#talent – Talent500 Blog

Top 5 strategies to attract Diverse Talent

Posted on June 23, 2022 by shanthamurthy

The impact of the COVID-19 pandemic and the Great Resignation offered a new perspective on what the modern employee values most when it comes to their job. From pay equity and clear career development paths to hybrid work models and work-life balance, organizations need to adapt to these progressive needs in order to achieve success. Another crucial aspect in this mix is diversity and inclusion (D&I), which quickly emerged as a priority for top talent, and one not many are willing to compromise on. So much so that research has found that 76% of job seekers consider it an important factor in evaluating job offers, and 32% of employees are less likely to consider working at companies without D&I policies.

Introduced in the mid-60s, D&I is not a new concept but is still a major factor that organizations lack. According to a study, 78% of the employers believe that their organization is inclusive, only 32% of the employees think the same. A primary cause for this gap may be organizations misinterpreting diversity as inclusion. Because even though D&I are interconnected, they are not interchangeable. Misunderstandings here can be costly, and leaders ought to be clear about the distinctions.

What is diversity and inclusion?

Diversity is when an organization’s workforce includes people from different groups and ethnicities. Inclusion is how well an organization values the efforts, contributions, thoughts, and ideas of its diverse workforce. If an organization has a diverse workforce but only certain groups’ perspectives are valued or have authority, then the workforce is diverse but not inclusive.

One of the major reasons why organizations need to focus on D&I is because it is a key employee attraction differentiator and its value in talent retention is undeniable. Besides that, organizations stand to reap many other benefits such as improved performance, enhanced brand image, and increased cash flow and revenue. Thankfully, embracing D&I isn’t a herculean task as it once was, with digitalization has paving the way forward. Now, companies need only adopt the right recruiting strategies and drive policy reform to create a diverse and inclusive workforce. For more insight into these strategies, read on.

Reflect D&I in organizational culture by making it a top-down priority

Hiring candidates from different walks of life and nationalities isn’t the be-all and end-all of creating a diverse and inclusive workplace. Companies have to make D&I a part of their workplace culture and this effort starts at the top. Inclusion-first policies must be put into place and practiced, while also enabling diversity in leadership.

In fact, a lack of diversity in leadership roles can create challenges for the organization in terms of client expectation, employee satisfaction, and innovation. According to a study, gender and cultural or ethnic diversity in the executive roles of an organization were 21% and 33% more likely to outperform in profitability.

Organizations must also ensure that the entire workforce understands and supports the purpose and values of the company. This can start with training and campaigns that help educate leaders about D&I, and how to foster it into the organizational culture. When done right, this shines through during the early interactions, be it the interview or onboarding. Inclusion training can help employees be more aware of unconscious bias and other barriers that can inhibit D&I from setting in. It can also help them recognize these barriers and take the necessary steps to eliminate them.

Keep job descriptions free of biased and exclusive language

Job descriptions are usually the first point of contact, and like with any first impression, companies must get it right. If the language in these postings is outdated and exclusive, it deters candidates. This then compounds the problem as it can become much harder to build a diverse workforce.

According to study, women are less likely to apply for a job if the posting consists of male-centered words. This is because it implies that the organization has a male-dominated workforce and women may not feel that they belong. This inadvertently stifles efforts to have gender diversity and inclusivity right from the get-go.

To eliminate this, organizations should ensure that all job descriptions are properly vetted for language and tone. Going one step further, check for bias or exclusion towards one group and be proactive about inclusion. Organizations should also remember that bias in job postings is not always in the form of gender exclusion but may also exclude age, culture, ethnicity, and more.

Leverage sourcing platforms and channels that lend themselves to D&I

Apart from job descriptions, talent sourcing channels platforms are just as important in ensuring a diverse pool walks through the door. This is particularly key now, amid the talent crunch, as visibility in the diverse talent pools can give organizations a competitive advantage.

Among the strategic routes to consider is to leverage referral programs. Existing employees should be encouraged to refer candidates to help create a diverse talent pool. This is backed by the fact that professionals are more likely to refer candidates who have similar backgrounds to their own. While this has the potential to cause an imbalance, this is where upper management can step in and ensure that D&I objectives aren’t muddled. While often the simplest route, referral programs should be leveraged carefully and are more likely to work well when the existing workforce celebrates D&I at every turn.

Employ a perk package in tune with variegated needs

Non-monetary benefits are still among the key factors that employees look for in an organization. Given the current environment and nature of the digital workforce, the one-size-for-all model simply does not work. It is important for organizations to offer a tailored perk package, one that caters to the evolving needs of a diverse workforce. This inches into inclusion territory and is a tell-tale sign of how much a company cares about D&I as a whole.

Here, optimizations can help organizations effectively target an underrepresented and untapped talent pool. By offering a customized package, these professionals feel heard, understood and are more likely to engage. Apart from diversity, tailored perk packages can instill a sense of pride in the workforce, as it suggests that they are part of an inclusive work culture.

While it can be challenging to create a package that caters to every individual, organizations can start off by supporting people from different cultural and regional backgrounds. An example of this can be floating holidays, where employees can use the holidays as they deem fit instead of mandatory leaves during a certain time. This helps employees celebrate and honor their culture or religion, while also celebrating the freedom granted to them by their organization.

Bridge the gap between the employee’s and organization’s perception of D&I

While employers feel that the organization celebrates D&I, employees disagreed by a noticeable margin. One of the ways to eliminate this gap is by actively taking steps to ensure that organizational values are represented widely throughout the workforce. This can help make employees aware of the efforts made by the organization to bring about D&I. Subsequently, organizations can also ask for employee feedback on areas that are lacking and need to be worked on. Re-evaluating company policies also helps organizations track the progress of their efforts to institute D&I.

Actioning change based on feedback sent by employees provides the opportunity for an organization to show its commitment. It also helps ensure that employees from all groups are heard and that their opinions are valued. This organically promotes D&I in the organization and delivers results. Apart from this, organizations should clearly define the accepted practices to help foster an inclusive and diverse environment.

The positive impact of having a diverse and inclusive workforce is immense. According to a 2017 study, inclusive teams make better decisions twice as fast and in half the number of meetings 87% of the time. The decision and execution of diverse teams delivers better results too. It is important to remember such outcomes are only possible if diversity and inclusion go hand-in-hand. One way to ensure diversity in the talent pool is to partner with Talent500. We offer talent management solutions and help create diverse, global teams.

With automated recruitment tools, we tap into developer communities, peer networks and more to help companies reap the rewards of a diverse workforce. What’s more, with AI-powered insights, we can find the right fit for you and ensure engagement all through. To know more, request a consultation to build diverse teams that deliver.

How organizations can create trust and transparency to attract top talent

Posted on June 23, 2022 by naveen

As the Great Reshuffle gathers steam and shifts the power into the hands of the modern employee, it is imperative that organizations double down on their efforts to attract and retain the best talent. The demand for skilled talent is now higher than ever before, and these professionals demand transparency at every turn. According to a survey, transparency was a top factor for employees when it came to assessing job satisfaction. Another survey suggests that 87% of the employees hoped that their future employers would be transparent.

Naturally, this suggests that companies with a culture of transparency and trust have an advantage over those that do not. Other than strengthening employee retention, trust and transparency bring other benefits to the surface. This includes increased loyalty, camaraderie between employees, productivity, and enhanced brand image. However, in a digital day and age, what does it mean to be transparent? How can organizations approach policy reform? And is being completely transparent the best way forward?

Read on to find out.

What is transparency in an organization?

Transparency in the workplace refers to the efforts made to freely share information that can help benefit employees. This includes executives sharing vital information for better operations and can be either on an interpersonal level, or on a larger scale through media and digital communication tools. In a simpler sense, transparency can be thought of as having a culture of being honest and open with the people of the organization.

For organizations, transparency has now become a critical aspect in most processes, right from the early hiring stages to exit interviews. However, to ensure that such openness is effective, the intent must be made clear to all stakeholders. This negates instances of transparency without any boundaries, which can have detrimental outcomes. In fact, when left unchecked, too much transparency can create a toxic environment. Even if done in the name of honesty, it can fuel hostility and build distrust internally.

Establishing balance is key, but this is easier said than done. To better understand the effective ways to weave transparency and trust into the organizational framework, follow these strategies.

Practice what is preached

Historically, a leader who leads by example has always been the preferred choice. This holds true even today, as employees want to work for companies that practice what they preach. It isn’t enough to simply say that the company believes in fairness and transparency in all dealings, if the actual policies or even day-to-day norms suggest otherwise. The concept of good-to-have transparency policies is damaging and works counterproductively.

Leaders must exhibit behaviors that align with the core values. This sets the stage, exhibiting the desired culture and also clearly defines what is expected from employees. Further, it is vital that upper management commit wholeheartedly. Any lacks or mixed signals pertaining to transparency will breed mistrust in the workforce. According to a survey, 82% of the employees consider leaving the organization because of their boss.

This implies that employee-manager relation is key, and among the key driving factors is trust. When employees see leaders embrace transparency in their work, it encourages employees to do the same. There’s no mistaking that this bond is beneficial and this isn’t to say that there must be a friendship, but rather a professional relationship built on trust.

Build relations through frequent check-ins

Frequent check-ins with employees can foster open and honest dialogue that can ultimately build trust. These check-ins also serve as means for leaders and managers to get feedback and listen to what the employees have to say, be it about the leadership, their experiences, or even pain points. Research suggests that giving feedback after listening to the employees is more impactful than the traditional approach of simply giving feedback. Moreover, when employees are heard, they are more likely to trust the organizations and engage better.

Apart from the above, frequent check-ins can help establish boundaries and enlighten employees on what’s expected from them. Impactful feedback also leads to course correction, which then leads to better performance. With the help of check-ins, high-performing managers can drive engagement, build better relations, and hold employees accountable for their performance. All of this establishes a culture of transparency, which in turn lends itself to better retention.

Eliminate micromanagement

While check-ins are good, too many of them can lead to micromanagement. In the short-term, micromanagement may be able to increase productivity, but in the long-term it is harmful. Continued micromanagement can not only decrease productivity, but also cause a loss of trust between employees and the management. In fact, one of the reasons why employers and managers resort to micromanagement is because they either don’t trust their employees or are withholding information that employees should be privy to. This ultimately boils due to a lack of transparency, and such problems have a rather simple solution.

Micromanagement can also create an environment where employees do not go beyond their comfort zone due to fear of failure. This has an adverse impact on innovation – a known contributor to organizational success. To address this potential bottleneck, management should be vocal and expressive when encouraging experimentation. Top companies in the world have policies in place that allow for this kind of brainstorming, with tech leader Google going as far to celebrate and reward failures.

The idea here is to build trust, and word of such policies and culture in the workplace can be a homing beacon to those with innovative inclinations. In fact, organizations that don’t encourage innovation are at risk of losing their top talent. Making matters worse, talent is also less likely to consider job offers, which leads to increased hiring and onboarding costs too.

Encourage employees to communicate

Communication is at the heart of any initiative meant to drive accountability or honesty in the workforce. As such, organizations should encourage two-way communication, wherein they request employees not only to speak up, but also create avenues or platforms that can help them communicate with the management effectively. Lack of such resources can lead to poor communication, which affects how transparent an exchange can be.

Additionally, better communication helps ensure that employees can come forward to share opinions and ideas even if they are outside the scope of their job. Research suggests that when employees speak up, a majority are more likely to stay at their jobs even if a comparable job offer is available. The same research also suggests that 95% of these employees would also recommend the organization as a great place to work.

Foster transparency as a core tenet of the organizational culture

The work culture is a core determining factor when it comes to talent attraction and retention. Company values define what the work environment is and will be. For instance, a company with transparency as a core part of its culture is more likely to have employees that communicate clearly and can be vocal about what’s valued and what’s not. When done right, employees will also learn to respect transparency and the benefits it offers. The earlier organizations implement this, the better are their chances of avoiding a workplace of evasiveness and uncertainty.

Vet new hires and pick those who respect transparency

For transparency to be truly present in the organization, all members should respect and understand its value. This is critical when it comes to the new hires because any misunderstandings here can cause problems. For one, they will not meet the standards of the organization and may find it harder to play their part.

Hiring employees who value transparency is key to promoting the transparent culture of the organization. Transparency among employees also ensures that a toxic environment doesn’t take hold in the organization. However, assessing this quality and a candidate’s ability to adjust to the culture can be challenging during the interview process. But it is possible to resolve this by having hiring managers ask pointed questions that require candidates to showcase their values and personality traits.

Transparency and trust are cornerstones of productivity and organizational success. According to study, organizations that are built on trust, outperform those with low trust by 286%. There’s no trust without transparency and inculcating these virtues becomes especially important with remote and hybrid workforces. This is because it equips employees with the intangibles needed to succeed in a competitive space, be it remote or in-office. For companies looking to build teams and engage with them right from step one, partner with Talent500.

Build and manage remote teams seamlessly with pre-vetted profiles and find the right candidates that can fit the culture and values of the company. Request a consultation today to know how we can help you build your next global team.

Why employee referrals are crucial for hiring in tech, and how to get them

Posted on June 23, 2022 by temp

Tech companies are in a tussle for talent like never before. Back in 2018, a LinkedIn study highlighted the industry’s Achilles heel: a chart-topping turnover rate, 13.2% at the time. With the pandemic easing, the problem seems to have resurfaced and compounded. Multiple sources now reveal Indian IT majors grappling with an attrition rate upwards of 20–25%. Nevertheless, the silver lining, experts suggest, is that the massive churn in the employee talent pool should settle down as 2022 progresses.

Hiring teams find themselves amidst considerable buzz and tension in the job market. Employees who may have earlier not considered changing alliances, now aspire for value in different shapes and sizes, be it a fatter paycheck or a flexible work schedule. They are open to jumping ship. Simultaneously, the rapid pace of digital acceleration juxtaposed with the sparse availability of highly-qualified, domain-specific talent means that hiring managers must act swiftly and smartly.

There may be no way to entirely ‘short-circuit’ the hiring process. However, treading the plank of employee advocacy has proven benefits: better talent, shorter hiring time, reduced cost per candidate – the works! Here’s why employee referrals are too crucial a hiring method to be left underutilized in 2022.

Why do employee referrals work?

Statistics show that employee referrals amount to a large percentage of any given company’s total hires. Data by Gary Crispin published on SHRM pegs this figure at 28–30%, and this can rise to about 45% if more emphasis is placed on the method.

From the perspective of the candidate, a referral establishes an element of trust. Job listings and company websites provide a minimal amount of data about working in the organization. Getting invited by someone who’s ‘been there, done it’ can create a crucial bond between the potential hire and the company. It’s similar to booking one hotel rather than the other, if for no other reason than the reviews. Candidates are likely to go where they have good reason to believe they will succeed.

From the perspective of the employer, a referral means the candidate is, to some extent, already pre-qualified. The fact that a candidate is referred to the company by someone privy to the work culture and demands can drastically improve the quality of the hire. In other words, candidates coming through employee referral programs are vetted by more than the HR team.

It’s a win-win for candidates and hiring teams, and this is reflected by the fact that referrals enjoy a much higher job-offer rate than regular applicants.

Top advantages of employee referral programs

88% of employers agree that employee referral programs are the best source of recruitment, backed by data from Zippia . Here are some reasons why:

Larger talent pool

An employee referral program grants instant access into the employees’ networks. The best talent may very possibly lie outside the company’s reach, and employee networks can help expand the talent pool exponentially. Moreover, many potential employees may be “passive” about wanting a new job and so, may simply not appear on job boards, search engine ads, career pages, and so on.

Higher conversion rate

Data from software company Jobvite shows that referred candidates enjoy a conversion rate of around 40%. Having such a high number of successful placements vis-à-vis the jobs available is extremely beneficial to the budget. It means spending less on the recruitment process. What’s more, compared to the copious amounts of résumés received through other channels, employee referrals are normally few in number. Companies have access to high-potential candidates through referral programs.

Quicker turnaround time

In a tech world of fierce competition and unrelenting product development deadlines, time is not just money – it’s survival. Here’s where a referred candidate can be gold. The fact that a referral makes candidates and recruiters confident of success translates into a more pleasant recruitment process. Statistics reveal that it implies a shorter recruitment time: 21 days versus the 39-day average, according to data from software company ERIN.

Longer service tenures

Statistics from ERIN also reveal that referred employees stick around longer. Compared to those who come through job boards, nearly double the amount stay committed to a company for double the time frame. Why do referred employees budge less easily? It is probably because they have the inside scoop before joining. They know what they are getting into and make an informed choice to join the company.

Better culture fit

Job listings seek to match technical skills with project requirements. However, will the candidate fit into the team? How will the candidate fare in the company in the long run? A current employee who knows both the company’s culture and the candidate’s personality can help bridge this divide. In fact, recruiters see this culture fit reflected in a high level of employee engagement.

Lower costs per hire

Multiple sources agree that employee referrals are less costly than other sources of recruitment. Companies sidestep the fees they’d encounter along the traditional hiring routes. More importantly, when putting together domain-specific skill, a low time to productivity, and a high retention rate, the result is a better quality employee – at a cheaper price tag!

How to inspire great employee referrals?

Invest in the program

Employee referrals are cost-effective, but they aren’t free! Here’s what companies can offer.

Cash bonus: Keep it attractive and inclusive. That is, the amount should incite action, and it may be beneficial to open the program up to all levels of employees, be it executives or interns.
Non-cash rewards: Incentives such as a ‘paid vacation’, ‘raise in seniority level’, ‘public recognition’, or ‘dinner with the leadership’ can work better than cash equivalents. They build the referrer’s interest in the company and strengthen the company culture

Keep it simple

Devise a referral program that does not have too many terms and conditions. If it is overly complicated, employees will not participate as eagerly. Moreover, create a straightforward process for candidates to be referred: an online form is great. If the referral program can integrate with social media, even better!

Question and respond

Employee referrals are no magic handshake. They don’t have to work: they can fail! Because the quality of the hire depends on your current employee’s experiences with your company and with the candidate, it can be beneficial to get some data on this during the referral process. This will help sift high-quality referrals from those of a lesser grade.

On gaining a referral, respond to the candidate and referring employee promptly. This keeps all parties interested and the program rolling. A quick response gives the candidate the preferential treatment they may expect. Updates to employees tell them their work is valuable.

Employee referrals are extremely valuable, but cannot be the sole plank. They can suffer from low data and a lack of diversity. Ideally, employee referrals should complement other recruitment methods. For instance, when you partner with Talent500, you get access to over 200,000 pre-vetted professionals gunning to fill the ranks at quickly-growing start-ups and Fortune 500 companies. Our AI-powered tools provide access to 5x faster hiring, data-driven profile matching, and multichannel sourcing. Schedule a consultation and learn how to put top-draw talent from renowned talent hubs across the globe within your reach today!

Tag: #talent