Diversity isn’t only good news for employees – businesses reap the benefits when their culture is inclusive.
We all know we should be doing more to make the world, and the workplace, a more inclusive place to be. If inclusivity seems to be low on your organisation’s list of priorities, here are the stats the C Suite needs to see.
The Current Landscape
It would be fair to argue that things are slowly improving; the Disability Equality Index (DEI) in the U.S. has revealed 126 out of 145 companies scored a 100 rating when it came to the inclusion of people with disabilities, representing 7.8 million employees. 94% of DEI companies also reported having a senior executive who has a disability and/ or is a champion for people with disabilities. This certainly represents a positive change from ten or twenty years ago, but there are still more disheartening statistics; just 18.7% of people with a disability are employed. Employment statistics have remained static for this group while most other groups’ employment statistics have risen.
In the UK, over 50% of all FTSE 100 firms do not have a single director from a minority ethic background. In fact, just 8% of FTSE 100 directors (there are 1,087 of them) are non-white. Women account for just 12% of executive team members.
The Case For Change
As well as being an ethical and moral imperative, McKinsey research shows that companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their industry average. On the flip side, companies in the bottom quartile are less likely to achieve above-average returns. This alone proves that diversity isn’t just a ‘nice-to-have’ – it’s a commercial differentiator which could mean the difference between outperforming competitors or sliding down the business food chain.
Some companies have been accused of embracing diversity for the optics and PR opportunities alone, but studies show that diversity of thought is far more valuable for both employees and businesses than simply having a mixture of people in the same building. Different viewpoints, opinions and life experiences mean that teams approach problems in a multitude of different ways, ensuring that blind spots are covered and that all avenues are explored. It’s been proven that diversity of thought is fundamental in encouraging successful innovation, which is a business imperative in today’s rapidly changing digital and technological landscape.
How Talenytics Helps Diversity & Inclusion
Recruitment bias is a huge detriment to fostering a culture of diversity and inclusion. Unconscious bias is present in all of us, and stems from our upbringing, life experiences and cultural surroundings, but it is possible to mitigate its effects. Staff training is a great first step, but humans are instinctive creatures, and technology is perfectly placed to ensure that our subconscious prejudices are kept at bay.
Talenytics ensures that all candidates have a level playing field, and that the candidate who is hired is the one who most closely aligns with the job brief. Hiring managers and recruiters are prompted to explore their reasoning for not hiring the most closely-aligned candidate, and the transparent Q-Chart™ system allows hiring patterns to be tracked and analysed. Lifting the veil on why we hire the people we do and what incentives we have for rejecting qualified candidates is something that’s long overdue. Talenytics is the ideal solution for any organisation wishing to become self-aware, fair, and inclusive.
See how Talenytics could improve your inclusion
Content Marketing Specialist
Gianna is a copywriter with degrees in English and Marketing. She is passionate about the ever-evolving world of technology, and uses her skills to research the latest industry trends and insights.