Hiring for diversity is not about tick box exercises, business optics or marketing. Diverse teams who work in inclusive and safe spaces bring with them different patterns of thought, approaches to work and problem solving capabilities, as well as a wealth of different experiences, stories and backgrounds that can be shared.
And practically speaking, in talent short markets such as cyber security, encouraging more people to the industry from underrepresented groups is becoming more and more important. In terms of organisational success (and ROI), there are numerous benefits to be gained from hiring a diverse workforce. However, it is not enough to simply recruit for diversity. Strategic planning and action is required to retain talent so that your business does not suffer high staff turnover, financial loss and/or loss of reputation.
Here, we present the many benefits of hiring from a diverse and wide-ranging talent pool and how it makes business sense.
REPUTATION - Showcasing your dedication to DEIB by making changes to your hiring practices and developing actionable and effective strategies around inclusivity will help you attract outstanding candidates in this talent short market. Be known as the company that goes beyond lip service - use your social media platforms, website and speaking events to tell people what you have accomplished, how and why.
PERFORMANCE - Hiring diverse teams (who are enabled to work effectively in an inclusive space) can result in greater productivity, innovation and therefore profitability. When your people feel secure and included, that’s when they feel safe to innovate. try new things, be bold. And that can lead to profitable initiatives. When a team feels heard and valued, productivity will increase.
Improving employees’ sense of belonging and putting the B in DEIB will result in improved employee retention, awareness of your brand, and of your reputation as a top employee, and will ultimately facilitate effective succession planning which is important if you want representation at the executive level..
RETENTION - Practically speaking, it is becoming crucial for businesses in the technology space to appeal to and attract diverse talent - the projection is that by 2025, 3.5 million jobs will remain unfilled*. Beyond this, however, are a plethora of reasons why it is imperative that businesses hire from underrepresented or marginalised groups and why it is important to think beyond this to the retention of the best in talent.
INNOVATION - A diverse workforce fosters an environment where innovation thrives. A Harvard Business Review study found that organizations with diverse teams are more innovative, generating 19% more revenue from new products and services than those with less diversity.
CREATIVITY - Diverse teams bring together individuals with unique backgrounds, experiences, and perspectives. A McKinsey study revealed that companies with greater gender diversity in their executive teams were 21% more likely to outperform their counterparts in terms of profitability.
CUSTOMER UNDERSTANDING - Diverse teams can better understand and connect with a diverse customer base. This enables more effective marketing strategies and a stronger connection with clients.
ENGAGEMENT - Inclusive workplaces tend to have higher levels of employee engagement. A Deloitte study found that inclusive organizations are twice as likely to meet or exceed financial targets, three times as likely to be high-performing, and six times more likely to be innovative.
SUSTAINABILITY - The sustainability of any business has people at the core. Just as with ESG, DEIB is crucial not just for individual organisations but for the future of this industry - the two are inextricably linked.
The first step to improving not just diversity hiring practices in your technology teams but the retention of talent from underrepresented groups, is to identify the key personnel who will make up the DEIB working party. Will it be HR only? Will it be HR and C Suite leaders? Is this a top down initiative with leading involvement from the Executive? We suggest that the latter approach is more powerful when creating a company-wide culture of inclusion.
It may help to think of this as you would a digital transformation - you may have good practice already at work, you may not be starting from scratch, you will have to audit what your business is already doing in terms of DEIB. And just as with digital transformation, this is about people, and it is an evolving initiative with no end point. It is a journey, a venture and a crucial part of your organisational success.
And as known voices in the DEIB space in technology, we are here to offer support and advice to those companies who see the real benefit of diversity in tech teams.
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