Multiculturalism in Canada Business.pptx

This is a presentation on the impact of multiculturalism on International businesses in the Canadian Context

1. Multiculturalism in Canada: Implications for International Business Management An analysis of article by Ng and Metz's (2015)

2. Introduction Canada: A nation built on immigration and diversity. Multiculturalism adopted as an official policy in 1971 with the aims to foster inclusion, promote social and economic mobility, and attract skilled immigrants. This adoption is posed to have significant impact on Canada's business environment and global competitiveness

3. Key Points from Ng and Metz's (2015) Article Multiculturalism as a strategy for national competitiveness. Promotes social and economic mobility, acts as a "glue" binding immigrants and host country nationals. Creates a climate of inclusion, attracting skilled immigrants and resulting in a "brain gain". Facilitates international trade through immigrants' ties with their countries of origin.

4. Importance of Multiculturalism for International Business Managers Globalization and increasing workforce diversity necessitates cultural competence. Effective navigation of cross-cultural differences is imperative for success in global markets. Inclusive policies allow access to diverse talent, perspectives, and experiences. Managers with the ability to bridge cultural gaps are better equipped for international business.

5. Impact of Multiculturalism on Canadian Businesses Opportunities: Access to diverse talent, innovation, and competitiveness. Challenges: Managing cultural differences and ensuring effective communication. Businesses must invest in diversity and inclusion training, to promote a culture of respect and open communication.

6. Strategies for Managing Diversity in Canadian Businesses Develop cultural competence through diversity and inclusion training programs. Implement inclusive hiring and promotion practices, ensuring equal opportunities. Foster a culture of respect and open communication, encouraging diverse perspectives. Leverage employees' multicultural experiences to establish international market connections

7. Examples of Canadian Businesses Successfully Managing Multiculturalism Bank of Montreal (BMO): Initiatives supporting recruitment, retention, and advancement of diverse employees. TELUS: Ambitious diversity targets and leveraging multicultural backgrounds for international expansion. These organizations harness diversity to drive innovation, competitiveness, and global success BMO: Bank of Montreal

8. Implications for International Business Management Effective diversity management is necessary for success in global markets. Multicultural workforce provides valuable insights, language skills, and cultural understanding. Inclusive policies and practices attract and retain top talent from diverse backgrounds. Leveraging diversity fosters innovation, problem-solving, and adaptability in international business.

9. Key Takeaways Multiculturalism is essential for Canada's competitiveness and prosperity in the global economy. Effective diversity management requires investment in inclusive practices, cultural competence, and open communication. Canadian businesses can harness the benefits of multiculturalism to drive innovation and expand internationally. Managers with cross-cultural skills are better equipped to navigate the challenges of international business.