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Does it pay to recruit with diversity in mind?

Insight | Diversity | HR | Talent

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Is diversity a significant aspect of your recruitment strategy? If not, you may be hindering your company’s future productivity and success.

Although this may come across as an exaggeration, there is a wealth of evidence showing that businesses that take this issue into consideration are typically more successful than those that do not.

Diversity within companies can contribute to better performance, so developing a recruitment strategy with that in mind is highly advisable.

In recent years, diversity of talent has become one of the most discussed factors of hiring as businesses begin to better understand why it is so important to attempt to introduce a more diverse workforce.

Diverse companies “outperform” others

Deloitte’s High-Impact Talent Management Report 2015 highlighted the benefits of diversity being an important aspect of hiring, stating that “companies that embrace diversity and inclusion in all aspects of their business statistically outperform their peers”.

It also found that companies with the strongest commitment to diversity in hiring see 2.3 times higher cash flow per employee over a three-year period than other firms. They are also 1.7 times more likely to be innovation leaders in their field, and 3.8 times more likely to be able to coach their staff to improve performance.

Meanwhile, McKinsey & Company have found that companies with a diverse hiring policy are 35 per cent more likely to deliver a financial performance above the national median for their industries. According to the Diversity Matters report, businesses in the bottom quartile are statistically less likely to achieve above-average returns.

How diversity contributes to success

The importance of making sure your workforce is not comprised of the same sorts of employees - whether that’s the same gender, race or culture - has been stated in financial terms. But why is this the case?

One factor influencing more success within diverse companies is the fact people of different backgrounds come to the table with various ways of thinking. They will have different life experiences, which will contribute to more variety in the sorts of ideas being presented.

A business with too many similar workers will struggle to come up with new ways of addressing certain issues and problems, which can lead to innovation being hindered. When new ideas are lacking, it leaves companies open to being overtaken by their competitors. Indeed, the Harvard Business Review found that businesses with more diverse workforces are more able to think “outside the box”.

Introducing more diversity

McKinsey & Company said that it believes more diverse companies are “better able to win top talent and improve their customer orientation, employee satisfaction, and decision making”, which leads to a cycle of increasing returns.

The research company said that this then suggests other kinds of diversity - for example, in age, sexual orientation, and experience (including a global mindset and “cultural fluency”) - are also likely to result in a level of competitive advantage for those companies capable of attracting and retaining diverse talent.

For a business to introduce more diversity in its workforce, it should be looking to take a top-down approach. Bringing more diverse leaders on board is a good way of kicking off a new recruitment strategy, one that avoids homogeneity in its staff.

Ensuring that you are being culturally sensitive in your recruitment efforts will help to make your workplace a more appealing prospect to candidates. The Wall Street Journal advises “emphasising details that will attract a more diverse candidate pool” within your organisation.

If you can take this on board and work to improve diversity, your business could see significant benefits.


SOURCES
http://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters
https://hbr.org/2013/12/how-diversity-can-drive-innovation
http://guides.wsj.com/management/building-a-workplace-culture/how-to-increase-workplace-diversity/

Posted by Jon Aspinell on 29th August 2017

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