June 21, 2018. In this op-ed, the author discusses the win-win for businesses and refugees when they are incorporated and supported in the workforce. The article discusses the return on investment that companies get from hiring refugees such as higher retention rates, expansion of their customer base, improvements to product development and the creation of new opportunities for business partnerships. The author acknowledges that refugees experience challenges to workforce integration such as obtaining a bank account and work permits and translating their work experience but employers can help with these challenges.
Refugees have already contributed $63 billion worth of positive financial gain to the U.S. economy. Research from the Fiscal Policy Institute suggests that turnover rates for refugee hires in the US are lower than for other hires, and there is emerging research that managers who hire refugees improve their talent acquisition and management practices. Across the Atlantic, a survey by Boston Consulting Group of three hundred German firms showed that initial investments in language acquisition, training and recruitment were typically paid off within the first year of employment.
As long as the U.S. lags behind its commitment to admit refugees, we not only risk missing opportunities to alleviate the refugee crisis, but also the opportunity to strengthen businesses.
Here is the link to Business Insider.