Benefits of Diversity Hiring

Catalyst Career Group Diversity Job Fairs

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.

Contact Catalyst Career Group for virtual job fairs and private hiring events.

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Next: Outsmart The Coronavirus – Now’s The Best Time To Find Local Candidates. 

July Hiring Trends & Market Indicators

Wondering what the hiring trends looks like from countries that have already begun their recovery as this first phase of the pandemic moves along? According to LinkedIn’s data on job postings, China’s job data is currently trending upward. This is a great indicator of where other countries, including the U.S. will be at the same place in a few weeks/months as we follow a similar arch.
China’s hiring rate reached 13.4% increased growth year-over-year as of June 5 of this year. This upward trend can be a positive sign for various other markets.
The data indicate that hiring trends begins to grow gradually starting 4-6 weeks after the lockdowns relax. We will still need more info to see if this trend will hold in other locations as public health policy varies from state to state. Also, with most international travel paused, there will be longer impacts on the world economy, but that also means local businesses will see opportunities and higher in demand for their services.

Latest July Hiring Trends Revealed

According to the recent release of July hiring trends, the U.S. is currently seeing an uptick in hiring. We are currently at equivalent employment numbers to 2014 and 2015. This is quite astonishing considering the sharp decline just a few months earlier.
According to BLS.gov, some hiring trends to note include Leisure/Hospitality (+2.09m), Retail Trade (+740k), Education/Health Services (+568k), Manufacturing (+356k), and Business Services (+306k).

Businesses Prepare For Second Time Round

One thing this report does not show is the more recent spike in cases. With many states rolling back reopenings, we are seeing businesses once again impacted. This time though, businesses, employees, and consumers don’t have the same level of panic as previously seen in the first sweep of closures. Positive Trends In The Market, Giving Us A Stronger Position Going Forward:
  • Logistics and supply have developed faster ways to meet demand by prioritizing supply.
  • Businesses became equipped and implemented policies for customer and employee safety.
  • Consumer needs have grown into buying trends and businesses are responding quickly to bring solutions to market.
How has your business been preparing for the upcoming next few months? With new policies in place, do you feel you are ready for a second round of pandemic closures? Contact Catalyst Career Group for virtual job fairs and private hiring events.