It’s
simple: a diverse workplace culture attracts more talent and enhances the
overall performance and adaptability of an organisation. But simply hiring
external talent from underrepresented backgrounds isn’t enough. If that’s all
you’re doing, you’re missing the diversity of talent you already have in your
business.
For
example, a recent diverse leadership programme we designed and delivered saw us
increase confidence levels in participants by over 60% when it came to
applying for more senior roles with a third of those getting promoted to
date.
To
drive real business success, you must implement robust succession planning
and nurture the diversity you have to become your future leaders, as we did
with the diverse leadership programme. This will help you create a culture that
thrives on the richness of the varied perspectives, skills and experiences
diversity brings.
When
you prioritise a diverse talent pipeline, you lay the groundwork for financial
success, enhanced innovation and better competitiveness.
So
why, in 2024, are we still seeing a lack of diversity in senior positions?
Common headwinds for diverse
talent
Diverse
talent often encounter formidable headwinds throughout their careers:
- A lack of visible role models
creates a lack of relatable success stories, hindering diverse individuals from
envisioning themselves in or applying for senior positions.
- Perceptions of confidence may be skewed,
with assertiveness from diverse candidates sometimes unfairly labelled as
aggression. For example, women get 2.5 times more feedback
than men about being aggressive in their communication style.
- Limited access to key roles and high-profile
opportunities, often exacerbated by leaders
recruiting in their own image, perpetuating a cycle of exclusion and diverse
individuals needing to put in extra effort to reach senior positions, with
assumptions often overshadowing their capabilities.
- Cultural differences
and being outside the 'in' group reduces visibility and creates barriers to
networking, mentorship, and sponsorship opportunities.
- The prevalence of 'who you know, not what you know'
disadvantages those from different backgrounds, leading to them being
underestimated, overlooked and under-valued.
Overcoming
these systemic challenges necessitates a concerted effort from businesses to
foster inclusivity by nurturing a diverse talent pipeline.
Benefits of diverse pipelines
There
is a clear fiscal advantage of diversifying your pipeline. An inclusive
workplace with robust succession planning
is linked to higher employee engagement and retention. In turn, this reduces
turnover costs - by 22%, according to this Deloitte study.
The
same study found that companies that nurture diverse talent are 22% more
productive and 27% more profitable, highlighting the link between diversity and
financial performance.
Having
a diverse talent pipeline is also imperative to business performance. Employees
who feel that their company is committed to diversity are 83% more innovative,
while from a board perspective, 64% of surveyed IoD members
agree that board diversity is crucial to driving business success.
But
the pièce de résistance of investing in a diverse talent and creating a more
diverse culture is that it future proofs your business by attracting more
talent to your organisation. People are more likely to seek employment with and
remain loyal to companies that value and respect their unique contributions,
irrespective of their background.
For
instance, 83% of Gen Z candidates
say that a company’s devotion to diversity, equity and inclusion
is a crucial factor for choosing where to work. Demonstrating your commitment
to a diverse work culture will make you more appealing to these purpose-driven
workers - and with Gen Z set to make up the majority of the global workforce by
2025, it's time to start attracting them now.
Dedicating
resources to nurturing your existing employees into your future leaders
ultimately ensures you have diversity at every level. Not only does this
improve your reputation and ability to innovate, it also sharpens your
competitive edge and means gaps can be quickly closed if a key employee or
senior leader departs unexpectedly - a likelihood that every business should
prepare for, with 53% of employees
set to leave their current company in 2024.
Where do you start?
In
the not-so-distant past, diversity programs have often failed
because they were just adaptations of outdated approaches.
In
2024, organisations need to be more intentional about building and sustaining a
diverse pipeline. This requires a holistic approach to attracting, retaining
and mobilising diverse talent.
We’re
often asked by clients where to start so here are 5 tips to consider, depending
on where you are currently on your journey:
- Clearly define your diversity
goals and make them an integral part of your
organisation's people strategy. Regularly track and report on your diversity
metrics and celebrate successes in meeting diversity goals. Remember: what
gets measured gets done.
- Mentorship & sponsorship
programmes – connect diverse employees with senior leaders
who can guide, support and open up opportunities for them. Create opportunities
for them to raise their visibility and broaden their network in other ways too.
- Promote flexible work
arrangements and inclusivity in policies to support a diverse
range of employees who may have different needs and preferences.
- Invest in empowerment programmes
designed to attract diverse talent, increase
confidence, help individuals overcome barriers and identify skills for further
development.
- Ensure your recruitment
practices are inclusive – e.g. job descriptions are free
of language that might discourage diverse groups from applying and offering
thoughtful benefits.
These
initiatives must be grounded by continuous feedback and improvement.
How Hanover can help
At
Hanover, we understand the importance of attracting and retaining diverse
talent. Our development programmes have helped hundreds of organisations build
robust and diverse talent pipelines, helping them to unlock potential in
individuals and teams, for a stronger and more resilient workforce.
We’re
also experts at empowering diverse talent to aim for senior positions. Through
interactive workshops, practical masterclasses, and coaching.
Our
goal is to fuel your organisation’s future growth and empower your talent to
step into more senior roles. If you’d like to know more, contact me today.
