It’s purposeful. This is a guide for companies looking to be purposeful about creating an impactful culture.
Looking to discover and unlock culture-creating concepts that can help your company create a thriving workplace and empower people at every level of your organization?
Stephen Covey said that “strength lies in differences, not similarities.”
What are you doing to promote a company culture that values people and results so much that it drives hard after diversity on all levels?
Diversity at Every Level Drives Culture and Results
The data is clear. When companies focus on creating a culture so ingrained with diversity at every level, the profits speak volumes.
According to BCG (Boston Consulting Group), companies with deep levels of diversity at the highest leadership levels of a company are more profitable by a significant margin.
Innovation is a particular driver of these profits. Especially for companies that are multi-faceted and have complex services, BCG reported that companies with a higher volume of women in managerial and other leadership positions, we more profitable in new ventures than their less diverse competitors.
What’s interesting is that companies with the most definitive advantage don’t just look to hire with inclusivity and diversity in mind, they institutionalize diversity strategies into every facet of their company as the fuel for innovation. They understand that bringing diverse people and teams together for the sake of innovation requires purposeful work environments, team building, communication strategies, and career development practices.
How are Recruiting, Hiring and Culture Impacted by Diversity Initiatives?
According to studies done by Deloitte and other reputable sources, organizations that actively work to hire diverse employees have found that they have less trouble recruiting. Trouble can be anything from sourcing, recruiting, interviewing, onboarding, and short-term retention.
While there are many factors that impact the recruiting process, a company’s reputation is far and away one of the most important factors job-seekers take into consideration when researching jobs.
When McKinsey & Company coined the term “the war for talent” in 1997 it stuck because companies were finding that with the rise of the internet, company policies and reputations were becoming more and more transparent to the general public.
With the turmoil of the last few years and industry growth, people are not as desperate to work for just any company and the data shows a very clear picture. According to public relations consults, Hill & Knowton, 96% of students surveyed said that an employer’s reputation was important to them. After the mass layoffs due to COVID shutdowns, millions of workers never returned to jobs in certain industries plagued by poor working conditions, extremely low pay rates, and high attrition. Whole industries are now scrambling to find people or technology to make up for the lost labor force.
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So how can a real investment in diversity impact all this?
Studies conducted during and after the social unrest in 2020 and 2021 showed a very clear picture in regards to the topic of diversity, equity, and culture in the workplace.
2 of every 3 job seekers indicated that they would turn down a job offer if they felt that the company did not have an inclusive and diverse workplace.
Get that! Well over half of job seekers would turn down an offer! Zig Ziglar said, “people buy with emotion and justify with logic.” In this case, if you can create a company culture that reaches out to job seekers’ emotions, and makes them feel positive toward your company, you’re able to attract more talent on average.
Additionally, 70% of respondents said that it was important to them that a company is transparent about the diversity of their employees.
This can include training, work accommodations, pay, leave policies, and other equity indicators. This transparency not only seems to be a reassurance to current staff but also to people on the outside looking in on the company, evaluating its culture before deciding to work for that company and within that culture.
Furthermore, over half of respondents said that how a company responded to the Black Lives Matter movement either increased or decreased the likelihood that they would work for the company. While this particular topic can be polarizing and the data point seems to indicate there could be support, opposition, or apathy toward this type of movement, the focus of the question was on how and if a company responded, not why. How a company responds to very public issues, questions, or even poor reviews indicates to a job seeker how much the company values its reputation, perceived culture, and the views of people within their culture.
As companies look to attract, hire and retain talent, the numbers show a correlation between a company’s ability to navigate topics of diversity, equity, inclusion, and belonging and its ability to meet its hiring goals.
What Can You Do Right Now To Improve Your Culture?
A. Build a truly inclusive culture that values belonging.
B. Increase transparency across your company.
C. Develop a communications plan to respond to and be responsive to current events, social issues, and topics of culture, diversity, and genuine inclusivity.
Culture Creation Doesn’t Skip Steps
There are 9 elements of culture according to author and company coach, Lizzie Benton. Are you spending time on each of these? Are there one or more elements that are being neglected?
The 9 Culture Elements Include:
1. Vision & Values
6. Learning & Development
8. Pay & Benefits
Culture is multi-faceted, complex, and embedded in every part of the company. It’s not a sunshine committee, a policy, a handbook, or just a mission statement. It’s in a company’s DNA. It is the company’s DNA, from which every aspect of the company is built.
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Unleash Diverse Leaders to Influence Culture
One of the most effective ways to build a culture that is embedded into every aspect of the company is to unlock leaders from within the company to do so! You’ve hired great people, or intend to. Develop leaders from within your team to grow your culture from within.
John Maxwell, author, and leadership guru, says that “leadership is influence, nothing more and nothing less.” Anyone in your company who has influence has potential to be a leader in your organization. Here are some practical ways to develop leaders in your company to promote the culture you want. These are his 3 E’s of Leadership development.
Create an environment that encourages learning leadership skills. Make sure that your managers are developing these skills so that others can see these skills in action.
Equip people who want to be equipped. Not everyone wants to develop their leadership skills and that is ok. Develop the people that want to impact and influence culture. Equipping comes in many forms including seminars, mentorship, and learning pods.
Expose your team to exceptional leaders to observe how they lead. We often learn best by observing and imitating. Providing access to excellent leaders and letting your team learn by assimilation can be a very effective technique.
What kind of culture are you looking to build?
At the heart of culture creation is people. Developing a company with the right people in place exponentially increases the odds that you’ll form a culture that is innovative and strategic. So what can you do to attract and keep top talent?
Here are a few questions to ask to keep you on track!
Are we open to new ideas?
How inclusive is our hiring process?
How do our current staff view the company culture?
What is currently being done to develop leaders?
Are we investing enough in recruiting the right people?
Are we partnering with the right recruitment partners?
What aspects of our culture are the weakest?
What elements of our culture do our staff view as the strongest?
How are we measuring the impact of our culture?
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A Partnership with Panther Allows You to…
Attract and hire diverse and underrepresented talent.
Access diverse and specialized business partners through supplier diversity
Keep up with business growth by accessing professional skill sets faster
Make the most of each and every hire
Diversity, Equity, Inclusion, and Belonging are in our cultural DNA. Recruitment Strategy is our superpower.
The strongest workforce is one built on a foundation of diversity, equity, and inclusion. The Panther Group works closely with employers to develop a proactive diversity recruitment strategy to help ensure you cast a wide net to find the best possible candidates for each open role.
It would be our pleasure to partner with you and your company to build a recruitment and workforce strategy that promotes a culture of true belonging, diversity, and excellence. We are a top national staffing firm with over 30 years of experience.
We provide recruitment and workforce services and solutions including: MSP Services (Managed Service Provider), VOP (Vendor on Premise), RPO (Recruitment Process Outsourcing and Payroll, all in addition to our recruitment and staffing services. Out goal is to meet your needs and not one size fits all.
If you’re looking for professional employees in the following areas, we welcome you to contact our team today to access our talent pools and recruiting expertise: Professional, Life Sciences, Engineering, Federal, Information Technology, Accounting & Finance.
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