With top employees sitting tight because of an uncertain economy and a growing skills gap to hamper workforce development, employers need every competitive advantage possible. Diversity hiring is one competitive advantage that has multiple benefits. Diversity hiring helps companies build a diverse workforce that better connects with diverse customers and develop a work and business environment that respects and encourages contributions of people from all backgrounds, attracting top talent.
Diversity is profitable as well, as reported in a study by Covenant Investment Management that found companies with diversity initiatives enjoyed just over double the profitability of companies which do not focus as much on diversity. “Competitiveness Through Management of Diversity: Effects on Stock Price Valuation” is a report on the joint study by researchers from the University of Memphis, the University of Missouri at Columbia, the Virginia Polytechnic Institute and State University, and the University of Texas at Tyler. Researchers found that companies that received Department of Labor awards for voluntary affirmative action policies experienced rising share prices within 10 days.
Employers and hiring managers who don’t know how to find and hire diverse candidates or who don’t have time to make big changes to their recruiting process can use RPO recruitment to efficiently and cost-effectively implement diversity hiring. Recruitment process outsourcing professionals can help with individual parts of the recruiting process such as sourcing diverse candidates or handle the whole recruitment process to integrate diversity initiatives.
Use RPO recruitment for diversity sourcing if you want an ongoing flow of diverse candidates but don’t know how or where to look for them. A diversity project could have a target start and end date and objectives or be an ongoing project. An RPO specialist can find the best diversity job boards, social media groups, forums, publications, and events to advertise and announce your company’s openings and promote your company culture to attract the diverse candidates you need.
You can use RPO recruitment to source diverse candidates quickly and efficiently to interview when you need them but don’t have the time or know-how to find them.
An RPO recruitment firm can build a pipeline of vetted diverse candidates in addition to your regular candidate sources.
Use RPO services to attend minority job fairs and community events to get a wider range of candidates for your openings.
Integrate Diversity Initiatives
When you want to incorporate diversity initiatives into your current recruiting processes, use RPO recruitment. An outsourced recruiter can analyze your current recruiting processes and suggest how to integrate diversity, as well as dedicate staff to focus on diversity recruiting.
Use RPO specialists to take on the additional tasks required to create a diversity hiring policy, establish diversity recruiting practices, and integrate a diversity message into your recruiting process. How much you use the services of an RPO firm to help you establish and integrate diversity in your recruiting depends on your diversity goals, your timeline, and your level of urgency. RPO can help you with diversity hiring more quickly and economically than doing it yourself by dedicating specialists to the tasks full time from the start, with accountability for results.
Diversity Recruiting Metrics
Metrics help employers and hiring managers who work with RPO recruitment services measure and monitor progress and results. Diversity recruiting metrics help measure improvements in diversity practices and procedures, whether you implement them in-house or with the help of RPO recruitment specialists. How do you know how many incoming resumes are from diverse candidates? How do you know where your diverse candidates are coming from? What percentage of new hires are diversity hires? These are the types of questions addressed and answered by diversity recruiting metrics.
Diversity metrics help you monitor RPO recruitment tasks and activities and progress toward goals during diversity recruiting. Author and HR thought leader Dr. John Sullivan recommends measuring diversity recruiting with resumes, interviews, offers, hires, manager satisfaction, and applicant satisfaction metrics.
Resumes – Measure the percentage of diversity resumes against total resumes to know how much RPO recruitment increased diversity sourcing in your recruiting process. This could measure just the type of diverse candidates you are trying to add, for example how many women engineers are you sourcing out of the total of all engineers. Or it could be a measure of all types of diverse candidates, such as women, racial minorities, candidates under 25 years old, candidates over 55 years old, disabled, and LGBT.
Interviews – Keep track of interviews with diverse candidates as a percentage of all interviews for this metric. This metric can give you an idea of the strength or weakness of hiring managers’ commitment to diversity hiring.
Offers – Monitoring offers for diversity candidates looks at what percentage of all offers are made to diverse candidates. What percentage of diversity offers do you want to target in your recruiting? Half of all offers? More than 50 percent?
Hires – What percentage of all hires are diversity hires? How close or far from your target diversity hire goals is it?
You can further assess your RPO recruitment results with diversity hiring using metrics that look at brand, referrals, college hires, and rewards. Is your brand known in the community and in your industry for a diverse workforce and work environment? Are you getting quality employee referrals for diverse candidates? How many college candidates are diverse candidates? Do your managers’ bonuses have a recruiting component? Are they being rewarded for diversity recruiting results?
Other metrics to use for diversity initiatives include sources, agencies and executive search, names, and internships, as well as profitability after diversity initiatives compared to before they are implemented. Which candidate sources produce quality diversity hires? What percentage of diversity hires come from agencies and executive search firms? How many names in your ATS or candidate database are diverse names? How many diversity interns are in your internship program?
When you need to develop or improve a competitive advantage in recruiting, don’t try to do it with overwhelmed HR or recruiting staff. Use RPO recruitment for some or all of your diversity hiring goals to quickly implement diversity hiring and create a more diversified workforce to build your business, take care of your customers, and improve your employment brand today.
Andrew Greenberg’s roots in recruiting date back to 1996. He has experience both on the agency-side and corporate-side of the staffing business, with a focus in the financial services space at companies like Bloomberg and UBS. He also has core experience with information technology staffing, and has worked for major software companies such as SAP Business Objects and IBM/Informix Software. To get in touch with Andrew, you can reach him by email or by phone at (800) 797-6160.