A workforce is the backbone of an organization and a diverse workforce can create a strong and robust back for an organization.
FREMONT, CA: For companies, diversity hiring is a trending topic, and including it is a top priority for companies. Diversity hiring is a process of recruitment based on merit without any biases related to candidate’s age, race, gender, sexual orientation, religion, and other personal characteristics that are unrelated to their job performance. The Delivering Through Diversity report by McKinsey confirms the link between diversity, financial performance, and value creation. With ethnic and cultural diversity, top-quartile companies are most likely to outperform their competitors on profitability by 33 percent. Less diverse companies are losing money. Organizations with less gender and ethnic diversity perform 29 percent lower than their competitors. Despite being the talk of the town, McKinsey found out that diversity progress is relatively slow.
How Diversity Hiring Affects an Organization?
Diversity hiring assists a company in performing better financially; however, there are other benefits of hiring a diverse workforce. Organizations that adopt diversity hiring create and grow their talent pool. Vacancies in such companies will attract a more comprehensive range of candidates with different backgrounds. Hired employees, regardless of their gender, age, ethnic origin, are happier for being accepted and appreciated for who they are, and a cheerful workforce is more productive. When people from different walk of lives come together, the combination of different experiences, cultural backgrounds, and working styles encourage new ideas and collaboration. Lastly, a diverse staff will help better understand customer’s needs due to their different experiences, and a more diverse workforce creates a higher chance to cater to individual customer needs.
Leveraging Artificial Intelligence
AI has already entered the HR landscape and rooted itself in hiring; however, using Artificial Intelligence-driven chatbots in the recruitment process can eliminate aspects such as age, gender, and appearance from the equation and reduce bias. AI-powered recruitment software can neglect facts such as name, attended school, and zip codes. However, human intervention is needed to ensure unconscious bias does not affect the recruitment process as the AI algorithm will learn and duplicate the existing preferences. AI has the power to detect biases, and with a little human help, those biases can be removed from the recruitment process, which impacts the diversity hiring.
With globalization and a skilled workforce present in almost all parts of the world, diversity hiring is no longer impossible now. On the other hand, it is beneficial for an organization.
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