The recognition that diversity goes beyond a moral obligation is growing among businesses large and small. Diverse organizations are more attractive to employees, lead in innovation, and achieve higher profits by incorporating a variety of perspectives into their leadership.
For instance, Target committed in September 2022. to boosting its number of Black employees by 20% over the next three years, while PepsiCo aims to increase Black and Hispanic managerial representation in the U.S. by 30% and 10%, respectively, by 2025, as HR Dive reported.
Understanding Diversity Hiring
Diversity hiring aims to eliminate biases in the recruitment process that relate to a candidate’s age, race, gender, religion, sexual orientation, among other irrelevant characteristics, ensuring talent and job performance are the only criteria. It addresses unconscious biases, which are automatic, unintentional, deeply ingrained stereotypes that affect our judgment of candidates based on first impressions, hindering the creation of a diverse workforce.
Diversity encompasses a wide array of characteristics beyond race and gender, including background, education, experience, and skills. Diversity hiring is about valuing merit and fairly assessing all candidates. Diversity and inclusion initiatives contribute to an overall better experience for your team — and your shareholders. Consider some of these metrics:
Diverse teams outperform non-diverse ones by 35%.
57% of employees think their companies should be more diverse.
67% of job seekers factor in workplace diversity when considering applying to a company.
Companies with above-average diversity achieved 19% higher innovation revenues.
The national GDP would increase $25 billion if just 1% more disabled people were hired.
Diversity vs. Inclusion
While often mentioned together, diversity and inclusion have distinct meanings. Diversity focuses on who is at the table, impacting recruitment, hiring, and promotion, while inclusion is about how well the diverse workforce is integrated and empowered within the company culture.
The Importance of Diversity Hiring
Diverse and inclusive companies outperform their peers in innovation, employee retention, and profitability. Diverse teams are shown to be 35% more productive, with a majority of employees and job seekers favoring companies that prioritize diversity.
Legality of Diversity Hiring
Diversity hiring is legally supported under various anti-discrimination laws, provided it aims to correct historical inequalities without resorting to rigid quotas. It’s about setting inclusive goals rather than excluding certain groups.
Diversity and Ability
Focusing on diversity does not mean overlooking ability. Both aspects are crucial and complementary, with diversity bringing a range of perspectives and skills that enhance a company’s performance.
Building a Diversity and Inclusion Strategy
Developing a diversity and inclusion strategy involves assessing the current workforce demographics, identifying areas for improvement, and creating a comprehensive plan that includes setting clear goals, improving company policies, and enhancing inclusivity in the company culture.
Increasing Diversity
Improving workforce diversity requires a multifaceted approach, from rethinking candidate sourcing and job descriptions to ensuring an inclusive interview process and retaining diverse talent by creating a supportive company culture.
Measuring Diversity Hiring
Effective diversity and inclusion strategies are measured through key performance indicators (KPIs), tracking progress in representation, retention, recruitment, advancement, selection, and promotion of diverse groups within the company.
Diversity metrics should go beyond mere numbers to genuinely reflect the inclusivity and integration of diverse talents within the organization, aiming for meaningful, long-term improvements rather than quick fixes.