Diversity, Equity & Inclusion (DE&I) issues are now more important than ever, and growing in visibility and importance in the workplace. A McKinsey Study shows that a diverse workplace not only supports social justice, but also facilitates creativity and bottom line results. A key finding - companies with greater diversity are 70% more likely to acquire new markets resulting in larger reach, sales and profit.
Many leaders now understand that there is power in diverse perspectives and recruiting for diversity in the workplace as they directly enable innovation, exploration and new perspectives. In the 2022 Diversity, Equity & Inclusion (DE&I) Pulse Check by CMP, 44% of the participants believed that having a diverse and inclusive leadership was a critical aspect of their workplace.
Joe Frodsham, CMP President, addressed this issue in a Forbes article in which he stated, “Leaders are the catalysts to creating diverse, equitable and inclusive environments. However, the first change needs to happen on the inside.” He proceeds to share a three-phased approach outlined in this Forbes article that offers a successful framework to coach leaders to drive DE&I change in the workplace.
Unquestionably, the benefits of recruiting for diversity are wide-ranging. Below are some of the leading reasons why it is important:
- Recruiting for diversity leads to gaining the best talent pool
Organizations embracing diversity have access to a broader range of candidates – this is so critical in a talent constrained environment. When employees with different experiences and backgrounds come together, it leads to greater collaboration, creativity, and innovation.
- Recruiting for diversity increases employee satisfaction and productivity rates
A 2020 Glassdoor survey reveals that 76% of current employees and job seekers consider a diverse workforce as an important factor when evaluating companies and job opportunities. When employees feel accepted for who they are, no matter their age, gender, ethnicity, or background, they are on average happier and more engaged in their work. A more open and inclusive workplace facilitates resilience, adaptivity and productivity.
- Recruiting for diversity accelerates decision-making
Recruiting for diversity increases your workforce’s range of talents, experiences and skills enabling you to better understand your customers and their needs. This inclusion of perspectives and different styles of problem-solving leads to 2X faster decision making that provides 60% better results.
While DE&I issues can be distinct for each individual company and industry, the best way to maximize business performance is to have focus on diversity complimented by inclusivity at all levels.
As a minority and woman owned firm, CMP provides DE&I services to support the development of leaders through assessment, search, innovative diversity coaching and career transition solutions. Click here to learn more.