Why diversity matters!
More and more research now reinforces the link between diversity and increase in company financial performance, but organisations are still fairly uncertain how they can utilise diversity and inclusion in the most effective way to support their growth and value-creation.
Yes, that’s correct. Having a more diverse workforce could increase your profitability! But, what can your company do to craft better inclusion strategies for a competitive edge?
Diversity in the workplace is a crucial attribute to any business and it comes in different forms. At its core, diversity is about embracing people of different races, genders and sexual orientations. Yet progress on diversification initiatives has been slow. It is firstly important to understand why diversity matters in the workplace.
You should consider a broader understanding of diversity, going beyond gender and ethnicity. June marks the celebration of Pride across the globe, commemorating the Stonewall riots, embracing all sexual orientations and is a form of diversity that needs to be better represented in the workplace.
With around 4 out of 10 LGBTQ workers report they felt bullied at work, a statistic which is 11% higher than the national average! Even more shockinglyaround 41% have reported leaving a job as a result of feeling bullied!
Market reports have consistently shown that there is a decline in candidate availability as many are reluctant to move due to the uncertainty of Brexit. If this is the case retaining any and all staff is of the up most importance. Securing the most talented professionals will require employees to take on a new, innovative approach to access more diverse talent pools.
Organisations that embrace diversity in the workplace are not only more productive they are also more creative and possess competitive advantages and have a longer-term value creation (or economic profit).
While 85% of employers are saying that increasing diversity in their workplace is a priority, almost half (46%) don’t have strategies in place to attract diverse candidates.
So, what tools and new technologies can you use to help your business reach new sources of talent, explore strategies to develop a company culture that embraces diversity and addresses the hurdles faced when creating a collaborative and diverse workforce?
Employers should consider the use of words in job adverts. Studies have identified that some words or phrases can subconsciously put off professionals from certain backgrounds.
Also, incentives for existing staff to refer new candidates to the business could be an effective tool. This stems back to ensuing that you have a sound internal diversity and inclusion strategy, if your employee’s truly believe in it they will be able to constantly and consistently get this across externally.
Recruitment consultancies can be highly effective at helping employers connect with a more diverse range of candidates, more than half of businesses do not currently ask recruiters to provide diverse shortlists, potentially missing out on the opportunity they offer to access more diverse networks.
Around 45% of employers believe that their current recruitment tools are ineffective at helping diverse candidates find their company. Diversity is deeply imbedded in our culture at Cherry Professional. As your recruitment partner we will work with you to develop understanding of your business and what is important to you. With 61% of employers agreeing that partnering with a diversity organisation can help them reach broader talent pools, will you join them?
Finally, make a lasting impact when recruiting and ensure the message is shared throughout your company – embrace diversity not because it could improve your bottom line results, not just because it is ethically correct but because it is the right thing to do, in a world where you can be anything chose to be kind!
If you would like to see a copy of our Diversity and Inclusion statement, please get in touch!