Diversity Hiring: Building Your Brand and Attracting Top Talent (It's Backed by Data!)

It is important to build a strong image in the talent-based market. However, wouldn’t it be straightforward if there was a way to improve the employer's image and draw in the most intelligent and brightest person? Welcome to the field of diversity hiring. Diversity is described by more than just race and gender; it encompasses various backgrounds, experiences, and perspectives. Companies improve their performances in a variety of ways by engaging different types of personnel.

The Data Speaks Volumes:

Did you know that a whopping 76% of job seekers consider a company's diversity when evaluating an employer?(source: Monster) That's a significant chunk of the talent pool that places a high value on inclusivity. But the impact goes deeper. Studies by Deloitte show that companies in the top quartile for diversity have 35% higher profitability than those in the bottom quartile (source: Deloitte).

Why? Here's the Secret Sauce:

Diversity creates an innovation culture. According to an analysis by Cloverpop, “on average, diverse teams make better decisions 87% of the time compared to individual decision-makers" (source: Cloverpop). The reason is that diverse perspectives are more likely to challenge one another’s assumptions and generate new ideas. Plus, a diverse workforce is more representative of your customer base. As stated in the McKinsey report, “more companies with proportional levels of gender and ethnic diversity are 33% more likely to outperform” (source: McKinsey & Company). Meaning that a better understanding of your customers’ needs and desires leads to more successful products and services.

Here's a real-world example: A study by Nielsen found that US businesses lose out on $1.3 trillion annually by not effectively marketing to diverse consumers. Imagine the potential gains from having a diverse workforce that can tap into these markets.

The Talent Acquisition Powerhouse:

It’s not only about the rainbow; it’s also a great acquisition strategy. 62% of applicants refuse offers from non-diverse companies (Source: Monster). Diverseness opens the doors for more professionals; use this advantage. Diverse teams attract more candidates. According to Glassdoor, two-thirds of job seekers say that a diverse team is important when evaluating a job. This is an alarming fact: only a quarter of underrepresented people get benefits from employers’ diversity programs. Therefore, it’s essential not only to add diversity to the team but also make it inclusive in every way, as the incapacity of company strategies are one of the reasons those people do not experience inclusiveness.

Success Stories in Action:

Many company leaders have enjoyed the benefits of diversity in recruiting. Accenture, a global professional services company hailed for its ground-breaking consultancy work, is a prime example. A diverse workforce was a major part of Accenture’s results. By 2023, the company’s world-wide workforce consisted of 50.8 percent women, and 26.2 percent of leadership were women (source: Accenture Sustainability Report 2023). Such openness nurtures innovative thinking as well as the ability to attract the greatest people, regardless of their backgrounds.

Taking Action: Your Roadmap to Diversity

Building a diverse team isn't magic, but it does require a proactive approach. Here are some actionable steps to get you started:

• Blind resume reviews: Eliminate unconscious bias by focusing on skills and experience.
• Diverse interview panels: Ensure a variety of perspectives are represented during the interview process.
• Targeted outreach programs: Partner with organizations that cater to diverse demographics.
• Diversity recruitment agencies: Leverage their expertise to reach a wider pool of qualified candidates.
• Employee Resource Groups (ERGs): Create communities where diverse employees can connect, share experiences, and contribute to company culture.

Remember, diversity is just one piece of the puzzle. Creating an inclusive workplace culture where everyone feels valued and respected is essential for success.

In summary:
There is not a single doubt that diversity hiring is not just right but also bright. You not only better the bigger brand, but you also draw the best of the best talent directly to you and eventually help drive business achievement at any scale. Therefore, what are you waiting for?

Ready to learn more about diversity hiring strategies? Connect with AfflatusHR Services Pvt. Ltd.