“We all should know that diversity makes for a rich tapestry, and we must understand that all the threads of the tapestry are equal in value no matter what their color.”
– Maya Angelou
Acting on building an inclusive workforce involves working on strategies and processes related to 3 key areas: recruitment, hiring and retention. Recruitment strategies aim to develop a diverse talent pool, while hiring processes work to minimize or eliminate any biases or barriers to bringing in individuals from marginalized communities as part of the workforce. Retention seeks to establish strong support systems to ensure recognition, support and acceptance of the diverse workforce so that they can contribute to a trustworthy and compassionate workplace.
A study from McKinsey & Company shows that racial and ethnic diversity has a stronger positive impact on financial performance in the United States than gender diversity: for every 10 percent increase in racial and ethnic diversity on the senior-executive team, earnings before interest and taxes (EBIT) rise 0.8 percent. In addition, an institution’s diversity, equity and inclusion(DEI) commitment is a requirement for over 86% of job candidates, particularly for millennials and GenerationX. Organizations that focus on achieving their diversity and inclusion goals foster increased productivity and innovation.
In order to create a workplace environment that allows employees from diverse backgrounds and intersectional groups to thrive, educating ourselves and existing staff on the importance of advocating for inclusion is very critical. It is imperative to ensure that all employees are encouraged to have courageous conversations, be it as part of a search committee, or while engaged in small discussion groups. Building an inclusive workforce is the responsibility of each individual, and this also helps them be accountable for their actions.
Move from Intentions to Action
Learn more in November’s ACT session.