Employers are increasingly coming to recognise the strong business case for improving the level of diversity and inclusion within their workforce and across all levels of their senior leadership. A more diverse and inclusive workforce delivers higher levels of engagement, creativity and innovation.
Latest research carried out by McKinsey on why diversity matters, found that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. Companies in the bottom quartile in these dimensions are statistically less likely to achieve above-average returns. And diversity is probably a competitive differentiator that shifts market share toward more diverse companies over time. In their latest report, Diversity wins: How inclusion matters they state that they have seen ‘a stronger business case for diversity, but slow progress overall’. Since 2014 the data has seen uplifts from 15-20% on executive team female representation in the US and UK, yet globally, just a one percentage point from 2017 to 2019, with over one third of the companies having no women at all on their executive teams.
As with all business strategies much of the challenge comes down to classical change management. Whilst having targets to achieve improved diversity is a start, without inclusion the numbers can quickly collapse and all the good work to attract a more diverse talent pool and workforce can be lost.
In the CIPD Resourcing and Talent Management Survey, two in five organisations have recruited a more diverse workforce over the last 12 months, compared with the previous year, however, their findings also suggest that most could improve the inclusivity of their recruitment processes through a more comprehensive approach that includes measures to eliminate bias.
Recruiting professionals from a range of backgrounds at all levels of seniority, businesses gain access to a wide variety of viewpoints and perspectives. Companies with staff from a broad range of backgrounds have been found to outperform firms with a less diverse workforce.
To successfully attract, hire and retain a more diverse workforce will require employers to take on new, innovative hiring strategies to effectively access the most diverse talent pools, to retain them, then you will need to consider cultural shifts, the elimination of unconscious bias and leadership and workforce sentiment.
We work in partnership with a thought leadership business to deliver webinars, round-tables and produce content which can help leaders, business and organisations shift the dial on equality, diversity and inclusion:
An Introduction to Diversity for:
Help with EDI Leadership, looking at the EDI ecosystem and the commitment required to positioning EDI culture as a win-win for all for:
Help designing your on-boarding for Diversity & Inclusion for:
Learn more about EDI and register for notification of future events CLICK HERE.
There are a number of key steps to follow and we have the tools, experience and ideas to help you successfully hire more diverse top talent, helping you explore and develop a culture that embraces diversity, inclusion and a more collaborative workforce.
Schedule a free no obligation consultant and start learning more about how to drive diversity through recruitment.