Keynote Summary: Cultural Intelligence in Business
Speaker: Anoushka Gungedin, CEO of HeraMED
Overview
Anoushka Gungedin's keynote at EDGE24 highlighted the increasing importance of Cultural Intelligence (CQ) in today’s global business landscape. As cultural and demographic shifts transform economies and societies, CQ has become essential for businesses to remain competitive, especially in diverse communities.
Key Takeaways for Members
1. Global Shifts and the Need for Cultural Intelligence
By 2030, China and India are projected to be the largest global economies.
Population growth will be concentrated in countries like Nigeria, Indonesia, and Pakistan by 2050.
Buyers’ behaviours are shifting, with consumers now expecting businesses to demonstrate social responsibility.
Why This Matters:
Understanding and integrating CQ into your business strategy will enable you to better engage with diverse communities and tap into growing markets.
2. Diversity and Inclusion Impact Business Performance
Over 50% of Australians have at least one parent born overseas, and multicultural buying power in the country exceeds $75 billion.
Women are responsible for 85% of purchasing decisions.
Companies with greater gender diversity outperform others by 15%, and those with cultural diversity perform 35% better.
Why This Matters:
Diversity is not just a value; it’s a business imperative. Fostering an inclusive environment can lead to improved business performance and market expansion.
3. Understanding Cultural Intelligence
Cultural intelligence is the ability to effectively engage in diverse settings.
Gungedin explained six cultural dimensions that affect interactions, including power distance, individualism vs. collectivism, and long-term vs. short-term orientation.
Unconscious bias often leads us to gravitate toward people who are similar to us, limiting growth and inclusion.
Why This Matters:
Developing CQ within your team can improve patient relationships and trust, especially in multicultural communities. One example shared was a partnership with Aboriginal medical services, where adapting communication styles strengthened care delivery.
4. Practical Action for Members
Here are actionable steps to assess and improve cultural intelligence in your practice:
Audit & Survey: Assess your current level of cultural intelligence in practice and identify areas for growth.
Visual Merchandising: Consider adapting your practice’s visual presentation to reflect diversity and attract a wider patient base.
Leverage Resources: Explore the Diversity Council of Australia for tools and resources to build inclusion.
Recruitment Partnerships: Partner with universities to engage diverse student groups and future talent pools. Why This Matters: These strategies will help your practice become more inclusive, fostering stronger patient connections and business growth.
Conclusion
Anoushka Gungedin's session underscored the importance of recognising and responding to global cultural shifts. By building cultural intelligence into your business strategy, you can better connect with diverse communities and position your practice for long-term success.