As one of the biggest topics in today’s business environment, hiring for diversity claims an impressive role in a workplace’s performance. Not just for political correctness, focusing on diversity hiring gives team members, managers, and customer an elevated ROI. As you are looking forward to your hiring this 2021, these statistics show the benefit of adding new skills and experiences to your organization.
Diversity hiring has been shown to encourage new concepts and ideas when looking at systems, processes, and products.
There’s a certain competitive advantage that businesses obtain when they hire new and various backgrounds of individuals. With different ethnicities and experiences comes creative ways to view problems and methods. You’ll see an increase in output and planning when diversity hiring is purposely incorporated in your candidate pool. The Boston Consulting Group actually show that businesses with diversity hiring in management saw a 19% higher revenue from innovation than other businesses with lower diversity.
Businesses that welcome diversity hiring actually see lower turnover.
More 30 year olds are taking on a greater number of jobs in the markets than ever before. If you are looking to increase your retention rate with this growing demographic of career-minded professionals, you’ll want to consider how diversity impacts their decision making. In a Deloitte study, individuals in this age group remain with companies that encourage diversity hiring. It impacts their decision making when looking for a job move and when partnering long-term for a career.
Diversity hiring has been shown to increase profitability.
A 2018 Harvard Business Review article actually found an amazing statistic when looking at certain venture capitalists. Fund returns and investments profited from diversity hiring. When different ethnic backgrounds teamed up for their business goals there was an astonishing 26.4 – 32.2% greater success rate than others of an all-the-same ethnicity.
Reports like this affirm that diversity has a major influence on financial performance, investing interest, and pool of clientele. Diversity hiring and business profitability are related. A diverse company is where CEOs, Hiring Managers, and Human Resources place value on attracting new candidates with various backgrounds and ethnicities.
A powerful diversity focus will advance innovation, lower turnover, and increase your profits. Interested in increasing your diversity hiring? Catalyst Career Group has over a decade of experience recruiting and managing Diversity Job Fairs. We’ll help you meet top candidates in your area interested in growing their career. Our national Diversity Job Fairs are perfect for quick turn around hires, hard to hire positions, and specific expertise qualities.