Monthly Archives

June 2019

How Diversity and Inclusion Turbocharges Talent Acquisition

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One of the most frequently asked questions during our monthly Q&A sessions is why employees leave and how Diversity and Inclusion can help companies attract top talent. Here is how your organization can transform its brand and culture and forever improve Talent Acquisition efforts through Diversity and Inclusion.

Leading inclusively for employee retention

 

The war for talent starts (but definitely doesn’t end) with branding.

Companies around the world are increasingly leveraging their culture as a differentiating factor, ensuring their external branding reflects a culture that appeals to top talent. According to LinkedIn, 80% of talent acquisition managers believe that employer branding has a significant impact on the ability to hire great talent.

With that said, 50% of candidates say they wouldn’t work for a company with a bad reputation – even for a pay increase. Many companies fail to ensure their leaders are leading inclusively. This results in high attrition rates, particularly among diverse demographic groups, which quickly begins to undermine diversity recruitment efforts.

A Columbia University study shows that the job turnover at organizations with a strong company culture is a mere 13.9%. Compare that to the staggering rate of 48.4% turnover at companies with a poor culture.

Employee turnover stats

 

Good Talent Acquisition is the product of a strong brand that is upheld by a stronger culture

Research aside, it’s generally harder to attract top talent if an organization is struggling to retain its current talent. A positive external brand will only get you so far if organizational culture is not inclusive. Inclusive leadership positively impacts employee engagement, satisfaction, productivity, and retention.

Employees that are happy create the strong backbone of organizational culture. They become your organization’s most credible advocates and establish the authenticity of your external branding.

As always, we would love to discuss this topic with you and answer your questions in the comment section below. Our team also hosts monthly Q&A sessions where we go in-depth on a variety of relevant issues and give attendees the opportunity to share their thoughts and experiences with other professionals in the space. You can learn more, or sign up for updates via our events page.

Why Diversity and Inclusion initiative fail

Why Diversity and Inclusion Initiatives Fail

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Diversity and Inclusion can be instrumental in driving business performance. My team continues to expand its research and spread awareness on the business case for D&I, and if you are curious about this research, we invite you to download our Business Case deck to learn more. But that is beyond the scope of this article. Today we’re discussing why Diversity and Inclusion initiatives fail.

The challenge is that achieving meaningful results from your D&I strategies requires strong change management, the appropriate focus, and specific programs that appeal to your organization to build on their own momentum. Even the most well-intentioned organizations with a thorough awareness of D&I can misstep in their approach. Here are three reasons organizations miss the mark with their D&I strategies.

1. Leaders aren’t leading inclusively

Teams that have diversity but lack inclusion perform worse than even homogenous teams. In other words, you are better off doing nothing if your organization intends to attract diverse talent without ensuring its culture is inclusive. Culture is most impacted by leadership. If leadership doesn’t commit to being inclusive, then your organization has no chance of retaining its diverse talent and maintaining productive teams.

Lead Inclusively - Inclusion vs Homogeneous

2. Employee engagement isn’t the best barometer of your success. 

There is a direct correlation between inclusion, employee engagement, and productivity. Unlike other D&I metrics, employee engagement is already actively tracked by most organizations, which provides a good baseline when tracking the effectiveness of new strategies.

However, engagement doesn’t tell the whole story. Looking at metrics around diverse employees’ attrition and advancement can also only get you so far. That’s why my team focuses on identifying where the talent pipeline is leaking and why. Are you seeing Asian American women fail to reach the director level? Do you even know whether that’s the case in your organization? These are the questions you need to be asking and answering.

Employee engagement research

3. Relying on “best practices”

The ultimate outcome of an inclusive culture and successful D&I strategy is increased innovation. While it is easy to get caught up in best practices that produce incremental change, companies that want to be the employer of choice are moving toward innovative “next practices”, and more than ever they are using Diversity and Inclusion to do so. My company, for example, is innovating by applying machine learning to automate inclusive behavior coaching for everyone. Work like this is extremely exciting in the opportunity it presents in affecting tangible change that we haven’t seen in quite some time. The most exciting part is my work is only one of many around that is passionate and ready to affect change. The future of our workplaces is more promising than ever.

We would love to discuss this topic with you and answer any of your questions at my open Q&A sessions. Our team also host complimentary quarterly webinars where we go in-depth on a variety of relevant issues. You can learn more, or sign up for updates on both events via our events page.

If you can not, or do not want to attend, we still want to hear your thoughts! Leave us your comments below! What are new innovative ideas you and your colleagues are exploring or using to affect change? Which parts of organizational culture change are you most excited for in the near future? What are other reasons Diversity and Inclusion initiatives fail?

The Main Reason Your Company Can’t Retain Diverse Talent

Why Diverse Talent Leaves

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Company culture is the personality of an organization and includes the company’s mission, expectations, and work atmosphere. Culture is largely defined by two elements: the formal culture (the intended experience as it is written on paper) and the informal culture (how it is experienced on a daily basis by those who are in the environment). What does this mean and how does it impact why diverse talent leaves?

The primary purpose of culture transformation initiatives is to align the formal and informal cultures so that the employee experience matches the company’s stated vision and values. Unfortunately, this is easier said than done.

For diverse employees, this alignment of formal and informal culture is especially important. A lack of this alignment is the main reason your company can’t retain diverse talent.

Why it Matters

Poor culture is correlated with high attrition:

A Columbia University study shows that the likelihood of job turnover at an organization with strong company culture (as defined by job satisfaction) is a mere 13.9%, whereas the probability of job turnover in poor company cultures is 48.4%.

Executives don’t understand their organization’s culture:

Fewer than one in three executives (28%) report that they understand their organization’s culture. They know that culture is important, but don’t necessarily understand what their organization stands for or how their organizational culture is defined, much less how it is perceived by frontline employees.

There is room for improvement:

Only 12% of executives believe their companies are driving the ‘right culture’. The remainder feels there is plenty of room for improvement.

The Opportunity

Strong culture increases talent diversity:

Building an employer brand and positive company culture helps companies hire the right people (55%), get a greater number of qualified candidates (49%), increase employee referrals (41%), and have more diverse candidates (32%).

Culture is critical to success:

94% of executives and 88% of employees believe a distinct workplace culture is important to business success.

Lead Inclusively

To learn more about specific approaches and best practices in culture transformation, check out page 26 of our Whitepaper.

Join the conversation to go more in-depth on the topic of organizational culture and culture transformation our open Q&A sessions and quarterly webinars to ask any other personal questions on this topic, or any other relating to HR, Talent, Leadership, Culture, or Diversity strategies.

CHECK OUT OUR LEAD INCLUSIVELY EVENTS PAGE TO LEARN MORE