The Diversity Dividend is big news for growing companies that have their sights firmly set on great financial performance, says David Dewey, CEO of Shortlister. Research* has proven that organisations with a diverse workforce outperform those with less diverse people – by significant margins.
‘In fact, ethnically diverse companies are 35 percent more likely to outperform their competitors,’ David says. ‘And organisations that are gender diverse are around 15 percent more likely to outperform the national median for their sector.’
Why Diversity Matters
Greater gender diversity, for example, has increased performance levels, in UK organisations where diversity impacted on senior executive teams.
A study published in the Journal of Personality and Social Psychology concluded that people from diverse backgrounds can positively alter the behaviour of a group’s social majority by prompting improved and more accurate group thinking. Once again illustrating the importance of a diverse workforce.
David points out: ‘Diversity has a big role to play in the future success of companies at all levels and getting the right people to fill vacancies quickly is a crucial path to the Diversity Dividend. It should be a strategic aim of every business.’
The Advantages of Video Interviewing
While Video Interviewing can significantly cut recruitment and candidate travel costs, it is widely recognised as an effective screening tool. Video Interviewing is also highly accessible, meaning people with the skills you need won’t be put off from applying for a job, even if they live on the other side of the country – or world.
It is the smart recruiter’s must-have tool to identify and attract top talent quickly. Video Interviewing removes geographical barriers and optimises interviews that are highly beneficial for everyone. In fact, Video Interviewing is the buzz word for talented Millennials, who have raved about the candidate experience it offers. It is, after all, a tool that speaks to the mobile and tech-savvy in their own language, and they like it.
David says: ‘Importantly, Video Interviewing ensures each candidate is asked the same questions, in the same way, and their answers are recorded to guard against any bias. This is an important step forward if an organisation’s goal is to cash in on the Diversity Dividend and be inclusive.’
Find out more
Want to know more about how Video Interviewing can help you plug the diversity gap in your organisation and improve performance levels? Visit http://www.shortlister.com
*Research conducted by McKinsey, 2015