What It Takes To Achieve Diversity

What It Really Takes To Achieve Diversity

By Diversity Recruiters™

 

In the wake of George Floyd’s death, there’s been an incredible uptick in inquiries by firms looking to improve their stance on D&I issues. In many cases, companies are looking to firms like Diversity Recruiters™ to assist them in making radical changes to their hiring processes. This is good news for all; however, these changes must be thoughtful, and they mustbe carried out with much care.

 

 

In the midst of the current environment, firms have also increased their focus on diversity hiring – particularly, in leadership positions. While having a diverse workforce is essential to any growth-oriented business, additional structure and systems must also be installed within organizations to ensure adequate representation in hiring processes.  

 

Our founder, Tony Wright, was recently interviewed by Bloomberg on this very issue. As he points out, strong diverse candidates are naturally skeptical about pursuing opportunities in new organizations without a thorough vetting. A major warning sign for these applicants is the lack of historical effort around D&I strategies. Talented employees require a sense of belonging to do their best work. This must be evident throughout the process of interviewing employers when evaluating a career change.

 

Bloomberg Article – https://www.bloomberg.com/news/articles/2020-07-10/wall-street-s-campaign-to-hire-black-talent-isn-t-going-so-well

 

In addition to the hiring process, firms must understand how implicit biases negatively impact diverse individuals. They must fully accept, nurture, and guide all employees irrespective of their differences. In many cases, this type of support isn’t readily available for the under-represented population.

 

In today’s marketplace, talent retention and diversity are tremendously important. Employers with a full understanding of what it takes ‘beyond the hire’ are usually best equipped for growth and innovation. They, too, are best equipped to find the world’s best diverse talent.

 

 

 


 

Inclusive Hiring

Inclusive Hiring Doesn't Have to Be Difficult

By: Nicole Ferrer

 

While diversity in the workplace has gotten its fair share of attention over the past few years, there still appears to be limited traction with firms when it comes to inclusion.

 

As a reminder, diversity focuses on the range of human differences (such as race, ethnicity, gender, sexual orientation, age, etc.). Inclusion, on the other hand, focuses on involvement and empowerment. Inclusive processes promote a sense of belonging, and respects the talents and range of human differences in ways that are recognizable by all parties involved.

 

This is important because when firms focus on surface-level diversity (or visible diversity) and ignore inclusion, it can – and potentially will – do more harm than good.

 

The very best leaders understand the importance of inclusion. More importantly, they understand how to properly facilitate inclusive processes. These leaders understand that this doesn’t mean “giving away the farm” or fully delegating all decision-making processes to internal or external stakeholders. Inclusivity absolutely requires a single point of effective leadership. It also requires authenticity and a collaborative spirit from everyone involved. Combining these important attributes is key to a healthy process that should ensure synergy and cohesion throughout the entire team.

 

It’s important that, at the onset of any collaborative effort, expectations are crystal clear regarding the process that is to be used by all. We’ve developed tools to assist our partners throughout these types of processes because we’ve found that different stakeholders generally approach the process with a different set of expectations regarding the needs of the organization.

 

Given the recent changes to our economy, and our work environments, it’s even more important that these processes are given additional thought.

 

 

 

 

Measuring Diversity

Measuring Diversity: The Metrics That Matter

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McKinsey & Company’s 2018 “Delivering through Diversity” report stated companies in the top quartile for ethnic/cultural diversity on executive teams were 33 percent more likely to have industry-leading profitability. Additionally, companies in the top quartile for gender diversity on executive teams were 21 percent more likely to outperform on profitability and 27% more likely to have superior value creation. These facts are proof that efforts to elevate your D&I initiatives can have a bottom-line impact on your organization.

 

Moreover, research has proven that, without inclusion, diversity is unsustainable.

 

Additionally, the idea of “belonging” is becoming increasingly important to a strong D&I strategy. Belonging is the sense that all employees can be their authentic selves, and as such, are essential to their team’s success. However, to continue effectively driving your D&I initiatives in the right direction, you need to know what is working and how well.

 

The metrics that measure the success of any people initiative are the same for D&I. Performance indicators, especially financial performance (specifically profit margin), should be paired with softer metrics for a complete picture. Correlate financial performance with measurements of employee engagement, employee retention, talent attraction, customer orientation, employee satisfaction and employee participation in decision-making.

 

In addition to these, there are a couple of specific initiatives you should implement to focus on measuring D&I:

 

Diversity Reports:

 

From a broad view, your company may appear to be diverse, but consider segmenting the company several ways to ensure it is representative of all levels and functions. Completing a quarterly or biannual report that shows the following (compiled from Project Include) will lend insight into your initiatives’ success:

 

  1. Employees overall, by function, seniority and tenure (cut by demographics)
  2. Employment status (i.e., full-time, part-time, contractor) (cut by demographics)
  3. Management and leadership (cut by demographics)
  4. Salary (cut by demographics) – Raises and bonuses (cut by demographics)
  5. Board of directors (cut by demographics)
  6. Candidate pools and hiring funnels, by role (cut by demographics)
  7. Voluntary and involuntary attrition rates (cut by demographics)
  8. Promotion rates (cut by demographics)
  9. Formal and informal complaints (cut by demographics) – Complaint resolution status (cut by demographics)

 

As an executive placement firm specializing in workplace diversity, we ensure that our clients have a keen understanding of what it will take to create the best culture to create a sense of belonging for all cultures. We aren’t just an executive headhunter. We are committed to being the best D&I search partner that we can be. Give us a call if you’re interested in finding out more.