Diversity, equality, and inclusion are not only ethical and social goals but also strategic and competitive advantages for any organization. A diverse and inclusive workforce can help you reduce bias, attract and retain top talent, improve customer satisfaction, foster innovation and creativity, and enhance your reputation and performance. Companies that support diversity make 2.5 times higher cash flow per employee. At the same time inclusive teams are over 35% more productive. [1]
But how can your organization embrace diversity? Blindly recruiting random people from different race and background might not be the answer. It could’ve put you in a tough spot as you are wasting budget and time on potentially placing wrong people in the wrong position. This could lead to a toxic experience for both employers and candidates. For example, 58% of Black employees revealed that they have been subjected to racial prejudice at work. [2]
A tool like Manatal’s ATS comes in to help you make better decisions while spending less time and money. Manatal’s candidate enrichment feature gives you access to comprehensive candidate profiles, including data from LinkedIn and other social platforms, to help evaluate candidates consistently and per your standards.
Within a few clicks, you’ll get to know candidates beyond their CVs and make more informed decisions when it comes to filling the roles with the right talent.
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Having said that, if you are looking to take DE&I seriously in your company, you need to start measuring diversity metrics. But what metrics should you be focusing on and where should you start? Don’t worry. This blog’s got you covered.
What Are Diversity Metrics and Why Are They Important?
Diversity metrics in recruitment are the numerical values that help you measure the representation and inclusion of different groups of people in your hiring process and workforce. These groups can be based on various characteristics, such as gender, race, ethnicity, age, disability, sexual orientation, religion, and so on.
By tracking and analyzing these metrics, you can gain insights into your current state of DE&I, identify areas of improvement, set goals and targets, and evaluate the impact of your actions and initiatives. Plus, internally, knowing your DE&I metrics can help you pinpoint risks, set DE&I goals, prioritize strategies, and evaluate the effects of your DEI programs. Diversity KPIs also show evidence that you are an equal and fair employer, strengthening employee satisfaction, employer branding, and reputation.
Also, externally, having a diverse workforce can help you reach out to more customers, understand their needs better, and offer them more innovative solutions. Diversity can also enhance your creativity, problem-solving, and decision-making skills as a team. [3]
Key Diversity Metrics
How can you measure diversity and inclusion in your organization? Here are some of the key diversity metrics that you should track:
1. Demographic Diversity
One of the most basic and common recruitment metrics for DE&I is demographic diversity, which refers to the representation of different groups of people in your workforce, such as gender, race, ethnicity, age, disability, sexual orientation, and so on.
Demographic diversity can be measured at different stages of the recruitment funnel, such as applicants, candidates, hires, and retention. By comparing the demographic diversity of your talent pool with your target market, industry benchmarks, and internal goals, you can identify gaps and opportunities for improvement.
2. Diversity Sourcing
Another important recruitment metric for DE&I is diversity sourcing, which measures the effectiveness of your outreach and attraction strategies to reach diverse talent. Diversity sourcing can be tracked by analyzing the sources of your applicants and candidates, such as job boards, social media, referrals, events, and so forth.
You can also measure the quality and conversion rate of each source, and the return on investment (ROI) of your diversity sourcing initiatives. Optimizing your diversity sourcing allows you to increase the quantity and quality of your diverse talent pipeline.
3. Diversity Hiring
The next recruitment metric for DE&I is diversity hiring, which measures the impact of your selection and hiring decisions on your diversity, equity, and inclusion goals. Diversity hiring can be tracked by calculating the percentage of diverse hires out of the total hires, and the percentage of diverse hires out of the diverse candidates.
In addition to that, you can compare the diversity hiring rate with the diversity offer rate, and the diversity acceptance rate, to identify any potential biases or barriers in your hiring process. By improving your diversity hiring, you will be enabled to enhance your employer brand, reduce turnover, and foster a more inclusive culture.
4. Diversity Retention
The final recruitment metric for DE&I is diversity retention, which measures the sustainability and success of your diversity, equity, and inclusion efforts. Diversity retention can be tracked by calculating the percentage of diverse employees who stay in your organization over a period of time.
Also, you can measure the turnover rate of diverse employees compared to the overall turnover rate, and the reasons why they leave or stay. Improving your diversity retention will set you to increase employee engagement, loyalty, and productivity.
5. Diversity Engagement
Another recruitment metric for D&I is diversity engagement, which measures how satisfied and involved your diverse employees are with their work and their colleagues. Diversity engagement can be measured by conducting surveys, interviews, or focus groups to collect feedback from your employees on various aspects of their work experience, such as recognition, development, collaboration, and inclusion.
You can also measure the participation and contribution of diverse employees in various activities, such as training, mentoring, networking, and volunteering. By improving your diversity engagement, you can boost employee morale, performance, and innovation.
6. Diversity Impact
The last recruitment metric for D&I is diversity impact, which measures how your D&I efforts contribute to your organizational goals and outcomes. Diversity impact can be measured by linking your D&I metrics to your business metrics, such as revenue, profit, customer satisfaction, market share, and social responsibility.
Plus, you can also measure the value and return of your D&I investments by calculating the cost-benefit ratio or the return on investment (ROI) of your D&I programs. You can demonstrate the strategic importance and competitive advantage of having a diverse workforce by measuring your diversity impact.
Now that you know some of the key diversity recruiting metrics that you should track, how do you choose which ones are most relevant and useful for your organization?
Here are some factors to consider when selecting your diversity recruiting metrics:
By considering these factors, you can select the most appropriate and meaningful diversity recruiting metrics that match your goal.
Types of Diversity to Consider While Hiring
- Gender diversity: Gender diversity refers to having a balanced representation of different genders in the workplace. It is important to ensure equal opportunities and treatment for individuals regardless of their gender identity. By promoting gender diversity, you can foster inclusivity and create a more dynamic and innovative work environment.
- Ethnic & racial diversity: Ethnic and racial diversity involves having employees from various cultural backgrounds and ethnicities within the organization. Embracing diversity in this aspect can lead to a broader range of perspectives and approaches to problem-solving. It also promotes a culturally sensitive workplace that values and respects differences among the workforce.
- Age diversity: Age diversity focuses on hiring individuals from different age groups, from boomers, and millennials, to Gen Zs. By having a diverse age range in the workforce, your company can benefit from a mix of experience, fresh ideas, and varying perspectives. Age diversity also reflects your commitment to inclusivity and equal opportunities for workers of all ages.
- LGBTQ+ diversity: LGBTQ+ emphasizes the importance of creating a supportive and inclusive workplace for individuals who identify as lesbian, gay, bisexual, transgender, queer, or other sexual orientations and gender identities. Embracing LGBTQ+ signals a commitment to equality and respect for all individuals, regardless of their sexual orientation or gender identity.
- Socioeconomic diversity: Socioeconomic diversity considers the inclusion of individuals from different socioeconomic backgrounds within the workforce. Hiring employees from varied socioeconomic statuses can promote social mobility and create opportunities for talent from diverse financial backgrounds to thrive in the workplace.
- Cultural & international diversity: Cultural and international diversity involves employing individuals from various cultural backgrounds and nationalities. By fostering a culturally diverse workforce, you can gain insights into different markets, customs, and perspectives. Cultural diversity also promotes cross-cultural collaboration and understanding, leading to innovation and global competitiveness.
- Neurodivergent diversity: Neurodivergent diversity encompasses individuals with neurological differences, such as autism, ADHD, dyslexia, and other conditions. Embracing neurodivergent diversity involves creating a welcoming and accommodating environment for employees with diverse cognitive abilities. Tapping into the unique strengths and perspectives of neurodivergent individuals gives you an opportunity to promote creativity, problem-solving, and inclusivity in the workplace.
If you’d like to know more about neurodivergent in recruitment, check out this episode of All-In Recruitment where we sit down with Thomas Woodhams, Senior Talent Acquisition Partner - Technology of Hawk-Eye Innovations who discusses embracing neurodivergence to create a more inclusive and supportive work environment.
Conclusion
Diversity recruiting metrics are essential for assessing the effectiveness and impact of your diversity and inclusion efforts. They help you identify gaps, challenges, and opportunities in your talent pipeline, hiring process, and employee retention. Plus, diversity recruiting metrics not only benefit your organization's performance, culture, and reputation but also contribute to a more equitable and inclusive society.
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Citations:
1. LinkedIn
2. Coqual
3. LinkedIn
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