Talent 21st Century
Diversity may have started out as an attempt to increase the representation of the broader community, with inclusion coming along as a close partner allowing new voices to be heard, however, they are now so much more than this.
Diversity and inclusion strategies (often referred to as D&I) are now firmly on the boardroom agenda out of necessity. These strategies are critical today primarily because all organisations must figure out how to attract (diversity), and then how to develop and retain (inclusion) the best talent in an ever more competitive environment.
D&I is no longer a fringe HR issue, it’s a talent issue. And it is a critical tool in solving a growing, worldwide business challenge: the shrinking supply of qualified talent.
Demographic realities mean that the war for talent has moved away from being a region-by-region battle for the best people, to a fully-fledged global contest.
Declining birthrates, the aging workforce, gender inequality, global migration patterns, education and skill gaps, changing technology and the growing community of contingent workers are critical components that are now intersecting. And it is this intersection that creates a new opportunity for organisations the world over.
D&I strategies are now emerging as serious enablers to attract and retain talent from all demographic segments of society. Not only do they help organisations find and engage with new talent pools, they can help them adapt to new employment practices that improve productivity and innovation.
Yet, too few organisations are taking to heart the changes that are required to attract and retain a genuinely diverse workforce at all levels over the long term. Many are beginning to understand why diversity is important to their survival. Many organisations are talking about it, but many are still uncertain about putting the theory into action.
Here, we lay out the case for change and the key steps to making it happen.