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The concept of “culture fit” took workplaces by storm in the early nineties. The idea that “like works well with like,” and that values, ideals, and goals would be easier to achieve if everyone was on the same page “culturally,” was appealing. However, over the next few decades, it became apparent that culture fit wasn’t working as well as had been hoped.
Culture fit candidates, as it turned out, ended up being predominantly white, male, and similarly educated. Workplaces became homogenized, innovation stagnated, and incredible talent ended up being excluded not because of differing values or goals, but on the basis of dissimilarities such as skin color, gender, and background.
With the rise of algorithms for hiring processes came the opportunity to begin the arduous process of “blinding” job applications. However, even the best information filter is only good as the parameters it is programmed with, and unconscious bias still plagued recruitment efforts.
Censia uses Talent Intelligence to strip away bias in recruiting, helping match jobs with the best applicants available, regardless of superficial differences. By focusing on skills and experience, recruiters can tap into larger, more diverse talent networks before narrowing the applicant pool down to the most truly qualified. The result is a natural increase in diversity and inclusivity (D/I.)
How a diverse and inclusive workplace can benefit your organization
A commitment to diversity and inclusivity can take your organization to new heights, in the realms of both innovation and revenues. When you make D/I a priority, you can expect:
Companies that sit in the top quartile in relation to ethnic and racial diversity are 35% more likely to have higher financial returns than their industry median, according to research from McKinsey. Gender inclusivity provides a 15% greater likelihood of expanded returns. The senior/executive team is where the impact is highest: for every 10% bump in diversity at C-suite level, earnings rise a corresponding .08%.
Diversity and inclusion also lead to better innovation, which translates again to higher revenues. BCG notes that companies with diverse leadership can expect their annual average innovation-related revenues (new product and service launches, for example) to jump from 26% to 45%. Diversity, in this case, encompassed not only gender, ethnic, and racial inclusion, but hiring for cross-industry specializations as well.
It’s not just that there are more ideas and more money – the ideas themselves are better when the creative team is diverse. Organizations that support the forming of diverse and inclusive workforces end up with groups that have greater collective creative talent. When creative leadership positions are diverse, the result is long term value creation.
Diverse and inclusive groups also make better quality decisions with less cognitive bias, leading to improved business performance. Groupthink is avoided, and rich discussions can lead to convincing arguments for the best next actions.
When teams are inclusive, better decisions are not only made up to 87% of the time, but decisions are reached twice as fast with half the meetings required by less inclusive teams. This boosts team efficiency and leads to a more effective process.
Diversity speaks to diversity, leading to an expanded target demographic and opening avenues to untapped sources of revenues. By embracing inclusivity in your organization, you can also embrace inclusivity in your audience. Companies that are diverse are 70% more likely to capture new markets, according to the Harvard Business Review.
Organizations that are racially and ethnically diverse and which embrace gender inclusivity have boosted employee performance. In companies staffed primarily by millennials, an inclusive workplace can mean more than 80% of employees are actively and positively engaged with their work.
Two-thirds of job candidates say they seek employment in companies with diverse and inclusive workforces. When nearly 70% of potential hires want to work at a company committed to diversity, statistically that pool contains some of the best talent. Committing to D/I can help you attract and retain top talent.
How can your company tap into more diverse and inclusive talent pools to accurately find and court exceptional recruits? Censia’s Talent Intelligence Platform uses machine learning, artificial intelligence, and predictive analysis to create a model of your ideal employee. We then leverage our proprietary data platform to source exceptional talent from more than 500 million candidates across more than 2,000 sources.
The result? Natural diversity and inclusion, based on an ideal profile that avoids bias and delivers you candidates that will spur company growth and enhance your bottom line.