Diversity, Inclusion & Equity has become more important than ever for organizations where they stand for social justice and equality. Workplace cultures are more complex due to the increased interconnectivity, thanks to the impetus of globalization.

Today’s workplace is a melting pot where people from several communities with different identities and backgrounds interact and make crucial contributions to accomplish business objectives.

Diversity & Innovation

As research shows that a highly diverse team has a direct relationship with increased innovation and brings in beneficial results to an organization. The following are some of the important research findings that encourage organizations to make a big push toward their diversity initiatives.  

  • According to a BCG Study, management team with members from diverse backgrounds generate 19% more revenue due to innovation 
  • Highly gender-diverse and ethnically-diverse organizations tend to perform 15% better and generate 35% more revenue, according to a McKinsey Report.

Diversity now and then

The older way of looking at diversity is to ensure the compliance and legal requirements to provide equal opportunities to employees from diverse backgrounds without any bias. Today, diversity is not just about meeting the compliance mandate but to bring a systemic change within the organization to include more people from diverse backgrounds for business advantages.

The recent events like MeToo and Black Lives Matter have become flashpoints that have changed the outlook of diversity in an organizational context. 

Also, diversity in context has gone much beyond race and religion to include people with different race, color, ethnicity, language, nationality, sexual orientation, religion, gender, gender, socio-economic status, age and physical and mental ability. The modern day workforce diversity hinges on the idea that everyone is different and everyone is unique. 

Businesses that operate in multiple geographic locations tend to build a workforce that resembles a pluralistic society in which they operate to promote a socially just cause. 

Diversity in the workplace is not anymore the responsibility of a person or a team but has transcended to become an organizational culture with greater diversity initiatives led by the top brass leadership.

D&I technology for Contingent Workforce 

When the economy recovers after the pandemic, businesses will turn their focus toward the contract labor due to the flexibility and cost saving opportunities they provide. 

Currently, 25% to 30% of the US workforce is contingent and more than 80% of the large corporations plan to strengthen their contract labor substantially in the next few years.

Intuit 2020 Report, Twenty Trends That Will Shape The Next Decade

As a cost saving measure, 32% of the organizations are replacing their full time labor with contract workers

Gartner, 9 Future of Work Trends Post Covid-19

Contingent workforce programs led by procurement teams do not have the functional expertise to incorporate diversity & inclusion initiatives into their workforce programs. Instead, businesses formulate a supplier diversity program to include staffing agencies that are Minority Business Enterprises (MBE) to solved the purpose. 

In reality, this approach did not accomplish the purpose of having a diverse workforce that innovate together and achieve better business outcomes. 

While sweeping changes are made in the Diversity & Inclusion front, organizations should realize the importance of including the temp labor workforce in their D&I initiatives. 

D&I in Direct Sourcing

A very effective approach to incorporating diversity & inclusion initiatives into your contingent workforce program is to implement D&I technology in your direct sourcing initiatives. 

A direct sourcing initiative will provide all necessary features and functions that a D&I technology has to impart into building a diverse workforce. 

The following features are readily available in a direct sourcing mechanism which can be leveraged to ensure a strong Diversity & Initiative framework is built within your temp labor program.   

  • Talent Diversity analytics
  • Diverse talent acquisition channels
  • Measuring diversity stats, engaging and retaining diverse talent
  • Improve diversity of the talent pool

A direct sourcing strategy can not only help you access a diverse pool of talent but also helps you to train,manage and retain them for longer periods and provide them rewarding opportunities assisting them in their career growth. 

Diversity & Inclusion initiatives are not just finding diverse talent and making them a part of your workforce but also giving them the right opportunities to excel and innovate at the workplace that translates into business success.

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