In 2018, Australia’s population grew to 23.4 million with extensive immigration making up those numbers.

With strong British colonisation and indigenous population, in the last few years – this has evolved to include 26% of the population being born overseas.

With over a quarter of Australia’s workforce originating from other countries, this leaves a large opportunity for building thriving multicultural workplaces.

Journalist Lauren Clarke in her article – Cultural Diversity in the Workplace, investigates how multiculturalism drastically impacts on a business’ bottom line.

“In this era of technology and globalisation, many companies are making an effort to succeed in cultural diversity in the workplace,” she says.

Here are four opportunities for building culturally diverse businesses:

1.  A wider range of skills.

According to Clarke, when companies hire a more diverse workforce from all backgrounds, these employees inevitably bring their own specific skills, that can often be just as diverse.

“Having a wider range of skills and knowledge available to them, these companies often enjoy a more diverse and adaptable range of products and services that they can offer to their respective markets,” she says.

Diversity in cultures often results in a business developing a high diversity in skills therefore products and service offerings.

2. Improved creativity.

Leadership & HR Expert Katie Reynolds examines how culture influences the way in which we see the world.

“A variety of viewpoints along with the wide-ranging personal and professional experience of an international team can offer new perspectives that inspire colleagues to see the workplace—and the world—differently,” she says.

She found that diversity of thought had been shown to breed creativity and drive innovation, helping to solve problems and develop new and exciting ways of increasing customer experiences.

3. Improves cultural insights.

Lived experience across a range of Cultural insights

Being educated internationally can also open up opportunities for cultural insights in the way other countries learn, develop and innovate.

By employing international graduates, as well as considering potential candidates who have worked in your industry in a different country for a period of time can open up a world of possibilities to explore innovations and developments internationally which can be implemented in your business.

“Cross-cultural understanding, along with local market knowledge, lends itself the production of more effective marketing strategy and materials,” says Reynolds.

“For example, high quality and culturally sensitive translations of websites, brochures, and other assets are essential.”

Market-specific knowledge and insight are invaluable when it comes to making decisions that are influenced by international customers and other stakeholders.

4.Increased profits.

Many recent studies have shown that increased cultural diversity in the workplace can lead to greater profits for the organisation.

According to a recent study by the Centre of Innovation, it was found that 48 percent of companies in the US with more diversity at senior management level improved their market share significantly

In comparison, only 33 percent of companies with less diverse management reported similar growth.

Want to find out how you can develop multicultural workplace strategies in your business? Visit www.bespokehr.com.au to learn more or book in a consultation here.