Having high levels of diversity in a business is good for a number of reasons. Diversity leads to higher amounts of creativity and invention. It allows for employees to have varied backgrounds and skill sets. Diversity can also increase a company’s financial success and long-term profitability. It is also a corporate social responsibility and an issue of fairness. With all of these benefits, it is clear that diversity in the workforce should be increased.
The infographic below lays out all the different ways diversity can improve a business. It explains how the most profitable companies are also the most diverse and quotes executives from various companies who also see the benefits of having a diverse group of employees and leaders. Arlan Hamilton, the Cofounder and CEO of Backstage Capital, says, “If you haven't hired a team of people who are of color, female, and/or LGBT to… find every qualified, underrepresented founder in this country, you’re going to miss out on a lot of money when the investment world gets it.” Diversity is making businesses successful in their inventions and finances.
We can improve the diversity of the workforce by using artificial intelligence in the hiring process. Several companies already use technology to track and hire candidates, but HR professionals believe their hiring practices need to be improved. This technology and these practices can be greatly improved with a recruiting AI that is trained to eliminate bias from the hiring process to increase diverse, qualified employees. A recruiting AI can immediately identify the top candidates to any company or position without allowing bias to influence its ratings. It can also be easily integrated with a company’s pre-existing hiring software, working together with other programs to make the hiring process even easier.
To gain all of the benefits from having a diverse company, a recruiting AI should be used in the hiring process to combat the implicit bias existing within human recruiters. Once diverse people have been hired or promoted, a company can succeed immensely in its new releases and long-term profitability. Increasing diversity in the workforce will make the business world an all around better place.
Check out the visual deep dive on how to embrace diversity in hiring: