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It’s no wonder that organizations are focusing more and more on strengthening their Diversity, Equality & Inclusion (DE&I) strategy. Cultural and worldwide movements like Me Too and Black Lives Matter have pushed the concern for DE&I in all aspects of our lives, including the workplace.
In this blog, we're going to discuss:
McKinsey & Co. says “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.” But financial ROI isn’t and shouldn’t be the only motive for your company to invest DE&I workforce solutions. Diversity, Equity and Inclusion is not a siloed HR priority anymore, it's now a business priority. Below are more reasons to improve your DE&I tracking, strategy, and performance:
Candidates are looking to apply for organizations that align with their values and have an environment that fosters their happiness. If your organization has gender-pay gaps, biased job descriptions or other inequality red flags, then these desirable candidates will look elsewhere for their next employment opportunity.
A diverse team with different backgrounds fosters innovation, increases productivity and makes a culture that people feel seen and heard. Retaining staff means there’s less time and money going into employee turnover. Employee Benefits News (EBN) reported that replacing an employee can cost one-third of the employee’s salary.
Announced in August 2020 and starting this year, the U.S. Securities and Exchange Commission (SEC) now requires all publicly traded organizations to disclose their human capital data. But what does something so broad like “human capital data” include? The SEC guidance was vague, and so there the first 10-K filings after this requirement had a wide range of how much and what type of data was disclosed. Anything from gender diversity in senior level positions to pay rate by race and ethnicity were included.
The supply of DE&I tech vendors in the market is skyrocketing and the demand is rising along with it. Companies invested roughly $50 billion in AI in 2020. That figure is expected to more than double to $110 billion by 2024. Thousands of AI Worktech transformation services are available in every step of the talent journey including:
But it’s not just a matter of picking new, exciting tech and hoping for the best. Tech can do a lot, but its impact will be even greater with a robust strategy that is continually monitored. AI algorithms shouldn’t replicate, perpetuate, codify, or even exaggerate human bias found in Human Resources departments. AI design should be transparent and based on actual employee performance, not biased factors like ethnicity, age gender, education, sexual orientation and more.
QuantumWork Advisory Managing Partner, Mark Condon, sums up the importance of not only utilizing AI, but using it the right way: “AI can make better, faster and more consistent decisions but algorithms need to be continuously monitored and adjusted, based on real-life results and business context.”
The amount of AI options can be overwhelming for a C-Suite team to sort through, select and successfully implement. A recent QuantumWork Advisory poll asked respondents on a scale of Completely Agree, Somewhat Agree, Somewhat Disagree or Completely Disagree:
"Our TA Technology uses AI to scan the talent marketplace for suitable candidates internally, externally, and then ranks them based on skills and qualifications."
The results? No respondents selected "Completely Agree." QuantumWork Advisory (QWA), a specialized Worktech advisory firm that is backed by Allegis Group, has deep domain expertise to guide leadership in their Worktech program. QuantumWork Advisory utilizes these techniques:
Download QuantumWork Advisory's E-Book on "Leadership Guide to DE&I Digital Transformation."
