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Focus your diversity efforts on retention—not just hiring—to avoid losing talent
While companies’ recruitment processes must give diversity a platform, hiring is not the only problem. There’s constant talk around diverse hiring and whether “token hiring” or quotas work or are morally right, but in reality, retention is an equally, if not more critical, challenge for many businesses. Without retention, the effort to make diverse hires is essentially useless. It’s a problem throughout society—from school to the C-suite—where toxic cultures and barriers to progression lead to a wide range of talent dropping out of the system. Business leaders must take it upon themselves to ingrain diversity in high-level company strategies, take note of best practices, and facilitate the necessary discussions. It’s not an exhaustive list to solve the diversity debate, but it’s a start.
There’s a business case for diversity even when ignoring the societal one, pioneered by the UK Royal Society:
Diversity can foster creativity and innovation from a diverse range of views and experiences, fuel dynamic and varied communication and leadership of teams, and improve both the recruitment and retention of talent.
Perhaps even more compelling is McKinsey’s research, which indicates that better financial performance goes hand in hand with diversity.
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