Diversity isn’t just a moral imperative, it’s a strategic advantage that can significantly enhance organizational performance. McKinsey estimates that diverse executive teams translate to 36% higher enterprise profitability.
Embracing diversity also unlocks access to a wider talent pool, especially within underrepresented groups that are often overlooked. When these diverse talent pools are integrated into the workforce through a skills framework- it can quickly reduce the skill gaps within global enterprises. With inclusion and reskilling, such diverse talent can continuously contribute and drive sustained success for organizations.
The first step to drive this is to get access to global labor market talent intelligence pertaining to the target diverse talent sections – and incorporate that into the talent strategy.
Improving Diversity with Talent Intelligence Leveraging Global Labor Datasets
Traditional hiring processes often rely on resumes and interviews, which can be prone to unconscious bias. Talent Intelligence tools mitigate this by analyzing a wide range of relevant data points around skills, experience, project contributions, workload history, education – while minimizing the impact of demographic identifiers.
Here’s how having access to such talent intelligence can help you build and maintain a diverse workforce:
Discover Untapped Talent Pools:
Talent intelligence platforms reveal geographic areas with high concentrations of skilled professionals from underrepresented groups. These locations may not be traditional tech hubs but offer a rich source of diverse talent.
For example, a company seeking software developers might discover a thriving tech community in a smaller city with a significant Hispanic population, offering access to a diverse talent pool that might be overlooked in larger, more competitive markets.
Skill-Based Matching:
Talent intelligence platforms can highlight candidates that are aligned to open positions based on skill requirements, rather than relying on traditional keyword searches in resumes. This opens doors for individuals with non-traditional career paths or those from underrepresented groups who may not have the exact keywords but possess the necessary skills.
For instance, a candidate with experience in open-source projects might be a great fit for a software development role, even if their resume doesn’t explicitly mention specific software used by the company.
Strategic Workforce Planning:
By analyzing current workforce skills and comparing them to future business requirements, organizations can identify skill gaps and develop targeted training programs. This ensures that employees from diverse backgrounds can develop the skills needed for future roles and leadership positions.
For example, if a company anticipates a growing need for data analytics skills, talent intelligence platforms can offer data science training programs to employees from underrepresented groups, preparing them for future opportunities within the organization.
Targeted Diversity Recruitment:
Combining location data from talent intelligence platforms with diversity metrics enables organizations to target their recruitment efforts towards specific geographic areas with a higher representation of underrepresented groups.
For example, a company aiming to increase female representation in leadership roles could focus its recruitment efforts on regions with a higher percentage of women in executive positions.
Data-Driven Salary Benchmarking:
Talent intelligence provides insights into regional salary benchmarks for different roles and skillsets. This information allows companies to offer competitive salaries that are aligned with local market rates, ensuring fairness and equity in compensation while managing costs effectively.
For instance, a company hiring for a role in a lower-cost city can offer a competitive salary that is attractive to local talent while still realizing cost savings compared to hiring in a higher-cost location.
Blind Screening:
AI can redact demographic information (gender, age, ethnicity) from candidate profiles during initial screening, allowing recruiters to focus solely on qualifications. This helps ensure a fairer evaluation process and expands the pool of potential candidates.
For example, a company seeking a software engineer could use AI to identify candidates with strong coding skills and project experience, regardless of their background.
Draup helps companies like PayPal, Intuit, BT and 250+ others build diverse workforces with access to our global labor market datasets that span 12K+ skills, 850M+ professionals, 140 countries, 500M+ job descriptions, 4M+ career paths and more.
Ready to build a diverse, future-ready workforce? Get in touch with us.