A diverse, inclusive, and equitable workplace go hand in hand with talent optimization. An inclusive environment values everyone’s perspective and provides equal access to resources and opportunities. Having a talent pool that is demographically and behaviorally rich allows your people and your business to thrive. There is a saying that states “all business problems are people problems”. Those people problems usually stem from people being misused, undervalued, or disengaged. You can combat these people problems through the application of objective people data; this will drive talent and allow you to achieve your desired business results.
There is a demand these days for organizations’ workforces to reflect society and the current times. According to Statistics Canada, visible minorities made up 11.2 percent of Canada’s population, they accounted for 32 percent of the population of the census metropolitan area in Toronto and 31 percent in Vancouver. It is critical that organizations represent the people of today. Through the right processes, resources, and strategies, a company can avoid the challenges that may come with creating a diverse and inclusive workforce. To create these processes and form a strategy, tools like behavioural and cognitive assessments are essential. These tools do not ensure diversity or eradicate bias; users must make use of all available data points and avoid adverse impact (Smart, 2021). The Predictive Index, as delivered by Predictive Success, can be utilized to promote a diverse, inclusive, and equitable workplace since it allows you to hire fairly, promote equitably, and unlock every employee’s true potential.
The Value of D&I
Diversity and Inclusion initiatives have been proven to add value to the business. According to People Management (UK), teams that have diversity of gender, age, and geography outperform individual decision-makers 87% of the time. By contrast, homogenous teams comprised solely of males outperform individual decision-makers only 58% of the time. Diversity of opinions and ideas only move the goalposts further. According to Boston Consulting Group, diverse management teams earn an average of 19% higher revenue than teams lacking diversity. Harvard Business Review echoes these findings, determining that diverse companies are 70% better positioned to capture new markets than homogeneous ones (Smart, 2021). Individuals from all walks of life and what they bring to the table is invaluable. Diversity of opinion matters. That means fostering a culture in which employees of all walks are welcome and given their fair share of opportunities (Smart, 2021). Creating an inclusive company and reducing unconscious biases increases performance and attracts a stronger and diverse talent pool.
For talent optimizers, diversity and inclusion play an essential role in optimizing talent. Talent optimization is the discipline of aligning business strategy and people strategy. They utilize behavioural and cognitive assessments and hire talent based on data – not gut, emotion, or bias. Using this data ensures a level of fairness to candidates and employees of all backgrounds. This data is used to ensure each individual is given a role they are able to excel in and helps structure teams where each player plays an important role and is valued. Diversity brings talents together and enables more opportunities for collaboration and increases creativity due to the wide range of perspectives.
Cost of Inaction
A lack of inclusivity can create a toxic workplace with high turnover, low performance, and bad management. According to Glassdoor, more than 50% of current employees desire increased diversity within their organizations. Likewise, 67% of job seekers consider diversity an important factor when considering employment opportunities. Businesses also risk losing a competitive edge in the market, if an organization cannot foster an inclusive and diverse workplace there will be another organization that can.
Ultimately it will be up to leaders of all levels to create a meaningful change. Building an inclusive, safe culture of belonging should be viewed as a journey. The best course of action is to equip these leaders with valuable information on their people that will allow them to not only be a better leader but have the ability to maximize the potential of an individual.
Join us on Thursday, May 27th from 9:00-10:00 am. AST for a walkthrough of the newest program from Predictive Success. Learn how to prepare your leaders to create an inclusive workplace, discuss key concepts, and learn why diversity, inclusion, and equity are critical for your organization. Register for free through this link.