers can boost problem-solving capacity and lead to greater productivity. In fact, studies have shown organizations with a culture of diversity and inclusion are both happier and more productive.

Where working in homogeneous teams can seem easier, it can cause a business to settle for the status quo. Diversity, on the other hand, can breed healthy competition, stretching a team in a positive way to achieve their best. This atmosphere of healthy competition can lead to the optimization of company processes for greater efficiency. As a recent article in the Harvard Business Review argues, the challenges of working in a diverse team are one of the reasons why diverse teams perform better: “working on diverse teams produces better outcomes precisely because it’s harder.”