The Beginner’s Guide to Building a More Inclusive Workplace
You’re thinking about improving your company’s inclusiveness — that’s great! Though it may seem tough, creating a more inclusive and diverse workforce at your company is actually easy if you just follow simple steps.
But first, why hire diversity?
Consider these quick facts:
• 2/3 of job seekers consider a company’s diversity when making decisions about where to work (Glassdoor, 2014)
• Organizations with inclusive work cultures are 2X as likely to exceed their financial targets (Bersin by Deloitte, 2017)
• Companies with diverse leadership are 33% more likely to outperform competitors (McKinsey Analysis, January 2018)
• Companies with the highest share of women in senior management achieve 41% better return on equity and 56% better operating results (Lois, J. And Carter, M.N., 2007)
So now that you now WHY to hire diversity, let’s talk about HOW — in five simple steps.
1. Level the playing field
Referrals are helpful, but they can be biased. Most jobs are never posted online, so current employees play a big part in who gets hired — and who doesn’t. If the majority are from one demographic, referrals can quickly skew diversity.
2. Adjust how you hire
Research shows the hiring process itself is biased, and White-sounding names are even 50% more likely to receive interview requests than Black-sounding names. While unlearning bias takes time, consider software and other digital tools to combat bias during the hiring process.
3. Grow diversity with mentorship programs
Even earlier in the hiring process is recruitment. Collecting a diverse pool of recruits starts with internships and mentorships for women and minorities. Here’s a great reason why: studies find firms that implement special recruitment and mentorship programs for women and minorities see a 9-24% incense in minority representation in management.
4. Be a better manager
No matter what, sticky situations are bound to happen. Make sure your company has a solid process to put in place for employees to make confidential complaints — and be transparent during follow-ups. Diversity training can help employees embrace inclusion and be better coworkers to all.
5. Celebrate all cultures
Sure, nearly all employees get Christmas and Thanksgiving Day off, but many multicultural holidays are rarely designated as paid days off. One great solution: flexible time off. Providing floating holidays to accommodate all cultural holidays and religious days creates a better culture of diversity.
Want to learn more? Join the Council for Inclusion in Financial Services. It’s our mission to increase awareness of the social and economic benefits of multiculturalism within the financial services industry. We believe in creating a more inclusive workforce, providing equal access to business opportunities and improving community well-being.
Find out more at councilforinclusion.org.