As the business landscape continues to evolve with game-changing developments that excite and confound in seemingly equal measures, there appears a gradual but increasing acknowledgment across all sectors that a culture of diversity and inclusion is a key ingredient in confronting current and future business challenges.

Many companies are implementing diversity recruiting programs for Board positions as well as executive, management and professional roles.

The phenomenon reflects a society-wide realization that economies, communities, consumer markets and preferences are more diverse than ever, and therefore require a similarly diverse source of approaches from companies in order to respond effectively.

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What Is Diversity?

In business, diversity as a concept invokes the inclusion of previously underrepresented backgrounds and talent.  The most frequently discussed diversity efforts center around gender, especially women, and ethnic diversity.  In addition, diversity may include people with disabilities, age and experience levels, cultural backgrounds, geographical location and/or experience, and career backgrounds.

Diversity: The Numbers

  • The 2010 US Census revealed that over one-third of the population, or 111.9 million people, identified as a minority, a 29 percent increase from the number in 2000
  • The same Census also reported that the South and West sections of the U.S. have the largest numbers of minority populations, with California leading all states at 22.3 million
  • American women receive 57 per cent of university degrees and earn 44 per cent of MBA’s
  • The Selig Center for Economic Growth reported that:
    • the buying power of Hispanics will rise from $1 trillion in 2010 to $1.5 trillion in 2015, accounting for nearly 11 percent of the nation’s total buying power.
    • Asian buying power is expected to grow 42 percent over the next five years, from $544 billion in 2010 to $775 billion in 2015.
    • African-American buying power will rise from $957 billion to $1.2 trillion — an increase of 25 percent.

Does Diversity Truly Make Business Sense?

The most profitable and innovative companies are pushing for a more diverse workforce, complemented by hiring qualified individuals from underrepresented areas to perform executive-level positions and to sit on their Board of Directors. The idea has gone from being a practice that is simply the right thing to do or that is required toward a more pragmatic realization that it makes real business sense.

In a recent McKinsey survey, a majority of executives interviewed believe that gender diversity improves financial performance.  In addition, invidual companies which implement diversity recruitment programs are convinced of their financial and qualitative benefits.  A Prudential executive recently commented, “We see the success of our diversity strategy in more innovation, more customer satisfaction, broader cultural competence and stronger brand recognition.  All of that translates into our competitive edge, now and in the future.”

Customers, employees, candidates, and all of the constituencies which the company serves take notice of an organization’s diversity initiatives, and in many instances, those initiatives can be the determining factor in a decision which benefits the company.

The Right Diversity Recruiting Approach

Hiring candidates that fit a diversity profile requires a comprehensive evaluation of what they can bring to the table in terms of skills and backgrounds, while giving equal importance to their cultural fit within the hiring organization. In some cases, the pool of qualified talents may be relatively small, and in many cases, the hiring company does not have the time or resources to thoroughly search the marketplace. These considerations often require companies to retain a specialized recruitment firm to assist them in identifying and attracting the best candidates for their boardroom and leadership positions.

Carl J. Taylor & Co. Can Fulfill Your Diversity Executive Recruiting Needs

At Carl J. Taylor & Co., we offer our expertise in diversity recruitment of candidates for your Board of Directors and other leadership positions. We know from experience the intricacies and sensitivities of diversity hiring, and we take all measures to ensure that your organization is represented in the most professional manner.

We encourage you to take advantage of our free consultation on your company’s current or anticipated diversity recruitment needs by calling us at (972) 490-7697.