In global, multicultural organizations, simply expecting all employees to speak one common language, such as English, marginalizes the potential impact of international talent and leaves monolingual staff ill-equipped to help the organization compete effectively in a globalized environment.
- Survey of 100+ executives at companies with at least $500mm in sales (30% of these companies had over $10 billion in sales)
- Monolingual staff leaves firms ill-prepared to operate on a global scale
- The benefits of a multilingual workforce or access to translation capabilities can result in fewer mistakes, increased efficiency and productivity, and safety (an issue in light of increased overseas manufacturing facilities)
- Great analogy on managers who speak the native language being informed earlier about mistakes in the banking industry (think deterioration of asset quality, NPLs .etc., in the financial crisis)
- Impossible to succeed in emerging market economies if you don’t understand the language or become accustomed to culture
- U.S-based firms are seriously disadvantaged relative to non-US firms – 75% of surveyed believe that it’s harder for US citizens to operate abroad due to language barriers than for non-US citizens to succeed in the U.S.
The full report can be viewed HERE.
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