How to create a Diverse Talent Pool – Importance of it in transforming a business – A Guide

Not surprisingly, based on a survey by LinkedIn of 9000 business leaders and talent leaders across the world, the number one recruiting trend was Diversity.  

Diverse companies have 19% higher revenue per BCG, 70% more likely to capture a new market and 1.7 times more likely to be innovation leaders, per HBR. 

Diversity has now become a top priority for executives across the world, with its proven impact on company culture and financial performance.   

The main reason for companies not meeting their diversity goals is their inability to source enough diverse candidates and also not being able to retain the diverse talent in the organization. Let’s take a look at effectively building a talent pipe-line of diverse talent, and more importantly, build an inclusive hiring practice by providing them equal opportunity at the company.  

What is a diverse talent pool?

A diverse talent pool consists of all the eligible candidates on the talent market who can effectively discharge the duties of a particular role as competently as the next candidate, regardless of their age, race, culture, ethnicity, background, sexual orientation etc. 

It has a rich representation of people who are usually underrepresented in leadership positions, roles, organizations and sometimes whole industries. 

Our talent pipe-lines and consequently, our organizations have a lower proportion of individuals who belong to ethnic and religious minorities, women, retirees, people with disabilities, people of color, immigrants and LGBTQ etc. due to a lack of understanding and sensitizing our people and systems to understand the value that diversity brings to our culture, performance and business.  

Importance of diverse talent for Enterprises

Diversity is integral to building high performance teams, with proof from various studies that teams with people from diverse backgrounds focus more on facts & data, are objective and make more informed decisions while solving problems fast. 

While most companies have made this a top priority, very few have a DE&I strategy with consistent practices and outcomes. That said, a minority have taken significant steps towards creating a diverse and inclusive workforce, Lenovo, L’Oreal, Johnson&Johnson and Sodexho to quote a few. 

A healthcare provider based in the US, Kaiser Permanente, who has shown a clear commitment to growing diversity in their teams, with 60% of its talent being people of color and women being 75% of talent & half its executive team. 

In 2020, it was awarded a place in the DiversityInc Top 50 Hall of Fame, for its notable work in DE&I, with hiring, retention and promotion of women, people of color, veterans, people with disabilities and members of LGBTQ+ community. 

Clear benefits of implementing Diversity & Inclusion at the workplace are provided below:

#1 Decision-making based on facts or data   

Diverse teams bring diverse viewpoints and ways of thinking to the table, enabling teams to brainstorm, challenge each other and help refine the thought process. They also have a tendency to review data and facts, at multiple levels which helps to make better decisions using a wider sample of data

#2 Improved Innovation  

Companies with higher diversity are 1.7 times more likely to be innovation leaders in their business space. Higher diversity helps bring more opinions, views, ideas and encourages healthy debates and discussions, helping create better products and services. They are better at solving problems due to a bias-free approach helping foster creativity and innovation at work.  

#3 Attracts high quality talent 

A diverse workforce is a key criterion for 67% potential candidates to take up opportunities with an organization. Investing in diversity also improves the satisfaction index of the workforce, prompting them to refer friends and family, helping strengthen the culture and performance of the company further. 

#4 Higher engagement with lower attrition 

With a heightened sense of equality, fairness and belonging, employees trust the leadership and each other. This leads to employees being more engaged and hence more likely to invest their efforts in driving higher outcomes for the organization. Them investing in the company’s success and being passionate about the work makes them stay longer with the company. 

#5 Competitive edge

Diversity gives the company a definite competitive advantage over its peers based on a study by HBR. Companies with higher ethnic and racial diversity are 35% more likely to have financial returns above the industry mean and those with the best gender diversity are 15% more likely to have returns above the industry mean. 

8 Ways to build a Diverse Talent Pool  

Diverse companies have 19% higher revenue, 70% more likely to capture a new market and 1.7 times more likely to be innovation leaders

Not having a diverse talent pool puts organizations at a competitive disadvantage, causing them to miss on crucial talent, who could have brought in diversity of thought, strengthened the culture and performance of the organization.  

Here is how to create a Diverse Talent Pool :  

Strategies to build a diverse talent pool
Strategies to build a diverse talent pool

#1 Talk loudly about Diversity & Inclusion  

In order to attract high quality diverse talent, leverage social media, company websites, career sites and job posts to highlight the wholesome work culture and business impact due to the diversity and inclusion practices. Ensure that the views and experiences of diverse talent are captured in rich videos and pictures and displayed prominently. Care must be taken to highlight transparent DE&I practices with team collaboration and communication. Include examples of how the company demonstrates the values of diversity and inclusion, instead of just talking about it. 

#2 Inclusive JDs & Job Posts 

It is critical to have bias-free, gender neutral language in the hiring communication such as JDs, job posts and hiring mails that appeal to the diverse talent community. Talk more about the diverse, inclusive and fair work culture and how they would become valued members of it, able to voice their opinions on all company platforms. What appears as acceptable hiring communication may not in fact be so to underrepresented groups and hence the need to include diverse team members to review any such job posts or mails before being sent to job-seekers. Leverage tools such as Textio and Gender decoder to keep the language bias-free, gender agnostic and appealing to all potential candidates. 

#3 Build a strong Recruitment Funnel of Diverse Talent 

Review the current recruitment funnel and rank sources based on the diversity of the candidates sourced so far. Include diverse academic and other minority institutions to the screening criteria, helping find more diverse talent for the open positions. Leverage Employee Referrals with a specific focus on minority and underrepresented groups to build a more non-homogenous workforce. 

#4 Adopt an Outbound Talent Reach approach 

Instead of writing a good JD for diverse talent and waiting for them to apply, adopt an outbound technique, finding and approaching talent from underrepresented groups, locally or globally and engaging to bring onboard at a fast pace. Partner with and sponsor institutions supporting underrepresented groups such as women in technology, ethnic minorities in leadership positions, engaging with them, building relationships to support and provide opportunities to diverse talent for future openings. Including employees in events with these groups also fosters trust and builds strong bonds, helping employees become more sensitive and aware of diversity and inclusion and increasing the chances of diverse talent considering the company for any new opportunities. 

#5 Create a fair & inclusive hiring culture

Starting from the JDs to posts to interviews and final onboarding, ensure that the entire recruitment process is fair and inclusive and designed to attract diverse talent. Ensure that all JDs, job posts and hiring emails are reviewed by people from underrepresented groups to help address any gaps or potential deterrents for diverse people to apply. Include the practice of “blind resume”, where inconsequential information is masked from the resumes to prevent bias creeping in during the screening. Have representation from minority groups in all interviews, helping conduct assessments & interviews fairly and consistently for all candidates, regardless of their background. This also increases the chances of higher conversions of diverse talent, based on the demonstrated diversity and inclusion practices.  

#6 Set and track DE&I goals  

Set clear and measurable Diversity and Inclusion goals with KPIs for leaders and departments to give DE&I program the right focus. Measure and track the progress, enabling companies to progress faster with consistent results. Also highlight the journey of the leaders who have been successful in their DE&I goals with the key benefits to help further the cause and enable other departments to follow suit.  

#7 Train employees on unconscious bias   

Training and sensitizing employees on diversity and unconscious bias is important to build diverse talent pools, engaging with them meaningfully throughout the recruitment process and once hired, retaining them long term. These training sessions should be mandatory for leaders, especially the Talent Acquisition and Business departments. This helps create a collaborative and innovative work culture where each employee feels valued and included in all aspects of work. 

#8 Curate a great onboarding experience  

Create an inclusive onboarding experience for the new talent, helping forge strong relationships right from the start. Learning more about their culture, background, preferences, including them in the onboarding activities helps create a connection and a sense of belonging and enables the onboarding experience to be spectacular. 

Wrapping Up

Diversity & Inclusion are top goals for Corporate and Enterprise leaders across the globe today. Not considering or including an underrepresented group or section of the population means that companies miss on unique ideas or ways to expand on your business practices and value provided to customers. 

Maintaining robust Diverse talent pools, with representation from people who belong to different race, culture, religion, background (both financial and migration), sexual orientation etc. enables building diverse teams quickly. 

With ample evidence of a diverse workforce being more productive, innovative and engaged, with the power to transform business products and services, it is critical to be diverse and inclusive in every facet of the business, right from the start.  

FAQs on Diverse Talent Pools 

What is considered a diverse candidate pool?

A diverse talent pool consists of all the eligible candidates on the talent market who can effectively discharge the duties of a particular role as competently as the next candidate, regardless of their age, race, culture, ethnicity, background, sexual orientation etc. It has a rich representation of people who are usually underrepresented in leadership positions, roles, organizations and sometimes whole industries. 

What is considered a diversity candidate?

A potential candidate who is a part of any of the underrepresented or minority groups, looking for a fair employment opportunity can be considered a diversity candidate. They could belong to any minority race, culture, ethnicity, background, age or sexual orientation, which have no bearing on their potential performance on the job.  

How do you build a diverse talent pool?

Not having a diverse talent pool puts organizations at a competitive disadvantage, causing them to miss on crucial talent, who could have brought in diversity of thought, strengthened the culture and performance of the organization.  

8 ways to build a Diverse Talent Pool are given below:

1. Talk loudly about Diversity & Inclusion  
2. Inclusive JDs & Job Posts 
3. Build a strong Recruitment Funnel of Diverse Talent 
4. Adopt an outbound talent reach approach 
5. Create a fair & inclusive hiring culture
6. Set and track DE&I goals  
7. Train employees on unconscious bias   
8. Curate a great onboarding experience  

How do you retain members of a diverse team?

Having a diverse workforce helps the business be more innovative and profitable. Key retention practices are as below: 

#1 Clear and consistent DE&I practices 
#2 Review policies and eliminate/reduce unconscious bias 
#3 Have unconscious bias training 
#4 Invite and implement diverse employee feedback 
#5 Curate great onboarding experience for diverse employees 
#6 Train leaders and managers to lead diverse teams
#7 Targeted retention plan for diverse talent
#8 Create an ecosystem for success of diverse talent 

How do you make a job description more inclusive?

In order to attract diverse talent, use bias-free, gender neutral language in the JDs, job posts & other hiring communication.  Ensure that all JDs, job posts and hiring emails are reviewed by people from underrepresented groups to help address any gaps or potential deterrents for diverse people to apply. Leverage tools such as Textio and Gender decoder to keep the language bias-free, gender agnostic and appealing to all potential candidates.

Share it on:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Recent Posts

Have Any Question?

Have any questions about our services or products?

Latest Blogs:

Hyreo stands for delivering a ‘customer-like’ experience for candidates throughout the recruiting process. 

Contact

Term of use | Privacy Policy | GDPR | Copyright © Hyreo. All rights reserved. 

Game Plan to Amp Up Recruitment 6 Talent Acquisition Challenges 10 Ways to Supercharge your Recruitment Why is Time-to-Hire critical to your hiring success? 4 Reasons to Track Employee Productivity
Game Plan to Amp Up Recruitment 6 Talent Acquisition Challenges 10 Ways to Supercharge your Recruitment Why is Time-to-Hire critical to your hiring success? 4 Reasons to Track Employee Productivity