If you’ve been considering diversity hiring, you’re not alone. Many companies have developed diversification strategies for expanding team talent — and as a result, they’re experiencing tremendous benefits.
Companies that consider diversity when hiring outperform similar companies that do not. Revenue among diverse companies has grown by 19%, and even cash flow per employee has increased by 2.5%.
What is diversity hiring, and why does it matter?
Diversity hiring is intentionally recruiting and hiring individuals from diverse backgrounds, including but not limited to race, gender, age, ethnicity, religion, and sexual orientation.
This practice can lead to improved team building in several ways. Firstly, diversity hiring can broaden the range of skills and experiences within a team, enhancing problem-solving and decision-making abilities. When individuals from diverse backgrounds come together, they bring different perspectives, ideas, and approaches. Leaders can harness diversity of thought to improve innovation and creativity — and identify blind spots and mitigate groupthink.
Secondly, diversity hiring fosters a more inclusive workplace culture. Organizations that actively seek out individuals from underrepresented groups signal that they value diversity and are committed to creating an inclusive environment where all team members can thrive. Similarly, two of three job candidates look for workplace diversity when applying. Diversity can lead to increased engagement, retention, and job satisfaction, as well as improved collaboration and communication.
Finally, diversity hiring can help organizations better reflect the communities they serve. Community representation can be vital for businesses that cater to diverse customer bases or operate in global markets. By building diverse teams, organizations can better understand the needs and preferences of their customers and adapt their products or services accordingly.
How can I lead the way?
So, how can leaders build diverse teams? Here are three strategies to consider:
In conclusion, diversity hiring can greatly benefit team building by expanding skills and experiences, fostering an inclusive workplace culture, and better reflecting the communities an organization serves.
Leaders can build diverse teams by expanding their talent pool, creating an inclusive workplace culture, and holding themselves accountable for progress toward diversity goals.
By taking these steps, organizations can build stronger, more innovative, and more resilient teams better equipped to succeed in an increasingly diverse and complex world.