Harnessing power of diversity key to growth locally, globally, says Ernst & Young

TORONTO—Canadian firms looking to grow both locally and globally should focus on leveraging diversity in their business strategies, according to Ernst & Young.

“A growing body of research … reveals a compelling business case for fostering a diversity of experiences and perspectives at all levels of an organization,” Ernst & Young’s chief inclusiveness officer Fiona Macfarlane said in a statement.

Aligning talent management strategies with overall business growth strategy is emerging as an important factor in achieving global success, according to executives polled in a recent Ernst & Young survey.

Nearly half of the worldwide respondents said talent management is the second most challenging function to direct in a global economy, citing a management team’s lack of awareness of local cultures and experience outside their home country as barriers to success.

“Talent management has never been more important to overall business growth strategy, especially in a global economy that’s far from homogenous,” Ernst & Young managing partner of people Steve Shea said.