Over the past decade and then some, we have seen a bigger push for diversity and inclusion (D&I). From big corporations to small businesses, employers are seeing the value of diversity. Millennials have hopped on this trend with really considering a company’s D&I resources and programs before accepting employment. In short, this has become a top priority for millennials, who will be the largest and most diverse generation breaking into the work force.
A Flexshares study states that consciously pursuing diversity “offers a range of benefits for recruiting, retention and firm culture.” In regards to retention, it found that firms with diversity initiatives are more likely to report success with hiring efforts of 85%, than those without these initiatives, 70%.
However, despite these statistics this study shows that investors are more likely to go with advisors like them in ethnicity and race. According to this study, 61% of advisors recruit colleagues from their professional and personal networks, which may explain the homogenization of the business. This applies to gender as well.
ThinkAdvisor provides a list of recommended ways to revamp your recruiting plan to improve D&I within your business. From building relationships with diversity groups to making opportunities for advancement clear to new hires, your business can remain competitive in attracting top talent.
To view the full Flexshares study and results, please click here.