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Creating a diverse workforce can contribute to how a corporation or company brands itself, not just by improving business perceptions in the eyes of the public as well as improve internal operations of an organization.
Corporate participation in developing a diverse workforce is on the rise. According to a recent survey from Deloitte Insights, the proportion of executives who cited inclusion as a top priority rose 32 percent from 2014 to 2017. 38 percent of respondents also reported that a diverse workforce and inclusion efforts are driven by the CEO, increasing pressure on c-suite executives to pioneer efforts to increase diversity in the workplace.
Diverse teams made up of different inherent and acquired attributes can result in a variety of methods to address a challenge and foster innovation and creativity. But diversity recruiting can also help a company to reach its goals in other important and unexpected ways, including performance, recruitment, and increased decision-making abilities.
1. Performance
The Harvard Business Review reported that companies that display a diverse workforce are 45 percent more likely to have increased market share and 70 percent more likely to have captured a new market than those that did not.
Another study from the research firm McKinsey found that U.S. public companies with diverse executive boards have a 95 percent higher return on equity than those that did not.
Learn More: Four Benefits of Executive Recruiting Firms for C-Level Hiring
2. Recruitment
In a candidate market with historically low unemployment, it can be difficult to attract and retain top talent. A strong reputation for inclusion in a diverse workforce can help boost a company’s appeal to job seekers.
A recent survey from PwC found that 54 percent of women and 45 percent of men researched the diversity and inclusion policies of a company prior to accepting a job offer. Further, 61 percent of women and 48 percent of men researched the diversity of a company’s leadership team prior to accepting an offer.
3. Decision-Making
Relying on a homogenous workforce can restrict more inclusive problem-solving, limiting innovation and opportunities. A recent study found that teams made up of members of diverse gender, age, and geographic location have been found to outperform individual decision makers 87 percent of the time.
Establishing a diverse workforce holds many benefits, but one obvious benefit is the increase in available candidates to hire from. By working with a strategic staffing and recruiting firm, like Sparks Group, businesses gain access to a vast talent pool of qualified candidates to choose from.
As a certified LGBT Business Enterprise (LGBTBE), Sparks Group is itself a certified diverse supplier of contingent and full-time talent. If your organization is working to create a more diverse workforce, our recruitment experts can help manage your entire talent acquisition process and discover highly qualified candidates from our vast network of job seekers.
Connect with a staffing and recruiting expert to learn how working with a strategic hiring partner can foster long-term business success.
Sources:
1. https://www2.deloitte.com/insights/us/en/focus/human-capital-trends/2017/diversity-and-inclusion-at-the-workplace.html
2. https://hbr.org/2013/12/how-diversity-can-drive-innovation
3. https://www.mckinsey.com/business-functions/organization/our-insights/is-there-a-payoff-from-top-team-diversity
4. https://www.pwc.co.uk/human-resource-services/assets/documents/diversity-and-inclusion-reputation-2017.pdf
5. https://www.peoplemanagement.co.uk/experts/research/diversity-drives-better-decisions
