Why Every Business Professional Should Learn A Second Language
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There has never been a more important time than now in business to learn a language. 2021 was a historic year for merger and acquisition (M&A) activity, with total global M&A volumes topping $5 trillion for the first time and JP Morgan alone advising on over 40 deals worth more than $70 billion in Q1.
In October 2021, reports suggested that global deal-making was en route to break records by the end of the year, as it had already surpassed $4.3 trillion at that point – well over 2020’s total of $3 trillion. Come December, records were smashed, and analysts don’t see any signs of M&A activities slowing down.
There are so many corporate benefits of learning a language, including being able to participate in overseas deals, which, as we can see, are going to continue to contribute to the global economy in 2022. In fact, learning a language for one’s career is a primary driver for studying one. For example, according to this 2021 language report, almost 50% of English learners on the Preply language-learning platform cite career as their primary motivation for learning English. Education is the next most common, followed by hobbies.
Of course, learning a foreign language can be a difficult activity. However, the benefits are well worth it. They include:
Better Decision Making
Psychology plays a role in language learning. Studies have shown that a second language can promote analytical thought and reduce emotional reactions. That is because when using a second language, bilinguals activate their brain’s inhibition centre, which inhibits their emotions and intuitions and allows them to make less emotional and more rational decisions.
When working on international business deals — and even local sales calls — rational thinking can make or break a deal. Controlling your emotions will also give you a competitive edge.
Source: Pixabay
Improved Memory
Like how some social media platforms can boost creativity, learning a second language can help improve your memory, which is crucial in the business landscape. No matter your experience level, you’re always learning new faces, names and statistics to pull out at the appropriate moments.
When you don’t actively conduct memory recall, this can make your job more difficult. However, learning a foreign language improves this mental process while also increasing your perception.
The benefits that learning a language can have on memory is something that’s tried and tested, with many of the world’s most successful business people bilingual. For example, Mark Zuckerberg speaks Mandarin, and Michael Bloomberg speaks Spanish.
Bloomberg is the CEO of Bloomberg L.P., a US-based financial and media company best known for its Bloomberg Businessweek magazine, which recently published its 2021 ‘Bloomberg Ones to Watch’ annual list and added Mumbai’s own Avani Singh. Bloomberg used his Spanish skills to his advantage as mayor of New York City and during superstorm Hurricane Sandy.
Fuller Networks
Lastly, speaking a foreign language can help expand your network. Often, speaking another language helps open up international markets and build better client relationships. For instance, learning a client’s language will show you have an interest in their culture.
For decades, business professionals have been warned of the corporate benefits of learning a second language. However, many individuals have ignored this advice and opted to invest their time elsewhere. However, now with global M&A activity breaking records, learning a foreign language has never been more important in the business landscape.