Can You Risk Losing Your Business Because of a Lack of Cultural Sensitivity Training?
Cultural sensitivity training is more than just a buzzword or discussion topic for the boardroom. It is the need of the hour and for a business, diversity in the workplace can drive up revenue and growth as well.
If you want to help your business succeed, sit up and pay attention. The writing is on the wall.
Cultural sensitivity training can help your business to boost revenue, increase productivity and supercharge profitability.
How?
Here are some facts and figures to help you ensure that the first training you conduct in 2016 will boost cultural sensitivity.
1. Diversity = Doubling {or Tripling} the Consumer Market Share
When you have more diversity and sensitivity, you can cater to a larger section of the population and market more effectively to them. Diversifying the workplace has been a proven strategy to increase consumer market share, whether it is marketing to women or different racial and ethnic backgrounds.
2. More Sensitivity = Lower Turnover Rates
Inclusive and culturally sensitive workplaces lead to greater employee retention and reduced turnover, which in turn helps you to cut down on new employee hiring and on-boarding costs.
Not only that, employees who stay longer with an organization are more motivated, productive and focused on both personal and organizational growth.
According to this article on the competitive advantages of diversity by Barrett, Rose and Lee, Inc, “Men are no longer the primary bread-winners in America. Of families maintained by a sole earner, almost two-thirds of the breadwinners are women[5]. Two-earner families have increased to 55% of all married couples, and 64% of mothers with pre-school age children are in the workforce[6]. This shift has resulted in more demand for flexible hours, tele-commuting and family leave, changes which are becoming increasingly attractive to both women and men.”
Workplaces that are sensitized and inclusive will see greater employee retention in the years ahead.
3. Diverse Workforces = More Innovation
When team members come together from a variety of cultures, backgrounds and ethnicities, they bring with them a diversity of not only cultural values but also, creativity, thought processes and problem solving skills.
All of this leads to greater innovation in the workplace and we all, know that innovation equals business intelligence and growth.
A Forbes study in 2011, surveyed 321 global businesses and found that 85 percent agreed or strongly agreed that diversity is key to developing and encouraging innovation in the workplace.
4. Sensitivity = Higher Returns
Finally and most importantly, cultural sensitivity training translates into financial returns as well. However, it is important to remember that the impact of these trainings cannot be seen or measured immediately or even, say 6 months down the line.
You will, however, be able to see results in longer-term studies conducted at the organizational level.
Concordia Online shares two innovative approaches to measure the effectiveness of diversity on a business using affinity groups and mentoring, both of which are ways to increase inclusion and employee satisfaction and retention.
So, dear friends, let cultural sensitivity training be the number one tool you use in 2016 to not only create a happier workplace, but also, a more profitable business.
