Diversity and inclusion are important in building company value. If companies do not intentionally attract and retain a wide range of talents, they will lose the ability to innovate, compete, and thrive.
If you are an employer, are you lost on how to embed diversity and inclusion into your recruitment policy?
Article Road Map
- What Are Diversity And Inclusion?
- The Impact Of The Workplace Diversity And Inclusion
- Economic Impact Of Diversity And Inclusion
- Steps To Embed Diversity And Inclusion Into Your Recruitment Policy
- Measure Your Progress
What Are Diversity And Inclusion?
A diverse and inclusive workforce is what makes everyone, no matter who they are or what they do in the business, feel equally involved and supported in all areas.
In the current context of high unemployment and social unrest, employees need to expand their workforce by recruiting people based on their abilities and skills and taking full advantage of the diversity of resources (Humans) available.
The Impact Of The Workplace Diversity And Inclusion
A diverse and inclusive work environment has many benefits. For example, it increases common sense and benefits from the wealth of talented people with different backgrounds, ideas, and perspectives which tend to solve problems quickly and encourage innovation.
An inclusive work environment also builds character, strengthens creativity and innovation, promotes collaboration, and reduces employees’ desire to resign.
A Gallup report on “The Three Needs of Different and Inclusive Culture” confirms this: “Organizations with diverse and inclusive cultures create a competitive advantage by inviting and embracing a wide range of domains, knowledge, and ideas.
Economic Impact Of Diversity And Inclusion
It is well-known that diversity is the key to the company’s economic success. Its prosperity depends on its ability to successfully employ, integrate, and retain diverse and inclusive employees.
Such an organization aims to create a culture of acceptance where employees do not feel skeptical but that their contributions are valued and that there are no limits to their aspirations.
McKinsey’s study of the importance of diversity finds that companies at the highest level of racial and ethnic diversity have a 30% chance of making more money than those in the middle of the industry, while those with a higher level of gender diversity have a 15% chance of financial improvement than the relevant national industry coordinators.
In addition to McKinsey, the Boston Consulting Group found that companies that reported above the average in their diversity management also reported that innovation revenue accounted for 45% of total revenue, which was 19 percent more than the 26 percent reported by below-average companies.
Both of the above studies yield positive results. However, companies often have procedures and policies that must meet compliance standards, but they mostly dont need a buy-in leadership.
“Diversity and inclusion programs need to be driven to the top, enforced at the middle management level, and reflected at the grassroots level,” said Dr. Lily Benjamin, chief financial officer, in an interview with ‘The Balance.’
“The commitment of the elite must be reflected in the resources, ethics, and practices that are in line with the diversity and vision of inclusion; then, it must be distributed to the whole organization so that it may be experienced by all staff.”
Steps To Embed Diversity And Inclusion Into Your Recruitment Policy
In another McKinsey study, “Providing Diversity,” the companies surveyed agreed that improving the representation of diverse talents within their levels and making effective use of inclusion and diversity as a way to empower business is particularly challenging.
Despite this, businesses around the world have been able to “make significant progress in the integration and diversification of all their organizations, and have been reaping the benefits of their efforts.”
Most hiring managers are aware of this and know there is no quick solution to this problem, but there are steps they can take to accomplish this.
1. Check The Company Structure
Who are the top officials? Do they reflect the communities demographics? What do their planning skills look like? When it comes to women, are they in line for the roles of workers?
Studies have shown that women are less represented in American companies despite being more likely to have a college degree than men.
Also, when it comes to women of color, especially blacks, it is even worse. They face a dual responsibility: bias that keeps them from high corporate leadership levels and poor representation in high-level groups in general.
According to a U.S. sample in McKinsey’s Delivering Through Diversity report, black women executives are twice as likely to be in staff positions, earning and entering the executive.
The sample also indicates the absence of black female CEOs. This is one of the areas to consider if a company is committed to hiring a wide range of employees.
2. Get Rid Of Myth Or Disbelief In Talent
Wells Fargo chief executive Charles Scharf was recently criticized for saying, “the sad fact is that there is a lot of black talent to be employed.” This is an excuse. Instead, Scharf should ask, “Where can we get talent?”
Sinclair told Balance, “Don’t expect everyone to come to your organization. Companies must do the work needed to attract a wide range of talent.
Entering a job posting and waiting to see what happens is not enough. Companies must constantly work to ensure that they seek, collaborate, and invite various applicants to apply.”
A report by Lean In Women in the Workplace and McKinsey notes that “White women face many obstacles and a direct path to leadership, from receiving little support from management to gradual promotion.” It’s time to diversify by looking for raw talents despite the gender, race, or color
3. Maintain Neutrality
Sometimes someone’s name or a particular zip code does not affect the candidate’s performance. Studies have shown that job applicants with English names are more likely to get callbacks than those with Indian or Chinese names.
The name is an important part of a person’s identity, and candidates should not be forced to change theirs.
Organizations should train their employees to recognize their bias, learn to correct their behavior, and, at the very least, maintain this bias.
Our knowledge greatly influences our ignorant bias. We make automatic considerations, and sometimes this turns out to be wrong.
4. Avoid Preferential Language In Job Descriptions
When writing job descriptions, sift through them with diverse ad inclusive lenses. Check to see if the words used contain gender-based language such as “anger,” “support,” or “competition.”
Limit the number of qualifications in the job description, or write only the skills that are really needed in the field. Remember that a job description may be the first interaction a candidate has with a company. So why not make the experience positive.
5. Be Honest And Open
There are no quick solutions, and there will be wrong steps. People will feel uncomfortable, but companies should be open about their mistakes. People value authenticity, even companies.
6. Recruit To Retain
Hiring a diverse and inclusive staff should not be just checking the box or meeting assignments. When a company focuses on those optics, it loses the larger staff’s talents, accomplishments, and power.
Think about how you can retain your staff. Ask yourself, ‘Do they have to go to a workplace where they can feel good about themselves, or do they have to hide their identity at work? Is the environment a place where they can thrive?
7. Experiment With Blind Recruitment
When it comes to judging job seekers, employment bias may sometimes arise, as noted above.
Blind recruitment, while not a complete program, is a tool a company can use to reduce uncertainty in the hiring process.
When identifying features such as names, schools you attended, and country of birth is removed from resumes or CVs, employers can access the skills, talents, and expertise of all applicants, not just those who feel familiar with them.
According to some experts, poor-looking employment can open the door to unexpected employment.
Therefore impacting your work ethic and helping ensure that women, young people, and people with different backgrounds have equal opportunities to show their talents and get accepted is likewise essential.
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Measure Your Progress
McKinsey’s report on “Giving Diversity” states that many companies strive to raise the representation of diverse talents, gain insight into where their organization are most important for diversity and create an inclusive corporate culture to reap diversity benefits.
According to Drs. Benjamin, diversity, and inclusion are basically not intended but to give equal opportunity to all.
“In order to provide equal opportunity across the organization, managers should get to know employees by having (personal) discussions to better understand the set of unique skills, desires, and learning spaces that each employee should have,” he said. “
It is important that others create opportunities and that one is supported so everyone can succeed; that is about equality.”
Hopefully, you now know better how to embed diversity and inclusion into your recruitment policy.
You should know that diversity and inclusion are not always comfortable conversations, but when managed by senior leadership, it provides the reality that the company is committed to the system.