Resources: Guide
Inclusive Diversity in Hiring Guide.
This guide outlines steps you can take to move the needle in D&I, informing your strategy and achieving your D&I goals – Inclusive Diversity in Hiring is key.
While it has been proven time and time again that diverse and inclusive teams are more effective than teams who have the same experiences and perspectives (they generate more revenue, make better and faster decisions, drive more innovation), many employers have still made little progress with D&I. And according to Gartner, less than 40% of recruiters say their function has implemented a D&I strategy.
We are in an era of social change, where important movements like Black Lives Matter and MeToo have drawn increasing attention to companies where Diversity and Inclusion (D&I) is a statement, but not a strategy, demanding systemic change. At the same time, the Covid19 pandemic has impacted our economies, demanding a level of business agility and sustainability unimagined just a short time ago — and D&I is one of the keys to making it through.
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Research – as captioned in this guide – has found that companies that remained diverse and inclusive during the Great Recession (in terms of diverse workers’ experience and representation in different ranks) did better financially during and after it, with as much as a 4x better stock return after the Great Recession than the S&P 500 at that time. D&I is a company’s mission, strategies, and practices to support a diverse workplace and leverage the effects of inclusion to achieve a competitive business advantage. You can think of Diversity as the “who,” and Inclusion as the “how.”
Diversity
It is about who you are sourcing, selecting, and hiring; who you are engaging, retaining, developing, and promoting. Diversity is any dimension that can be used to differentiate groups and people from one other, such as age, gender, ethnicity, religion, disability, sexual orientation, education, national origin, first language, and so on. This video will help you truly understand how to go about doing this and the evidence that exists to back it up.
Inclusion
It is about how you are culturally and socially accepting and welcoming everyone, how you are creating a sense of belonging for all, and how you are ensuring everyone feels valued. Achieving both Diversity and Inclusion is key to driving the best performance. D&I is not just a set of tactics. It’s a strategy that, when successfully implemented, can create significant business impact. This guide makes this easier to understand so that Inclusive Diversity in Hiring can more easily be achieved.
Diverse and inclusive workforces are:
- More profitable: McKinsey studies found that the profitability difference between the fourth and first quartile of performers due to executive-level diversity was +21% for gender diversity, and +33% for ethnic diversity.
- More likely to perform better: Research by CEB found that gender diverse and inclusive teams outperformed gender-homogenous, less inclusive teams by 50%.
- More innovative: Research published in Harvard Business Review found that more diverse companies deliver 19% higher average innovation revenue.
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