How enterprises commit to diverse hiring, and why it matters.
The human resources and recruitment industry will play an increasingly outsize role in helping our global working cultures become more diverse and equitable. How each company plays its part is vitally important.
It’s worth noting that the APAC region stands heads and shoulders above other supra-national regions in implementing diversity initiatives.
- A survey among Asia Pacific senior executives found that about 79 percent of respondents stated that measures to attract and retain talent with diverse backgrounds had been implemented in their company.
- In the same survey, 63 percent of respondents claimed that this initiative was helpful.
But how effective are these policies in changing the cultural element of closed-shop hiring?
Are APAC companies becoming more diverse in reality, and what are the reasons why companies should be focusing on diverse hiring if they are dragging their feet?
Statistics on Diversity and Inclusion in Talent Sourcing
The importance of highlighting diversity as a pillar of good recruitment practice is something that’s been repeated for years,
- In 2015, McKinsey noted that “new research makes it increasingly clear that companies with more diverse workforces perform better financially”, in their study on diverse hiring Why diversity matters.
- International Women’s Day has been flying the flag for women’s rights for 100 years.
- Black History Month in the USA and the UK are taking the lead on minority representation across business and culture and has been running in some form since the 1920s.
However, there is still work to be done. An HBR piece in 2021 titled Research: How Companies Committed to Diverse Hiring Still Fail, noted that hiring biases are incredibly prevalent against minorities and women, especially in tech and IT.
- “We find no evidence of firms displaying positive preferences for diversity. Indeed, firms hiring in STEM fields displayed a bias against minorities and women”.
- “Our research suggests that firms may have unconscious biases that pull the wrong candidates into their recruiting funnel, in a variety of ways”.
This echoes issues with the reporting on the gender pay gap, for instance – we know large companies don’t pay women enough, and yet actual long-term change seems unforthcoming in larger companies.
Diverse hiring practice is not, and should never be a marketing platitude. Sadly, many enterprises make public announcements for the betterment of diverse attitudes within their companies and make slow progress implementing change.
We’re here to make sure that doesn’t happen.
Connect with Datasearch Consulting
To build a sustainable diverse company, develop early career talent
Recruitment processes and practice offer any brand the opportunity to lead with diversity: the very people representing and working for your company make up the very fabric of your company, and create your unique company culture.
Which, we hasten to add, is not only more productive and happier with more diverse teams, but creates better business outcomes and generates more revenue.
McKinsey note in their 2020 report Diversity wins: How inclusion matters:
- Our 2019 analysis finds that companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than companies in the fourth quartile.
Here at Datasearch Consulting, we believe you can fold diversity hiring strategies into one, business-critical recruitment approach that both answers the need for more tech and IT talent, and more representative teams – develop early talent, and focus on emerging diverse teams. The facts bear witness to the success of this.
This not only meets a key demand of younger Gen Z workers – the demand to work for more ethically-minded companies, and in diverse teams – but also answers the talent shortage question that plagues tech firms around the world.
- There are huge hubs of emerging tech talent from all around the world that companies have yet to tap into, from places as far afield as Uruguay and Ukraine,
- Africa is emerging as a significant source of software engineering talent and is home to the fastest-growing population of developers…(and) women represent 30% of professionals in Africa’s tech sector.
Singapore, Vietnam, and Indonesia are on top three of the fastest-growing tech markets that also have become hotspots for key business activities.
Datasearch Consulting is a pioneer of Recruitment-as-a-Service: a model of recruiting that offers unparalleled flexibility and personalization of service to meet your hiring demands.
We are experts in diverse hiring, operating from a position of the total equity in talent handling. As both experts in executive and RPO services, we guarantee a recruitment service where diversity sits at the center of our candidate relationships.
Need help in finding tech talents for a Singapore-based company? You can count on Datasearch Consulting to lend you a hand.
While the talent market has undoubtedly become more competitive for both recruiters and HR professionals, we remain dedicated to connecting our partners with the right tech or IT talent.
Connect with us at Datasearch Consulting for more information about our recruitment solutions for tech companies and functions.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.
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