As we step into Pride month this June, it is now one of the best times to review the importance of diversity and inclusion in one’s work environment. As we begin to learn more about how a company’s culture is the core of how the team behaves and performs, and how bias is a big cause for conflict – it is time to finally implement this new knowledge into shaping your company into the ideal team that fosters inclusion, and equality. Hence why this is the time to point out exactly how you can achieve this in the best possible way.
What’s in this post?
- Why Diversity and Inclusion matter
- What role does AI play in diversity and inclusion?
Why Diversity and Inclusion matter:
Even in firms with a diverse workforce, inclusion is a vital success element for corporate performance. According to Deloitte, organizations with inclusive cultures perform 3 times better, are 6 times more inventive, and are 8 times more likely to create better business outcomes. Furthermore, research confirmed that 64% of candidates say that diversity plays an important role in their decision to accept a job offer.
Therefore, as you build a diverse workforce that focuses on personality it is critical to accept an employee for who they truly are. As we all know, when we can embrace our true selves, we are usually at our best. To be our authentic selves, one should feel included. Inclusion refers to the ability of people of various backgrounds and identifications who can voice their insights and opinions, participate in the group’s decision-making processes, increase the amount of authority they have inside the organization, and truly feel as if one is a valued member of the company.
Workplace inclusion will be a key component in 2022, and much beyond. Organizations should be inclusive for diversity programs and efforts to succeed. Inclusion is necessary for diversity to exist, thus, when employees feel included, they experience a feeling of belonging, which leads to improved performance and the development of collaborative, inventive, and engaging teams. Employees who feel included are more likely to be enthusiastic about their jobs. Increased employee engagement will then inevitably lead to increased productivity, retention, and overall corporate success.
There is a lot of evidence that having a varied and inclusive workforce is beneficial, not just in terms of generating new ideas, but also in terms of attracting job seekers.
Harvard Business Review found that diversified businesses generated 19% higher innovation revenue. Even though diversity and inclusion (D&I) can be interpreted in different ways, at its core, it’s the recognition that everyone is unique and should be appreciated for it. Race, ethnicity, gender identity, sexual orientation, religion, age, and talents are all factors to consider equally. A company’s success is dependent on its capacity to innovate and develop new solutions, thus, D&I activities are encouraged to establish an atmosphere where everyone feels welcome and can give their best ideas and abilities freely.
According to predictions, by 2025, 75% of all workforces will be millennials, who will continue to be a driving force for diversity and inclusion. In a 2016 poll, 27% of millennials actively seek diversity in the workplace, implying that diversity should be a top priority for companies trying to hire their top-performers.
What role does AI play in diversity and inclusion?
Humans will always be prone to prejudice, even if we believe we are entirely neutral. It is only part of our nature. This is where artificial intelligence (AI) comes in: to assist us overcome even the most unconscious biases that obstruct our efforts to create a diverse and inclusive workplace. AI has the advantage of making diverse and inclusive hiring easier for companies around the globe, and here is how:
AI can help develop more effective interview panels where machine learning algorithms are used in certain tools and apps to produce a more inclusive and fair interview process. These tools' algorithms can assist hiring managers and recruiters in putting together diverse interview panels that eliminate individual prejudice and attract more diverse candidates.
Identifying a diversified group of high-potential applicants (faster): Retorio’s behavioral intelligence platform helps companies spot, hire, and develop their team into top-performers that match with the company culture to create a diverse, inclusive, and skilled workforce.
Retorio’s platform identifies your company’s highest potential candidates for the job by observing the candidate’s personality traits and behaviors in a work-place environment. It matches candidates to your target profile based off their personality and behaviors. By doing so, your hiring team receives rich insight as to who this candidate is, how they thrive and challenge themselves in a workplace, and whether their personality would fit well into the company’s culture. Thus, all other prejudices are not involved in recruitment. This naturally ensures a more inclusive hiring process.
AI can assist improve the way we work by emulating intelligent behaviors and reducing trends and biases that impair a company’s capacity to attract a diverse and inclusive workforce while remaining unconscious in human thinking
It is now the time where we need more diverse thought leadership not just from women or minorities, but across all spectrums. Regardless of sexual orientation, gender identity, race or religion, the importance of diversity and inclusion during the hiring process is the key to maximizing success and happiness across all areas of your organization. The benefits speak for themselves; by cultivating a positive and accepting work atmosphere, you will naturally attract a diverse group of employees which can be leveraged to build up your company’s ultimate success yet.
Do you want to learn more about how Retorio plays part in this movement? Click the link down below to venture further!