Diversity & Inclusion helps Recruitment & Retention

People often ask, how does promoting D&I within an organization help in exceeding revenue goals, expand market share, beat competition, and help gain happy customers? Some people may be surprised to hear that the business case for D&I not only exists but is now overwhelming. There is a growing body of research that shows that organizations that effectively weave in D&I into its strategy, policies and practice, tend to benefit in ways that go beyond the optics.

 

Let us just discuss two primary benefits today. A professional journey for an employee begins with getting hired. Research shows that leveraging D&I becomes a valuable asset in attracting the best talent and in retaining good talent. Companies that are diverse and value diversity, get an advantage of getting referrals from diverse sources. 

 

Retention is a big challenge for many organizations, especially when unemployment rates are lower. Employee Benefit News (EBN) reports that the cost to an organization to hire a replacement and train and bring them up to speed, when an employee leaves, is about 33% of a worker’s annual salary. In dollar figures, for an employee earning a median salary of $100,000 a year, it is about $33,000.  Hiring costs may be multiplied several fold for higher level employees, with unique skill sets. In organizations that value and leverage diversity, candidates feel more welcome and comfortable and are therefore less desirous of leaving. In addition to reduced costs, an organization that is competitive in its ability to retain talent also experiences reduced turnover hassle, reduced training time and therefore more productive time, increased overall productivity, better customer experience, knowledgeable company experts, and better morale. 

As a Diversity and Inclusion trainer, I feel grateful that organizations are increasingly acknowledging this reality and make space for insightful conversations to take place on this issue. However, D&I training should never be about checking off the box and is also less effective when done in reaction to bad publicity or a law suit. D&I conversations are most impactful when engaged pro actively, and when diversity is leveraged as an asset rather than a liability to deal with. This year, the conference at @TiEsv @TiEcon #TiEcon2020 has a track dedicated to discussing diversity and inclusion in organizations. Registration is open at http://www.tie.org .  Also here is a link http://bit.ly/38EWWAU to my diary and more of my thoughts on D&I and some advice to entrepreneurs.

Entrepreneurs set to converge at TiEcon 2020

PeterDrucker has famously said, “The best way to predict the future is to create it.” And that is the central core of the theme at TiEcon 2020.

If you are an entrepreneur then TiEcon 2020 is the place where you want to CONVERGE. There’s plenty here for entrepreneurs. You might find just find the right idea, timely advice, meet a mentor, pair up with a partner, or perhaps connect with an interested investor. Very likely an entrepreneur is likely to find something here that will be a catalyst for them to begin to CREATE the environment to bring that innovation to fruition. TiEcons have always offered an environment to ELEVATE innovation from earliest idea stage to its fullest potential.

TiEcon 2020 tracks are announced and they are extremely relevant to current environment and very exciting. In the coming weeks, you will hear a great deal about the tracks, speakers, and keynotes. There are tracks and events that may offer something for all attendees like entrepreneurship and startup bootcamp. And then there are tracks that we all hear about and are on the cutting edge of new developments like cloud, security, IOT and ML.  There are also tracks and events that feature the human side of an organization and soft mentoring side of this conference like diversity and inclusion and global and mentor connect, and young entrepreneurs.

With convergence of well over 4500 attendees, 220 speakers, 13+ tracks, 1300 industry leaders, from 22+ countries, there is something here for every entrepreneur to sow the seeds for creation of that innovative idea into something magnificent or elevate it to something amazing. If you are intrigued, remember it all starts with convergence at TiEcon 2020. Registration is open at early bird price at www.tiecon.org .