With over 50% of the U.S. population (2019) identifying with a different culture or ethnicity, it can be said that diversity is increasing. Diversity is not only increasing in the U.S. but also around the world. With over 70% of international business ventures failing due to cultural differences, Cultural Intelligence (CQ) is becoming a necessity in both business and everyday interactions.
The importance of cultural intelligence (CQ) is becoming increasingly relevant as the world continues to change. According to a 2015 study, 49% of children in the U.S. aged 5 or under are kids of color. Cultural intelligence will soon become a necessity in both business and everyday life. A recent Garner Webb study revealed that through 2022, 75% of companies with diverse and inclusive decision-making teams will exceed their financial targets.
The importance of cultural intelligence (CQ) is growing more significant as the world undergoes continuous change.
As interactions with people of different cultures and ethnicities become more likely, the need for CQ arises. Companies with more diverse leadership teams report a 19% higher innovation revenue. This statistic alone will soon influence the composition of many leadership and decision-making teams globally. CQ not only improves your ability to interact with others in your daily life, but 82% of HR respondents also consider it a competitive advantage. Understanding CQ will benefit you not only in your personal life but also in the workplace, as studies show the advantages of having greater diversity in the workplace.