May 27, 2021
At BLEND360 we get the chance to partner with companies of all kinds. With clients that range from start-up to Fortune 100, we have the special privilege of building diverse teams across diverse workforces. If there is one trend that we are seeing as universal in the industry, it is that D&I efforts are becoming paramount to the success of growing companies. As both employers and employees attempt to navigate these waters, there are some important metrics to consider.
A recent SHRM article here revealed that “70% of employees want to work for a company that demonstrates a commitment to diversity and inclusion”. And “47% of talent professionals told LinkedIn that hiring managers are not being held accountable to interviewing a diverse slate of candidates.”
That means if companies do not start implementing D&I within their recruitment strategy, talent will likely find another company that does. This social value, according to the trends, is here to stay. The question then becomes, how are companies engaging in the conversation? There may not be a perfect solution, but employees are looking for companies willing to engage in the conversation.
For shareholders who are calculating the investment of D&I into their HR process, it may also prove fiscally beneficial to consider making D&I efforts sooner rather than later.
A recent McKinsey report here called Diversity Matters examined proprietary data sets for 366 public companies across a range of industries in North America and two additional countries. In their research, they made two discoveries:
Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians.
Companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians.
This is great news. Not only do employees want to see diversity in their companies, but diversity also increases productivity and profitability within companies that implement D&I strategies.
If you want more examples or additional insights on implementing D&I strategies into your recruitment process, we would love to speak with you. We are deploying our own best practices and finding innovative ways to create a diverse pool of great candidates. Please reach out to us @BLEND360 for further discussion on what we are seeing in the marketplace.