Need for Diversity and Inclusion Data Increasing Globally
The increase in Fortune 1000 companies asking for help with Diversity and Inclusion data has been increasing. I have been hearing more about this topic, especially since our very own Keith Shepherd wrote about it last month in the Avancos blog.
In it he refers to the top down drive to achieve a balanced and diverse workforce, and that got me thinking and asking questions over the last few weeks and wow, surprise, surprise, everyone has a corporate target to achieve but very few have a winning formula. They all admitted to having a strategy and a budget and a group of great people who are executing but the single most commented issue was we don’t know how to gain access them!
A close second was that they struggle with the number aspect of diversity. For example, why is 31% of female senior execs okay and 30% not? If the UK population is 13% black and minority ethnic am I considered to be failing if I have only 10% of my workforce from that background?
In another recent blog post Dave Hickman’s Diversity isn’t black or white, its GREEN $$$ or £££ or €€€. Dave talks about the social business and economic value impact of diversity and the concerns of ignoring the trends linked to the growth of diverse groups in the USA. He also challenges current thinking and short term behaviour of how to identify and attract talent, customers and build a winning strategy to be as innovative as Google but without having to spend an enormous amount of money.
So I come back to the conversations I have had over recent weeks and each person agrees that a diverse workforce drives their business forward in similar and positive ways. A recent study shows the key benefits of achieving a diverse workforce include:-
• Attracting recruiting and retaining people from a wide "talent" base.
• Reducing the costs of labour turnover and absenteeism.
• Contributing to employee flexibility and responsiveness.
• Building employee commitment, morale and discretionary effort.
• Managing better the impact of globalisation and technological change.
• Enhancing creativity and innovation.
• Improving knowledge of how to operate in different cultures.
• Improving the understanding of the needs of current customers and clients.
• Assisting in the development of new products, services and marketing strategies.
• Enhancing the organisation’s reputation and image with external stakeholders.
• Creating opportunities for disadvantaged groups and building social cohesion.
Source – www.oneworkplace.org.uk
However, each of them also said that they struggle with building pipelines of diverse talent, especially in STEM skills (Science, Technology, Engineering and Mathematics), and that sparked a conversation within Avancos around why we built Talent Intelligence all those years ago? Principally we built Talent Intelligence to allow companies to:
1) Gain Access to talent and insight for pivotal skill sets globally.
2) Differentiate their recruitment brand by first seeking to understand and then deploying the best possible strategy to achieve the desired outcome.
3) Allow companies to make better, more informed decisions around key talent criteria by having real time data unique to their business whilst also strengthening their internal capabilities and knowledge.
When we apply these fundamental beliefs to a diversity and inclusion agenda or strategy, guess what…..It works! Avancos has delivered numerous reports for Fortune 1000 clients to help them improve their business and we challenge all of you to do the same. So please feel free to call, mail, tweet, FB, LI or even come and see us.