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What Is Meant by Diversity and Inclusion? And Why You Should Make Them a Priority in Hiring?

6th May 2024
By Jade Tomassi

In today’s global marketplace, diversity and inclusion (D&I) are more than just buzzwords; they are fundamental principles that can drive innovation, improve employee satisfaction, and enhance overall organisational performance. But what exactly do diversity and inclusion mean, and why should it be a priority in your hiring process? At MyPeople Group, we believe that understanding these concepts and integrating them into your recruitment strategy is crucial for building a thriving, competitive business.

What is Diversity?

Diversity refers to the presence of differences within a given setting. In hiring, this encompasses various characteristics, including:

  • Race and Ethnicity: Ensuring representation from different racial and ethnic backgrounds.
  • Gender: Achieving balanced gender representation across all organisational levels.
  • Age: Including individuals from various age groups to bring a range of perspectives.
  • Disability: Incorporating individuals with disabilities to promote accessibility and equal opportunity.
  • Sexual Orientation and Gender Identity: Embracing a spectrum of sexual orientations and gender identities.
  • Cultural Background: Valuing diverse cultural experiences and backgrounds.

Diversity involves recognising and valuing these differences, creating a richer, more varied workplace. It’s not about meeting quotas but about fostering an environment where various perspectives are welcomed and leveraged.

What is Inclusion?

Inclusion goes beyond merely having a diverse team. It means creating an environment where all individuals feel valued, respected, and supported. Key aspects of inclusion include:

  • Equitable Opportunities: Ensuring fair access to opportunities and resources for all employees.
  • Respect and Belonging: Building a culture where every employee feels respected and has a sense of belonging.
  • Voice and Participation: Encouraging and valuing input from all team members, regardless of their background.
  • Supportive Environment: Implementing policies that support the needs of a diverse workforce.

Inclusion is about actively removing barriers and fostering an environment where everyone can succeed.

Why You Should Make Diversity and Inclusion a Priority in Hiring?

Enhanced Innovation and Creativity: Diverse teams bring a variety of perspectives, leading to more innovative solutions. McKinsey & Company reports that organisations with higher diversity levels are 36% more likely to outperform their peers in profitability and 35% more likely to have above-average financial returns (Source: McKinsey & Company, Diversity Wins: How Inclusion Matters, 2020).

Improved Employee Satisfaction and Retention: Inclusive workplaces are more likely to retain talent. Deloitte found that inclusive organisations have 22% lower turnover rates and 56% better job satisfaction scores (Source: Deloitte, The Diversity and Inclusion Revolution: Eight Powerful Truths, 2018).

Broader Talent Pool: Embracing diversity in hiring allows you to attract the best candidates from a wider range of backgrounds. This can enhance overall performance and provide a competitive edge (Source: Harvard Business Review, How Diversity Can Drive Innovation, 2019).

Better Decision-Making: Diverse teams are proven to make better decisions. A study by Cloverpop found that diverse teams make better decisions 87% of the time and are 60% more likely to consider different perspectives (Source: Cloverpop, Hacking Diversity with Inclusive Decision Making, 2017).

Enhanced Company Reputation: Organisations prioritising D&I often enjoy a stronger reputation among clients, partners, and potential employees. This commitment can enhance your brand image and attract top talent (Source: Forbes, Diversity and Inclusion: A Corporate Imperative, 2021).

How to Prioritise Diversity and Inclusion in Hiring

Implement Inclusive Hiring Practices: Use structured interviews and blind recruitment methods to minimise bias. Tools like psychometric assessments can help ensure a fair evaluation of candidates based on skills rather than unconscious biases (Source: Harvard Business Review, How to Reduce Unconscious Bias in Your Hiring Process, 2020).

Set Clear D&I Goals: Establish specific, measurable goals for diversity and inclusion within your organisation. Regularly track progress and adjust strategies as needed (Source: McKinsey & Company, Diversity Wins: How Inclusion Matters, 2020).

Foster an Inclusive Culture: Develop policies and practices that support a diverse workforce and encourage open dialogue on D&I issues (Source: Deloitte, The Diversity and Inclusion Revolution: Eight Powerful Truths, 2018).

Partner with Experts: Collaborate with organisations like MyPeople Group to implement strategies that promote diversity and inclusion in your hiring process. Our expertise in creating equitable recruitment practices can help you build a more diverse and inclusive team.

Conclusion

Diversity and inclusion are not just ethical imperatives but strategic advantages that can drive your organisation’s success. By prioritising D&I in your hiring process, you can unlock numerous benefits, from enhanced innovation to improved employee satisfaction. At MyPeople Group, we are committed to helping you build a diverse, inclusive, and high-performing team. Explore our resources and solutions – Together, we can foster a more equitable and dynamic workplace.

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