Implementing diversity and inclusion initiatives is a big step toward achieving your D&I goals. However, if you don’t pay attention to diversity and inclusion metrics, your efforts will be in vain. You need to not only have the goals you want to achieve outlined, you need to measure the results of your tactics to ensure you’re on the right track. Continue reading to find out the best ways to track your goals and the metrics you should be paying attention to.
Setting Diversity and Inclusion Tracking Goals
The first step toward getting the most out of your diversity and inclusion metrics is to set up well-defined goals to track. What talent from underserved communities have you had trouble attracting to your organization? Which groups represent the highest percentage of turnover? By answering these kinds of questions, you can figure out what needs to be included in your diversity and inclusion initiatives and what metrics need to be a priority for tracking.
Once you know what to track, you need to determine how to track. There are a myriad of ways that diversity recruiting platforms can help you collect and analyze data, so find the right tools for your specific needs. No matter which tools you choose, be sure to keep in mind the legal and ethical standards associated with data collection. Consult your legal team to ensure you don't end up capturing and using information in an illegal way.
Diversity and Inclusion Metrics That Matter
Once you have laid the foundation for how you’re going to collect and use data, the next step is to choose the diversity and inclusion metrics you’re going to pay attention to. Be sure to select areas that are most relevant to your goals and the shortfalls in staffing you need to address. The following are some examples of metrics that matter.
You need to know exactly who is in your hiring funnel at all stages of the recruiting process. What candidates are and are not applying to your positions in the first place? What candidates are getting to the interview stage and beyond? Think about the groups you need to target and track their progress through your hiring funnel. These metrics will help shape your activities because the more untapped groups you attract to positions, the more of a chance you have of meeting your diversity recruitment goals.
After you have looked at the steps of the hiring process and the amount of diversity there is in your funnel, who do you end up hiring for different positions? What groups do you hire for different level jobs? What departments in your organization lack the types of employees you want to hire? Look at the representation within your company to help figure out ways to tweak your recruiting process to boost overall representation.
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If you're able to successfully hire talent from underserved groups you want represented in your company, that's great. However, if you have a retention problem with these groups, then all of the gains you made will be lost. Review the data to find out which groups are leaving the company and at what point in their tenure. If you see a mass exodus of employees from untapped communities, it's an indication that you need to address inclusion in equity in your organization. When employees don't feel welcome and don't believe they’ll have equal opportunities for advancement, they will ultimately leave.
4. Job Satisfaction
Just because employees don’t leave right away doesn’t mean they’re happy at your organization. This is an important distinction to make because research shows that 58 percent of people are actually willing to take a pay cut to work in an environment that makes them happy. As a result, it’s important to ensure that the talent from underrepresented groups you attract are happy in your work environment. You can find out this information by conducting surveys and focus groups, as well as communicating regularly with your company’s employee resource groups that cater to different demographics.
5. Pay and Benefits
One significant way to retain your workers and keep them happy is by offering equitable pay and benefits. Look at the metrics about pay to find out if some groups aren't making as much money as they should. What groups of employees are given professional development opportunities to help them grow? What groups are getting the best pay raises? If there are workers missing out on these benefits, you need to correct the problems to be an organization that values DEI.
The importance of diversity and inclusion metrics cannot be overstated. Not only do they help you during the hiring process, they will also help you retain the workers you onboard because you're able to identify areas where you’re lacking and course correct as needed.
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