What is the meaning of diversity management?
Diversity management is an organizational process used to promote diversity and inclusion in the workplace. This process involves implementing policies and strategies in hiring, management, training, and more. The goals of diversity management are to promote fairness and equality and benefit from the advantages of a diverse organization.
Why should HR leaders care about diversity management?
Time and time again, research has demonstrated that diversity is a major asset to businesses. Companies identified as more diverse and inclusive are 35 percent more likely to outperform their competitors and 1.7 times more likely to be innovation leaders. When diversity reaches management, it pays off with 19 percent higher revenue.
Why is this the case? More diverse workforces have a broader range of backgrounds, skills, and areas of expertise, meaning they can bring more and more innovative ideas to the table.
An organization that prioritizes diversity and inclusion also attracts more job candidates: A survey from Glassdoor shows that 76 percent of people report that a diverse workforce is an important factor when evaluating companies and job offers–and nearly one-third say they won’t apply to work at a company with poor diversity.
What can HR leaders do to succeed with diversity management?
The first step to achieving a diverse workforce is to hire people from diverse backgrounds. This means developing inclusive recruiting and hiring practices such as:
- Recruiting through non-traditional talent pools
- Implementing anti-discriminatory hiring processes such as anonymous aptitude tests
- Not seeking to fill hiring quotas, which do not address the problem of unconscious bias
Diversity management goes beyond hiring. It starts from the roots of an organization’s cultures, values, and leaders and touches every part of a company. This means, among other things:
- Commitment from the board, C-suite, and other senior leaders
- Providing a safe space for open, honest, and sometimes difficult dialogues about diversity and inclusion
- Mandatory diversity and inclusion training for all employees
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Why should diversity management be a part of modern HR strategy?
In today’s climate, a diverse and inclusive workplace is no longer only a nice-to-have. It’s a must. Authentic diversity management is about understanding that diversity is beyond being a buzzword. To achieve real diversity and inclusion, you must be proactive, not reactive. That’s where diversity management initiatives come in.
Simply put, diversity management is one of the most important things HR departments can commit to. It can lead to greater employee satisfaction, an enriched company culture, improved employee loyalty, and the ability to attract top talent.