How to Lead the Charge in Corporate Diversity

Learn what the thought leaders at MSH have to say about why corporate diversity should be at the forefront of your talent strategy.

Oz Rashid
Mar 10, 2023
# mins
How to Lead the Charge in Corporate Diversity

How to Lead the Charge in Corporate Diversity

Learn what the thought leaders at MSH have to say about why corporate diversity should be at the forefront of your talent strategy.

How to Lead the Charge in Corporate Diversity

Learn what the thought leaders at MSH have to say about why corporate diversity should be at the forefront of your talent strategy.

As  the world navigates through a highly divisive political climate, a spotlight  has been shown upon the importance of diversity in our corporate landscape.  Because of this, we regularly see companies being slammed in the news for  their inability to meet key diversity metrics. They're feeling  pressure from both stakeholders and talent communities alike to meet  ever-more stringent diversity targets.

This dynamic shift is revealing an opportunity for companies  across the globe to take a closer look at their diversity initiatives. In  order for organizations to keep pace in this increasingly diverse world of  work, a new focus, clarity, and dialogue must be had around corporate  diversity goals.

What is Corporate Diversity?

Defining corporate diversity is complicated, as it can mean  something different to each individual organization. In essence, however,  diversity is all about maximizing the variety in your workforce by hiring a  wide range of people with different skill sets, backgrounds, and more. While  qualities such as gender and ethnicity are often key diversity targets,  variety can come from a number of different personal qualities—things  like languages spoken, nationality, or socioeconomic status. Organizations  need to coordinate a highly organized effort that's based on  current data, enforced by senior management, and driven by a vision  that's both clear and realistic in order to accomplish their  diversity goals.

Why Diversify?

Diversity of perspectives, experiences, cultures, genders, age,  and more is critical for an organization's ability to grow and  prosper. Why? Because diversity breeds innovation - and innovation  breeds business success.

In fact, <a  href="https://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters">research  from McKinsey</a> shows that gender-diverse companies are 15% more  likely to outperform their peers. Ethnically-diverse companies are 35% more  likely to do the same. Further, companies with greater corporate diversity  are proven to be:

  • 1.8 times more likely to be  <strong>change-ready</strong> and 1.7 times more likely to be  <strong>innovation leader</strong><strong>s</strong>  in their market
  • <strong>2.3 times higher cash flow</strong> per  employee over a three-year period
  • 3.8 times more likely to be able to <strong>coach people  for improved performance, 3.6 times more able to deal with  personnel performance problems, and <strong>2.9 times more likely to  identify and build leaders</strong>

A diverse workforce can yield a number benefits to the bottom  line. For example, with greater talent diversity, an organization can better  understand the needs and desires of a wider range of populations. This, in  turn, allows the organization to expand their services and tailor their  marketing efforts in a way that will reach a wider customer base, leading to  potentially more sales and directly impacting their bottom line.

Diversity Hiring How-To

While it's certainly a step in the right direction,  simply including an equal opportunity statement on your job descriptions will  not yield the diversity results you likely seek. But how exactly can your  talent acquisition team build a more diverse workforce? Here's a  quick overview of MSH's top diversity best practices.

<strong>Step 1: Assess &  Benchmark</strong>

The first step in improving corporate diversity is to identify  where your organization currently stands when it comes to diversity. Once you  have a clear perspective of your current corporate diversity, you can then  compare it to where you want to be. The key question is this:  "what does good look  like".

To answer this question, you must know the industry standards,  your hiring patterns and preferences, as well as what the competition is  doing - information that's gathered through general  research, anonymous surveys, and third-party assessments. This data then  generates a benchmark that can be used to create a gap analysis, which will  ultimately illustrate where your company is successful and where there's  room for improvement.

<p>You might also consider assessing your employer brand. This will  help to shed light on the audience(s) your brand currently appeals to and  reveal recommendations to better position your company for attracting a  diverse pool of candidates.&nbsp;</p><p><br></p><p><img class="fr-dib fr-draggable"  src="/user_area/uploads/Artboard3.png"></p><p><br></p><p><strong>Step 2: Establish Agnostic  Processes</strong></p><p>To maximize diversity, all recruiters should be trained in  unbiased profiling, efficient hiring techniques, and inclusion initiatives.  These trainings will enable your hiring team to attain talent from across the  world without focusing on race, age, sex, nationality, or  education.</p><p>By offering unconscious bias training and development to  recruiters, your company can create an awareness of potential biases and  develop checks to control that behavior. Teaching interview techniques such  as the STAR methodology can help create consistency among all applicants, and  level the playing field. Neutral job descriptions can also go a long way in  building a pipeline of diverse candidates.&nbsp;</p><p>You might also consider establishing a recruitment process that  involves blind candidate submissions to facilitate unbiased prescreening. Or,  if you&rsquo;re actively seeking to improve a specific diversity metric,  you might ask recruiters to put fourth the best diversity candidates, or  highlight those who match diversity criteria when handing off top candidates  to hiring managers.</p><p><strong>Step 3: Target &amp;  Track</strong></p><p>Select targeting allows your company to identify and focus on the  specific diverse qualities that you are missing. This is done by finding  specialists across the world that match both your criteria and business  culture.</p><p>Whether you&rsquo;re handling recruitment internally or using  a third party, it&rsquo;s important to ensure that recruiters <a  href="http://www.talentmsh.com/Our-Solutions/Candidate-Intelligence">track,  report, and analyze all candidates</a> they speak with to help your  organization capitalize on the most dynamic individuals in their field. Some  information you might consider tracking to better understand candidate  capabilities include:</p><ul><li>Location &ndash; Where do they currently live and where do  they work?</li><li>Education &ndash; University, diplomas, certificates,  specialization, etc.</li><li>Languages &ndash; Mother tongue, fluent, proficient,  beginner, etc.</li><li>Nationality &ndash; Where were they originally  from?</li><li>Citizenship(s) &ndash; Do they have multiple  citizenships?</li><li>Relocation/Travel &ndash; Are they open to traveling or  relocating?</li><li>Years of Experience</li><li>Job History</li><li>Gender</li><li>Current Job Title</li><li>Civil Status</li><li>Age</li></ul><h4>MSH: Practicing What We Preach</h4><p>At MSH, we take diversity seriously. We are a proud member of the  National Diversity Board and pride ourselves in recruiting top talent from  around the world. We believe a diverse environment is crucial for creating  internal innovation and business growth.</p><p><br></p><p><img class="fr-dib fr-draggable"  src="/user_area/uploads/Artboard4.png"></p><h4>The Time to Take Action on Diversity is Now</h4><p>As diversity continues to become more of a focus in the talent  acquisition space, it means competition for candidates will increase.  There&rsquo;s no better time to integrate a focus on diversity into your  talent strategy.</p><p>In reality, if you&rsquo;re not leading the charge when it  comes to corporate diversity in your industry, you can bet your competition  is.</p><p>To learn more about corporate diversity hiring best practices, and  how your organization can get started implementing best-in-class diversity  hiring techniques, <a  href="http://www.talentmsh.com/Contact/">schedule a consultation  with MSH today</a>.</p><p><strong><br></strong></p><p><em><strong>MSH is an industry-leading talent  solutions firm, providing strategic talent acquisition and consulting  services to organizations around the world. Established in 2011, MSH aligns  people, processes, and technology with overall business  objectives.</strong></em></p><p><br></p>

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