Market expansion in the coming years will be dependent on growth in new and emerging markets at home and abroad — markets that are increasingly diverse and often speak a language other than English. In fact, in a recent survey of strategy+business readers, 71 percent of respondents said they plan to grow their business in countries or market segments that speak a different language than the one they currently use in their daily operations. Unfortunately for U.S. companies, their workforces often lack the critical cross-cultural and language skills needed to successfully enter these markets. Join us as we discuss the implications this has for HR and learning and development leaders.
Discover:
What this focus on new and emerging markets means for your workforce, including which key skills will determine your company’s success.
The role cultural intelligence and language play in building effective relationships with customers and employees.
Key recruiting, retention, and training and development strategies for building a diverse workforce capable of meeting the demands of these diverse markets.
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Meet Your New Customers: The Implications of a Globalized Economy
1. Meet Your New Customers:
The Implications of a Globalized Economy
2. Our Speakers
Dr. Neal R. Goodman
President
Global Dynamics Inc.
ngoodman@global-dynamics.com
www.global-dynamics.com
Jennifer Frazier
Director, Enterprise & Education Solutions
Rosetta Stone
jfrazier@rosettastone.com
www.rosettastone.com/business
3.
4. What Are We Going to Do?
Identify the current global and domestic environment.
Engage in an exploration of the meaning
and benefits of a global-mindset, cultural intelligence,
and linguistic agility for you and your organization.
Have some fun.
5. The Future of Economic Growth
Percentage of growth expected
from developed and emerging
markets by 2030.
70% of world economic growth
over the next few years will come
from emerging markets.
Developed
Markets
Emerging
Markets
Source: Tracking Global Trends. Ernst & Young. 2011; Goldman Sachs Global Economics, Global Economics Paper No: 204, 2010
6. Domestic Emerging Market
Between 2010 and 2015,
the buying power of minorities in the U.S.
will increase by more than $1 trillion.
Immigrants and their U.S.
-born children will account for
of the country’s
population growth
over the next 40 years.
Source: Hispanic and Asian Buying Power Expected to Surge. UGA Selig Center. 2010; U.S. Population Projections: 2005 – 2050. Pew Research Center. 2008
16. Cultural Intelligence
The Key to Global Success
“Cultural Intelligence: Understanding how
to leverage the diverse rules of the game
– of life and business – found around the
world for competitive advantage.”
Neal Goodman, Ph.D.
President
Global Dynamics, Inc.
21. The Power of Language
of executives say they plan to grow their
businesses in countries or market segments
that speak a different language than the
one they currently use.
Globally, of consumers are
more likely to buy a product with
information in their own language.
Source: Rosetta Stone Language Means Business. Booz & Company. 2013; Can't Read, Won't Buy: Why Language Matters on Global Websites. Common Sense
Advisory. 2006
22. The Gap
of 572 senior executives
surveyed think differences in
language and culture have
made it difficult to gain a
foothold in foreign markets.
of executives surveyed
believe their global network of
employees communicates
effectively in different
languages.
of executives rate their
colleagues' ability to
communicate internationally
as average or below.
Only
Source: Rosetta Stone Language Means Business. Booz & Company. 2013; Competing Across Borders: How Cultural and Communication Barriers Affect Business.
Economist Intelligence Unit. 2012
23. What if it Were Improved?
If their company's cross border
communications improved:
of executives believe
that profits would
improve.
of executives believe
that revenue would
improve.
of executives believe
that market share
would improve.
Source: Competing Across Borders: How Cultural and Communication Barriers Affect Business. Economist Intelligence Unit. 2012
25. Strengthening Communications: Case Studies
A Spanish speaking patient is rushed into the
emergency room in Chicago barely
conscious. She had mistakenly taken a major
overdose by following the instructions which
said to take the medication “once a day.”
What happened?
27. Applying What We Learned
How will you leverage the value of a global mindset, cultural
intelligence, and linguistic agility to succeed in the global and
multicultural workplace and marketplace?
YOUR TIME HAS COME!!!!
28. Key Components of a Solution
Single
Enterprise
Solution
Learning
Development
Plans
Robust List
of Languages
Asynchronous
Study
Mobile Device
Access
Robust
Administrative
Tool
Successful
Solution
29. The Impact of Language Training
Internal
Communication
Global
Mobility
Employer
of Choice
Customer
Service
35. Employer of Choice - an Example
Enhanced training and
development.
Improved employee
satisfaction.
Improved customer
satisfaction and growth in
referrals.
37. Customer Service - an Example
Enhanced communication.
Improved customer experience.
Growth in revenue.
38. Questions
Dr. Neal R. Goodman
President
Global Dynamics Inc.
ngoodman@global-dynamics.com
www.global-dynamics.com
305.682.7883
Jennifer Frazier
Director, Enterprise & Education Solutions
Rosetta Stone
jfrazier@rosettastone.com
www.rosettastone.com/business