Research has proven that companies with more women in leadership and higher rates of ethnic diversity are more profitable, have higher retention rates of staff and are better at solving problems because of a diversity of thought around the table.
According to Statistics Canada’s Workplace Employee Survey, for every 1% increase in gender diversity and ethnocultural diversity, there was, respectively, an average increase of 3.5% and 2.4% in revenue and 0.7% and 0.5% in workplace productivity.
It makes good business sense to invest in creating policies that give you that competitive edge. The process can be costly and resource intensive. But it doesn’t have to be.
The Diversity Toolkit was created to support companies with limited human resources team members to create an inclusive culture with recruitment and retention strategies focused on creating diverse teams.
For small to medium size businesses, the cost of one hire can significantly impact their cash flow. The average cost of a hire as per the Society of Human Resources is $4,000. Therefore, making a good hire that will stay with the organization is a competitive advantage.
Recruiting for quality candidates is quite competitive (especially for certain industries like the tech sector and labour based and trades positions etc) these days given a variety of conditions. To stand out, organizations need to find ways to attract and retain hires through strong organizational culture, non-monetary benefits, autonomy, growth opportunities, and career progression rather than just salary or compensation.
By creating an inclusive culture, where diversity is accepted and individuals are able to be productive, organizations can gain a competitive edge.
The word diverse refers to the diversity of thought, perspective, background, skills and talents when used throughout this toolkit.
Who we are:
At Veza Community we provide innovative businesses with the tools, resources and strategies they need to build diverse teams, equitable systems, and inclusive products & workplace cultures.
We support companies to embed diversity and inclusion practices into the core of their business.
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If you have any questions, please e-mail firstname.lastname@example.org.
*Thanks to WOC in Tech Chats for the great photos!