How to Encourage Diversity Practices In Executive Search And Recruitment

These executive search and recruiting tactics for diversity are easy to implement and will boost your chances of attracting top talent.

Gender and racial diversity are crucial for corporate success, according to everyone who cares about workplace diversity, equality, and inclusion. According to various research, companies with diverse leadership teams are more profitable and imaginative. Client retention and employee engagement are both up.

 

It takes time to reach parity

It has been shown that diversity increases revenues. The S&P 500 index gained 19.45 percent in 2017. Only 16 firms had a woman on their board of directors or in the C-suite at the time. Every company had at least one woman on its board of directors at the end of the year, a 30 percent increase from the previous year. Simply said, having a diverse leadership team benefits the organization.

So, despite the evidence, why are women and people of color still underrepresented in senior leadership? "Diversity in Executive Search" was the topic of a recent webinar presented by Mogul, the global diversity recruitment organization where I serve as CEO. Cathrin Stickney, the founder and CEO of Parity.org, a non-profit dedicated to increasing the participation of women and people of color at the top levels of business, shared her experiences with Mogul members.

She stressed the significance of development across representation in order to achieve equity in corporate leadership. Recruiting additional individuals is the first step toward improving representation. There are five basic executive recruitment tactics you can use to boost your chances of acquiring exceptional people if you're in control and want to diversity your staff - and you should be. Many of things I've seen in my own executive search firm, and it's influenced how Mogul hires.

1. Eliminate unconscious bias wherever feasible. From recruitment to salary, mentoring, and progress, unconscious bias appears in many parts of life. When it comes to developing a genuinely diverse and inclusive workplace, bias may have unintended repercussions.

2. Be systematic in your search for new employees. During her lecture, Stickney emphasized unequivocally that if you want to develop the best team, you must be deliberate. This includes crafting gender- and racially neutral job descriptions, eliminating any blatantly casual or "bro" language, and removing age and other identifiers from your applications. Effective neutral job descriptions will attract top talent, and removing identification will enable you to objectively evaluate their credentials.

3. Put together a diverse panel of interviewees. Incorporating minorities into your interview process shows your candidate that you appreciate different perspectives. In 2014, Intel mandated that at least two members of underrepresented groups appear on interview panels for all new hires. Since then, Intel's diversity figures have grown considerably. Only 31% of new recruits were women or people of color before the new regulation; two years later, that number had grown to 45 percent.

4. Demand accountability from your recruiter or search firm. We hear a lot about different slates. As Stickney pointed out, you may have a diverse team but never recruit a woman. You may also have a 50-50 gender split in your slate, but true diversity cannot be reached if everyone has the same ethnic or cultural background. A representative slate, according to Stickney, is true variety. When working with an executive recruiter, request applicants that reflect the gender and racial makeup of your country or region, and make the search firm you've hired promise to providing a representative slate of excellent candidates and hold them accountable for delivering what you want. Top executive recruiters will have a wider network of varied individuals, so 50 percent women and 40% people of color is a good rule of thumb for a successful representative slate. Make no compromises in order to save time, and if you don't get what you want, fight back.

5. Recognize and dispel typical misunderstandings. Stickney outlined three myths regarding recruitment techniques that must be debunked. The first is that only the brightest pupils were admitted to the most prestigious institutions. As a Harvard Business School and Yale University alumni, I can witness to the reality that there are many excellent individuals who have risen through the ranks solely on the strength of their own determination and perseverance. When a fellow Yalie's application comes across my desk, I certainly have my biases, but anybody who has worked with enough people can agree that top universities are less significant than a person's passion for their career.

Second, according to Stickney, the phrase "cultural fit" is overused and has to be clarified. "Are you like me?" is all that is required when hiring for cultural fit rather than personality match. Is it feasible for you and me to get along? Is it feasible for us to get together and socialize? Are you paying attention? Do you understand what I'm getting at? While it's important to know whether you'll be able to deal with someone on a daily basis, these characteristics should only be utilized to a limited amount. The recruiting process should include defining your company's culture via corporate principles and matching employees who share those values.

The third myth is that talented women and people of color are underrepresented in executive and board roles. As Stickney pointed out, this is a network problem. We must all continue to widen our networks if we want to uncover better opportunities. There are many competent women who can advance in the business world. To find them, you'll need to be active on professional sites like Mogul and LinkedIn, as well as grow your network.

Although progress is slow, it is being made

Finally, a word on how far we've come together. A record-breaking 59 percent of new directors are diverse, according to the 2019 Spencer Stuart Board Index, with women accounting for 46 percent of new directors. On the S&P 500, women and minorities account for 39% of all directors. Yes, it's a new high, but it's still a long way off from 50%.

Creating a diverse, equitable, and inclusive workforce requires a top-down strategy, which I think businesses should openly commit to. Being committed to diversity and inclusion sends a statement to top talent, as well as existing employees, suppliers, and customers, that you are a company that values diversity and inclusion. Using your public-facing platforms to highlight your achievements shows that you value diversity and will attract the best and brightest to your firm.