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In an economy where the only certainty is uncertainty the one sure means of lasting competitive advantage is knowledge Successful companies are those that consistently create new knowledge through diverse high performance teams International and multinational perspectives depend on experience gained from direct contact with one or several other countries and cultures The wide-ranging nature of projects coupled with the diverse nature of cultural and ethnic teams present a major challenge to project managers in charge of them Differences within these cultural teams are acknowledged and accepted and their implications are integrated into the teams modus operandi Diverse teams are also aware of the potential for synergy evolving from their strengths They shift their dynamics by incorporating innovative solutions to the same problems through united collaboration of efforts High performance and multicultural teams bring worthwhile and cost-effective approaches to the competitive market Large corporations are discovering that it is more effective if they hire diverse employees that understand the corporations clients and their diverse culture needs better than the corporation itself With the growth of global diversity companies will need to cater to all cultural groups and are thereby forced to employ a culturally diverse workforce According to the Tampa Tribune when ATT wanted a broad view of potential Indian customers in the United States they turned to a figure that reflected with people that traced their roots to New Delhi Bombay and Calcutta In addition this showed the importance companies place on marketing their products to a diverse audience Haber 2002 The global economy has given a new definition on how corporations are practicing day-to-day business operations While technology has improved the speed of communication the success of global organizations depends on the skills of individual managers to work effectively with their global partners colleagues and team members Breaking cultural barriers to build trust rapport and credibility is a critical leadership skill Creating a flexible culturally appropriate behavioral repertoire and an atmosphere of trust
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