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Attracting a Diverse Workforce has a Significant Payoff

By February 8, 2022February 28th, 2022Best Practices, Hiring

Attract a Diverse Workforce

After a recent McKinsey study found that ethnically diverse companies outperform nondiverse companies by 35%, human resources professionals are taking a closer look at their hiring practices to ensure that they’re recruiting from a broader range of talent.

A report from WayUp identifies common barriers to locating and attracting diverse candidates.

  • Eliminating GPA requirements. GPA rarely correlates to the ability to perform a job. Candidates from lower income backgrounds often find themselves working long hours to get through school, and their GPA suffers in the process.
  • Similarly, offering flexible interviewing times is a benefit to candidates who are working long hours to put themselves through school.
  • Relocation stipends help draw from a wider pool of candidates, including those who are qualified for the job but can’t afford moving expenses.
  • Campus recruitment efforts should include more than just elite universities, but at the same time, shouldn’t solely target Historically Black Universities and Colleges (HBCUs). Culturally savvy recruiters should know how to draw in candidates from a broad array of educational institutions.

Our world has become deeply connected. Companies that value diversity will draw from a broader range of ideas and viewpoints, which ultimately may lead to better performance.

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