Diversity in recruitment is no longer a nice to have, but a need to have. For companies that want to attract and retain top talent, it’s a must.
Today, seventy-six percent of job seekers say that a diverse workforce is critical to evaluating a job offer. On the flip side, 32 percent of job seekers would not apply to a job where there is a lack of diversity, with a higher percentage (41 percent) of Black and LGBTQ candidates refusing to apply for jobs at a non-diverse organization.
With diversity, equity, and inclusion, DE&I, topping the list of most employers, improving diversity in recruitment is paramount.
Keep reading to learn more about three reasons your organization should improve diversity in recruitment.
1. Grow Your Talent Pipeline
With high demand for top talent, diversifying your recruitment methods can help you grow your talent pipeline, helping you find hard-to-find talent while increasing your team’s skills, synergy, innovation, and engagement.
However, a recent LinkedIn study shows that while 69 percent of recruiting professionals believe their companies are “more committed” to diverse hiring. And only 47 percent believe that their organizations are being held accountable for interviewing diverse talent.
When thinking about how to improve diversity in recruitment, consider the following when building your talent pipeline:
- Ensure that your job descriptions use gender-neutral language to show your commitment to DEI.
- Leverage diverse talent platforms when posting job openings, such as Black Career Network, HireLatinos.org, or InHerSight.
- Encourage diverse referrals from your employees.
- Incorporate a structured interview process into your recruiting methods.
- Recognize and prevent unconscious biases when attracting talent.
- Ensure that your interview panels include diverse employees and leaders.
Companies that embrace these diverse recruiting methods will benefit from a larger talent pipeline than those that don’t.
2. Increases Your Bottom Line
With DEI at the forefront of recruiting professionals, attracting job candidates with diverse thoughts, backgrounds, and experiences can increase your bottom line.
In a study, McKinsey found more diverse companies are more than likely to outperform less diverse companies when it comes to profitability.
Specifically, organizations with more than 30 percent female executives were more likely to outperform organizations with less than 30 percent female leadership. Additionally, companies in the top quartile for ethnic and cultural diversity outperformed organizations in the fourth quartile by 36 percent.
Improving your diversity in recruitment naturally leads to more inclusive and diverse employee teams, allowing your organization to enjoy bottom-line benefits.
3. Improve Your Company’s Brand
Organizations with a reputation for diverse recruitment are more likely to have an improved company brand than those that don’t. And, a strong company brand goes a long way in recruiting diverse job candidates.
According to Forbes, almost 30 percent of talent professionals believe that a “weak” employer brand negatively impacts their hiring goals.
So it’s no wonder that close to 70 percent of recruiting professionals say a top priority is investing in their employer brand.
Let’s take Millennials and Gen Z, for example. According to Pew Research, these younger workers “demand respect, equity and inclusion,” and they’re enforcing these demands by where they work. So working for a company that prioritizes DEI is key for these employees, as it’s imperative to their beliefs and expectations.
This post was originally published by Cangrade.