Diversity is the key to long-term economic growth

Image source: themocracy.com

The question of whether cultural diversity has played an important role in the development of nations or not has been emphasized recently especially with the level of various political and immigration issues that the United States is currently facing.

However, such dilemma is nothing new. In fact, the growing dispute over the economic importance of immigration to powerful host countries like the US has been highlighted on numerous occasions in the past and have contributed to several changes in government policies, triggering, according to analysts, undesirable and long-term economic impacts.

As a response, many studies have emerged, pointing out not only the positive influence of cultural diversity in the society but also its detrimental role in securing a country’s economic growth and development in the future.

Image source: optus.com

Related publications have also stressed that countries having high levels of cultural diversity have been better in adapting innovative ideas and technological breakthroughs. Furthermore, experts have agreed that that geographical openness and believing in a cosmopolitan culture are not just mere by-products of globalization but are actually the primary drivers of long-term economic progress.

Similar conclusions can be observed especially when we shift our focus on the most diverse and influential generation today: the millennials and how they embrace an open and progressive cosmopolitan culture in the workplace.

Companies that promote as well as nurture diversity have successfully motivated and welcomed a new generation of highly-skilled and multi-talented individuals coming from different cultures, religions, ethnicity, and gender.  Employees from all walks of life can bring a wider range of experiences and ideas compared to a more homogeneous workforce.