At RW3 CultureWizard, we know that companies operating internationally achieve far more of their top strategic business priorities when they’re better at recognizing and adapting to other cultures’ work styles and behaviors. In fact, our first Global Mindset Index Study proved it!
But we’re not the only ones to identify a link between culturally diverse workplaces and financial success. For example, McKinsey found that companies with more racial and ethnic diversity are 35% more likely to have financial returns that exceed their respective industry norms, and those who lack diversity are less likely to see above-average returns.
Published in November 2017, our Global Mindset Index Study found that 45% of corporate employees spend more than half their time conducting international business. So, it’s no wonder that a global mindset—i.e., the ability to recognize and reflexively adjust to cultural signals so that your effectiveness is not compromised when dealing with people from different backgrounds—makes a big, big difference to the business performance of those companies. Today, RW3 CultureWizard is gearing up for our new 2019 Global Mindset Index Study.
Consider some of the top-line findings from that first groundbreaking Global Mindset Index Study. When we grouped the study’s 1,370 respondents into Overachievers, Underachievers, and average business performers (based on respondents’ self-reported achievement of their most important strategic business priority), we found:
- 84% of Overachievers rated themselves excellent at recognizing different cultural values and preferences in a business context, compared with only 26% of Underachievers;
- 80% of Overachievers rate themselves excellent at adapting to other cultures’ work styles and business behaviors, but only 24% of Underachievers do;
- 81% of Overachievers agreed with the statement that their companies were very supportive in heling them develop global perspectives, but only 38% of Underachievers agreed; and
- Nearly three out of four Overachiever organizations (74%) agreed that their companies promote leaders with a Global Mindset, but only 34% of Underachievers agreed.
Crucially, none of these critical characteristics of a global mindset are beyond the reach of any organization. Recognizing different cultural values and preferences, and adapting your own work style accordingly, are learned behaviors that can be trained into your workforce.
RW3 CultureWizard believes even global leaders are not born; they develop over time. And we believe that global leadership skills are attainable for literally anyone. Authentic self-awareness is the magic ingredient that makes leadership with a global mindset possible—perhaps surprisingly.
The effective navigation of today’s increasingly globalized marketplaces necessitates that leaders hone global mindset skills. That’s because diversity is an inevitable byproduct of globalization. It’s a tune you’ve probably heard before: People are more interconnected than ever, and the presence of diverse identities, cultures and perspectives is virtually a guarantee in most workplaces.
Successful corporations and effective leaders know how to use global mindset to their advantage. Consider this McKinsey report or this article from the Harvard Business Review that discuss the value of building diverse teams. Not only do diverse teams tend to be more creative and innovative, but they also increase the likelihood that teams will develop culturally relevant and sensitive materials for clients, which increases sales and profits. Additionally, team members are more productive and less likely to leave a company when they feel engaged and included, saving organizations the time and money of regularly onboarding new hires.
Now, you have a chance to hone your own global mindset skills by participating in the 2019 Global Mindset Index Study. Just clicking that link and filling out the 2019 study questionnaire will cause you to reflect on the skills required for your business to succeed on the international stage. And your anonymous responses, aggregated together with 1,000+ other respondents from large international companies, will help all of us—you, your peers, and RW3—better understand the impact of global perspectives and best practices for obtaining them and imbuing them into our organizations.
So please, click the link and take the 2019 Global Mindset Index Study.
