A simple 4 step diverse talent attraction & on-boarding process for venture backed companies

As a recently backed venture the benefits of building a diverse team underpinned by an inclusive company culture are numerous.

Countless studies have shown that diverse teams outperform homogeneous ones, bringing unique perspectives, creativity, and problem-solving skills to the table.

However, many companies still struggle with attracting and retaining top talent from diverse backgrounds due to lack of experience or time constraints.

In this blog post, we will explore the research behind the benefits of diversified teams, and then delve into four key steps to attract top talent and construct a team that will have the capacity to scale while also achieving a high performance.

The Challenge of Attracting Diverse Talent

The lack of diversity in many corporate environments is a well-documented issue. The challenge lies not in the absence of diverse talent but in the inability of companies to attract and retain it.

A diverse team is not only a reflection of social responsibility but also a key driver of innovation and success.

It's also an important part of understanding key customer segements of the market that you target.

However, the question remains: How do companies effectively draw in top talent from different backgrounds? Let's explore the steps to address this challenge systematically.

1. Sourcing: Broadening Horizons for Talent Acquisition

Sourcing is the first crucial step in building a diverse team. Traditional recruitment channels often lead to a homogenous pool of candidates.

To diversify your talent pipeline, consider the following strategies:

Utilize Niche Job Boards 

Explore job platforms tailored for underrepresented groups. Websites like Women Who Code, DiversityJobs, or Black Career Network can help you tap into a broader talent pool.

These should be used in addition to the usual more well known job boards such as indeed and LinkedIn.

The goal is to diversify your pipeline so you have a variety of quality candidates from diverse backgrounds.

Collaborate with Diversity Organizations

Partner with organizations that focus on promoting diversity in the workplace. This collaboration not only increases visibility but also sends a clear message about your commitment to inclusivity.

Now this option also depends on the budget you have available. Many organisations may try to charge you in one way or another.

Due to this, seek collaborations with these organisations that is mutually beneficial in order to get access to their resources and expand your talent pool.

By diversifying your sources, you cast a wider net and increase the likelihood of attracting top talent from various backgrounds.

Networking Events and Conferences 

Attend industry-specific events focused on diversity and inclusion.

This is more of a long term recruitment strategy and should be based on forming relationships withe the highly skilled talent you meet there.

This can also form a dual purpose where you can add diversified talent to your knowledge network or as specialist contractors on projects as and when the need arises.

Engaging with potential candidates in an environment such as this will nuture diverse perspectives within your company.

2. Engagement: Leveraging Incentive Theory to Attract Top Talent

Understanding the psychology behind incentives is key to engaging top talent in the market.

Incentive theory posits that individuals are motivated by the prospect of rewards. To attract diverse talent, you should consider embeding the benefits and rewards of the job across 3 dimensions.

Monetary, Personal development, Personal:

Monetary

This is the obvious one. Offer competitive salaries and benefits to demonstrate the value your company places on its employees.

Bonuses based on company performance and equity are other attractive financial incentives. Be sure to do the required research for industry averages across all these areas when putting together your financial offering.

Personal Development 

Showcase your company's commitment to the development of the skills in your workforce.

It is easy to become stagnent and bored within a job role if individuals do not feel like they are evolving with the company.

Opportunities to improve their current skill level will not only feed their growth, but increase their units of output within their role.

Career progression is another important element when it comes to development. Highly skilled talent don't like to work in dead end jobs.

Remember, their skills are in demand so if a clear path of career progression is not presented from the beginning of their tenure then you will not retain them for long.

Personal 

Acknowledging the personal side of your diverse team will also help to retain them.

These type of incentives can be things like outside of work team activities, flexible working schedules, health insurance, gym memberships, and discounted vouchers for their favourtite retail brands.

By aligning incentives with the personal desires and needs of diverse talent, you create a compelling case for them to choose your company over others.

3 & 4. Recruitment Process & Onboarding: Fostering Inclusivity from Day One

The recruitment process is the gateway to your organization, and an inclusive approach ensures a diverse pool of candidates.

To construct an inclusive recruitment and onboarding process:

Diverse Interview Panels 

If possible, ensure your interview panels reflect diversity. Candidates are more likely to feel comfortable and valued when they see a diverse group of interviewers.

It will immediatly show them that your company's management is open and does not judge people based on their physical appearance.

If you are at the early stages of diversifying your team, state your commitment to this at the beginning so that new hires know that it is something you value

Unbiased Language in Job Descriptions 

Craft job descriptions that use inclusive language, avoiding gender-coded or culturally biased terms. This helps attract a broader range of applicants.

Work Culture: Nurturing Inclusivity for Long-Term Success

A company's work culture plays a pivotal role in retaining top talent. There are two key areas to consider here. Ther onboarding process, and the core company culture.

The onboarding period needs to make new talent feel as though they are able to perform their role, and that they have a valued place within the team.

Giving them a sense of accountability as well as initial training to acustomize themselves to how you want them to work is key during this period.

The core company culture should be connected to the core prupose/mission of the company, and that should be something that new, as well as existing team members should be able to buy into.

Your company culture is a mixture of the systems, practices, policies, and communication channels that form and influence the working intra-relationships of your business.

Conclusion

Attracting top talent and building a diverse team requires a comprehensive strategy that begins with sourcing, engages through incentives, fosters inclusivity in the recruitment process, and culminates in a supportive and evolving work culture.

Companies that prioritize diversity not only contribute to a more equitable society but also position themselves for long-term success in an ever-evolving business environment.

It's time to recognize diversity as a driver of innovation and growth, and take proactive steps to harness its full potential.