According to the latest report from the National Association for Business Economics, 45 percent of economists on its forecasting panel expect a recession this year. If history is any indication, this could spell trouble for U.S. business owners who have seen an average of more than 500,000 businesses fail during each of the 10 recessions that have occurred in the U.S. since the end of World War II.
You’d be surprised at how immediate the results of cultural competency training or a session on workplace communication training will translate into increased profit margin.
Before business owners start handing out pink slips, Lauren Supraner, president and founder of CAL Learning (formerly CAL Culture and Language) recommends taking a good look within for areas where a little improvement can go a long way. “It sounds simple, but having employees and managers who can communicate effectively and appropriately with colleagues and customers from different backgrounds can have a profound effect on bottom line issues like employee retention, productivity and customer satisfaction,” said Supraner. “You’d be surprised at how immediate the results of cultural competency training or a session on workplace communication training will translate into increased profit margin.”
Research shows that businesses stand to gain, or lose, a significant portion of profits from issues like motivation, productivity and employee retention. Gallup polls suggest that over half of employees in the United States report having no enthusiasm for their work. When you consider Gallup estimates that suggest a mere 3.7 percent increase in productivity from every U.S. employee would swell the gross domestic product by $355 billion, factors like motivation and productivity gain instant significance.
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