How Diversity Delivers on ROI, Employee Engagement

 
 
By Dennis McCafferty  |  Posted 12-03-2013 Email Print this article Print
 
 
 
 
 
 
 
 

CIOs and other executives who shrug off diversity are missing out on both business and employee-engagement opportunities, according to a recent survey from Korn Ferry. In the past, some naysayers might have dismissed diversity initiatives as "politically correct nonsense," but corporations are expanding into new global markets every day, and an eclectic range of employee backgrounds and interests are needed to make a successful transition. A diverse workforce also produces competitive advantages for a company, including a variety of points of view and higher-performing teams. While the Korn Ferry survey results are generally positive, they do indicate that a great number of organizations fail to directly tie diversity-based managerial goals to compensation, which is an essential step for any meaningful advancements to take place. "We are encouraged that executives recognize that having a diverse and inclusive workplace gives them a strategic advantage in the marketplace," says Oris Stuart, a senior partner at Korn Ferry Leadership and Talent Consulting. "At the same time, there's work to do in holding managers and leaders accountable and creating incentives." More than 400 executives participated in the research. Also included in this feature are four best practices to increase your IT department's diversity, according to research from DiversityOfficerMagazine.com and Monster.com. For more about the survey, click here.

 
 
 
  • A Business Driver

    96% of executives feel that having a diverse and inclusive workforce leads to higher employee engagement and improved business results.
    A Business Driver
  • Plan in Play, Part I

    70% say their organization has a strategy in place to drive employee engagement.
    Plan in Play, Part I
  • Plan in Play, Part II

    72% say their companies have a strategy in place to promote diversity and inclusion.
    Plan in Play, Part II
  • Evaluation Standard

    52% indicate that their management-performance appraisals include a component for success in effectively managing diversity.
    Evaluation Standard
  • Financial Disincentive

    Just 23% say their compensation is tied to diversity goals.
    Financial Disincentive
  • Worldly Views

    64% say their organization has a diverse mix of leaders.
    Worldly Views
  • Four Best Practices for Increasing Diversity: Make Values Part of the Culture

    Make sure diversity is identified as a core organization and department value, and link it to strategic planning, mission and vision.
    Four Best Practices for Increasing Diversity: Make Values Part of the Culture
  • Four Best Practices for Increasing Diversity: Ensure Accountability

    Make delivery on stated diversity goals part of every manager's evaluation criteria—and tie financial incentives to diversity accomplishments.
    Four Best Practices for Increasing Diversity: Ensure Accountability
  • Four Best Practices for Increasing Diversity: Empower Employees

    Designate employee "diversity leaders" who demonstrate a passion for the topic, so they can organize networking efforts, lunch-speaker events and other opportunities, as well as weigh in on recruitment strategies.
    Four Best Practices for Increasing Diversity: Empower Employees
  • Four Best Practices for Increasing Diversity: Get Out!

    The more visible your company and department is at public job fairs and community events, the more elevated its presence will be among highly sought, diverse talent.
    Four Best Practices for Increasing Diversity: Get Out!
 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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