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While the concept of human capital is not new, the growing recognition of its importance is. Human Capital Resources are the economic value of all the experience, skills, and knowledge people bring to their jobs – which includes and highlights a company’s diversity data.
Although prioritizing and acknowledging diversity in the workplace have been the center of conversations in recent years, it is not merely a trend. As more people become aware of social advocacies like the Pride and Black Lives Matter movement, candidates are beginning to seek companies that truly promote workplace diversity. In this light, diversity data becomes the turning point in ensuring that you attract more candidates.
Deal Makers and Deal Breakers – What’s Really Important for Job Seekers
Previously, jobseeker trends lean towards salary, benefits, and work-life balance as the primary motivations for choosing an employer. However, a recent study discovered this might no longer be the case.
These days, applicants are more mindful of an organization’s diversity data, so much so that they are willing to give up more than $1,000 in wages to work at a place with a more diverse workforce. In addition to this, a higher application response was seen in diverse companies than in those that offer higher pay. This trend only shows that non-monetary benefits are becoming more important for job seekers.
Non-monetary factors that motivate candidate decision-making are challenging to measure and define. However, they can be narrowed down into these categories:
- Corporate Culture
- Treatment of Employees
As the societal culture begins to move forward and acknowledge the importance of racial, cultural, and gender diversity, so should companies. It is imperative to recognize that the new era of top talents actually cares about diversity in the workplace, which is why working on disclosing your organization’s diversity information increases your chances of attracting top talents.
A Sharper Focus on Diversity
Technically speaking, diversity data is a collection of pieces of information about your current employees. Thus, in essence, diversity data is a reflection of the representation of different minorities within your company. Nevertheless, it still abides by basic data privacy laws, particularly the concept of anonymity.
A company’s diversity score is typically based on its employees:
- Race or Ethnicity
- Language Skills
Your organization’s capacity for diversity disclosure is indicative of how welcoming or inclusive you are, and as previously mentioned, it can be a turning point for attracting top talents. However, it is also important to note that diversity data does not only show how diverse your workplace is. It may also indicate where you’re lacking in terms of diversity. Nonetheless, this display of transparency offers another platform for conversation in the hiring process and can increase your application rate, among many other benefits.
Why Is Diversity Important?
Using your organization’s diversity data, you can analyze certain trends regarding the progress of representation for certain groups that are underrepresented. To accomplish this, your company can determine if you have a fair representation when your diversity score is calculated.
It cannot be understated how crucial diversity and inclusion are in almost every function – at school, work, or even social events. For instance, at work, diversity and inclusion are signs of a healthy working environment: it provides a myriad of different skills, backgrounds, and perspectives throughout the organization.
Although, in some cases, there are still companies that fail to make strides toward finding a balance of people. However, listed below are a few reasons diversity and inclusion are crucial in business in the immediate and long term.
Increased Creativity and Ingenuity
Having employees of different backgrounds, experiences, skill sets, and knowledge working together can build your assets of new ideas and innovations. As your staff members collaborate, diversity and inclusion provide them an opportunity to feel more comfortable speaking their minds and opinions. This allows your business to stand out from traditional or more exclusive businesses.
Diversified Skill Set
A diverse workforce will present diverse skill sets as well, which can greatly impact the business as a whole. Diversity provides a wide range of capabilities and viewpoints to be integrated into certain tasks to improve or issues to solve.
Increased Happiness Within Staff
Employers that integrate diversity and inclusion will undoubtedly have employees with higher job satisfaction. This allows them to feel welcomed and at home, knowing there’s a lack of prejudice and exclusivity. Generally, when employees are more satisfied with their jobs, productivity within the organization also improves – the trend shows that when happy, employees strive to succeed and thrive in their given roles within your business.
Improved Understanding of Clients
The benefits of diversity and inclusion don’t just happen internally but also externally. A diverse workforce allows employees to communicate and understand people of various ethnicities, genders, and religions. Furthermore, it will enable businesses to explore different markets and see what appeals and what doesn’t to each group. In the long haul, you will gain a better understanding of the different cultures and how they can assist in improving the business.
More Talent Options
When addressing a certain issue, it’s much easier to consult from a wide variety of options rather than a uniform workforce with similar voices and opinions. Hiring managers are no longer recruiting a certain type of person but instead looking into the skills, background, and experience to positively contribute to your business. This ensures that only the best applicants will be considered and hired.
What Does Showing Your Diversity Data Mean to Candidates?
In a candidate-centric labor market, professionals are actively vetting companies they want to work for. Being transparent in answering their questions is a message in itself. Here’s what it means to candidates when you disclose your diversity data:
You Are Open
A diverse workforce sends out the message that there is a place at the table for anyone. Candidates will see your company as an employer that’s above hiring biases and preconceived notions about people. You’re basically saying, “I see you as an individual.” This is an important feeling for candidates to get from their future employer.
You Are Honest and Transparent
When you disclose diversity data, you send out the message that you have nothing to hide and that you are proud of the individuals who represent your company. Candidates can only foresee how it translates to your operations and culture. Transparency and honesty make it all the more attractive to work for you.
You Offer Value
People want to work with other people who are like-minded and can contribute positively to their professional lives. When you have a diverse workforce, you also have a diverse set of talents and creative geniuses. Candidates will know that your company is where diverse opinions are valued and in turn, they’ll be more excited to be a part of it and contribute.
You Are the Employer of Choice
When candidates have access to information that matters to them, you make it easier for them to choose you over employers who don’t disclose their numbers. Showing your diversity data is just the first step. Hitting the ideal numbers, and most importantly diversity culture, that professionals look for is next!
AGILE WORKPLACE STAFFING CAN HELP YOU DIVERSIFY TODAY
We at Agile WorkPlace Staffing (WPS) acknowledge and recognize the importance of representing gender and racial diversity in the workforce – it is a fundamental aspect of what we do. When you partner with us, you partner with the voices that promote diversity.
Our talent sourcing capabilities can connect you with diverse candidates who are pre-screened, pre-vetted, and certified. Whether you need temporary, temp-to-hire, or direct-hire engineers and light industrial professionals, we’ve got you covered. Connect with Agile WPS today!