Many companies want to develop diversity and inclusion initiatives. However, employers may not be fully aware what these initiatives entail. They also may not understand the link that such initiatives have to their business growth plans and profitability targets.
Why do Companies Need Diversity and Inclusion Initiatives?
To understand why companies need these types of programs, it is helpful to understand workplaces of the recent past. Personnel Today’s spotlight on the 1980s workplace shows:
- Many workplaces with a higher number of male workers
- A personal recruiting process lacking technology
- Less variation in candidate educational backgrounds
- Job seekers presenting qualifications with little confirmation by way of background checks
- Higher levels of employee loyalty
Clearly this time period was less understanding of the benefits relating to diversity and inclusion initiatives. Since then, greater emphasis alongside regulations have been implemented to promote diversity in the workplace.
What is the Situation Today?
In the 2000s, technology is changing the workplace in several ways. Additionally, companies are responding to changing demographics, global expansion, and competition for labor with greater skillsets and technical training. The Winters Group’s review of corporate diversity training programs from 1964 to the present highlights changing corporate objectives. Many industry best practices for diversity training are driven by corporate growth plans and profitability targets.
McKinsey & Company’s research shows there is a strong business case for diversity and inclusion initiatives. Many corporations understand that diversity and inclusion initiatives are vital to achieving objectives, given these facts:
- Top performing companies on both profitability and diversity exhibit higher gender diversity on executive teams
- Diverse leadership teams result in higher financial performance
- Higher performing companies exhibit higher levels of ethnic and cultural diversity
- Local context with regard to diversity measures matters in understanding corporate performance
- Companies with the least gender, ethnic, and cultural diversity are least likely to attain average profitability performance
What do Diversity and Inclusion Initiatives Entail?
The 2018 Worldwide ERC® Global Workforce Symposium session on diversity and inclusion initiatives shows several levels of diversity to consider.
Basic diversity includes:
Expansive diversity includes:
- Historical Influences
- Cultural Influences
- Political Views
- Educational Differences
- Pace of Life Variations
Deeper consideration of diversity and inclusion initiatives cover:
- Value Systems
- Personality Traits
- Sexual Orientation
- Gender Identification
- Mental/Physical Abilities
- Economic Position
- Family Status
- Religious Belief Systems
Diversity and inclusion initiatives require levels of understanding and clear expectations. Employees need to understand laws and rules that govern workplaces. They should understand how different social behaviors impact the workplace, and the effect of local cultures and norms on employees and their performance.
Companies that want to develop these types of programs should work with global mobility professionals. A Relocation Management Company with knowledge and experience can provide expert guidance on various aspects of programs. As a result, companies will be better able to attract diverse and inclusive new hires and retain highly skilled talent.
What Should Employers do for Diversity and Inclusion Initiatives?
Employers should understand the value of these types of programs. They should consider examining their current corporate structures and employment situations as they relate to diversity and inclusion. Employers should determine how diversity and inclusion initiatives that impact talent acquisition and management may increase their ability to reach corporate objectives.
GMS’ team of global relocation experts has helped thousands of our clients develop hiring and recruiting programs to attract highly skilled job seekers through diversity and inclusion initiatives. Our team can help your company by using industry best practices to design your relocation program. This will increase your company’s ability to attract and retain new employees across all levels of diversity.
GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation™ technology platform.
Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.
Contact our experts online to discuss your company’s diversity and inclusion initiatives, or give us a call at 800.617.1904 or 480.922.0700 today.