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Globalization and rapidly changing technology continue to sweep the world. Organizations working across international and cultural boundaries face significant challenges as they seek to reach and maintain market leadership – however, inherent in those challenges are often unrealized opportunities. One such opportunity, Multicultural teams, offers a wealth of leverage to the discerning global leader. Our research repeatedly identifies the following advantages when multicultural teams are leveraged effectively:
– Global economies of scale and scope are realized
– Effective global learning & knowledge transfer takes place
– Global strategic capabilities are enhanced
– More innovative products and services are developed
– Better understanding of customers across multiple geographies is achieved
– Strong cultural intelligence fostering competitive advantage is accomplished
In today’s complex global marketplace, success depends on a company’s ability to work effectively across different geographical locations and cultures in order to drive innovation and capture market share. Leaders must go beyond motivating people from very different cultural backgrounds, experiences and leadership styles – they must create an environment that facilitates multicultural teams to collaborate effectively across boundaries and borders. There is simply no better better way to understand and strategically exploit the global marketplace.
The truth is that most organizations under-utilize their multicultural teams as strategic assets. When properly developed, such teams contribute significantly to the growth and success of the organization and to its bottom line. In fact, multicultural teams are one of the most consistent sources of competitive advantage for any organization who deploys them – they are effectively the bridge between the workplace and the marketplace.