Most companies fail to meet their Diversity, Equity & Inclusion goals. Situational factors, privilege, and implicit bias drive inequality. Companies that address the circumstances that lead to inequality ultimately reinforce the shared experience of living in our society. Eventually, everyone in the organization will feel more valued.
Diversity in the workplace is good for the bottom line, according to McKinsey and Company. Companies with gender diversity at the executive level were 21 percent more profitable than their less diverse competitors. Companies that fail to cultivate gender and culturally-diverse teams perform up to 29 percent worse than their competitors.
There are no disadvantages to diversity in the workplace. Businesses can better withstand unexpected challenges, such as a pandemic, when they leverage the benefits of diversity. Companies with a diverse workforce will benefit from the different perspectives and experience their employees bring to the table. Leveraging elevates diversity from a numbers game for compliance to a comprehensive diversity hiring and development strategy.
Companies that understand the importance of hiring and retaining the right employees are more successful. The first step to employing a diverse workforce is an effective hiring process that includes diversity as one of its primary goals. Your hiring team should understand and dismantle their implicit biases to have a genuinely inclusive workplace. Technology may help you avoid implicit bias in your candidate selection.
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Source: https://www.humanresourcestoday.com/diversity/?open-article-id=16058393&article-title=why-diversity-hiring-is-important&blog-domain=exacthire.com&blog-title=exacthire
