Is diversity and inclusion just another catchphrase for corporations? Not when you look at the statistics.
The fact is that companies that are more diverse perform better than those that aren’t. A survey of 1700 companies in eight different countries found that more inclusive companies were 19% more innovative.
The same survey found diverse companies had more revenue and better cash flow performance.
In other words, it pays dividends to be diverse.
How do you know if your company needs help with diversity and inclusion? Hire a diversity consultant.
Before you ask yourself if it’s worth it to hire a diversity consultant, read this article. You’re about to what a diversity consultant does and the full benefits to your business.
What Does a Diversity Consultant Do?
By definition, a diversity consultant looks at your company’s demographics and hiring practices. They assess where the opportunities and challenges are in your hiring practices.
They’ll then make recommendations based on the assessment. They can look at the company as a whole and individual managers.
A diversity consultant usually has a background in human resources or management. They’re aware of the challenges of working with diverse populations because they experienced it themselves.
Diversity consultants help everyone in the organization understand their unconscious biases so they’re more open to hiring and working with people who aren’t like them.
How Can Your Company Benefit From Diversity and Inclusion Consultants?
Why do diversity, equity, and inclusion matter in your business? As you learned earlier, it ties into your bottom line.
When you have a diverse group of people from different backgrounds, they’ll bring their experiences with them. Employees will bring new ideas to the table based on their past experiences.
That’s what drives innovation. However, the only way that happens is if your company hires people from diverse backgrounds.
All too often, managers hire people they’re comfortable with. They surround themselves with people who went to the same school or likes the same sports.
It’s not a bad thing, it’s human nature.
Diversity consultants make managers aware of their hiring practices. Managers learn new ways to assess job candidates so they truly hire the right person for the job.
Diversity Goes Beyond Hiring Practices
The other aspect of your business that diversity consultants address is employee engagement. It’s hard to be the only woman, Black person, or LGBT person in the room.
You don’t feel like you belong there and you’re less likely to speak up. If you’re surrounded by white men who act like they’re in a fraternity, it can create a miserable situation for any employee.
Diversity consultants are important because they make everyone feel like they belong in the organization. That drives employee engagement and lowers turnover rates.
When you realize that turnover costs at least half of an employee’s annual salary, you’ll want to find ways to plug that gap as soon as possible.
Create Policies and Procedures
If your business doesn’t have a diversity and inclusion policy, now is the time to write one. If you have no idea where to start, then look for a diversity consultant who can assist you.
There are diversity consultants that specialize in
Better Branding for Your Business
Your business caters to two audiences. You have to attract customers to increase revenue and profitability.
Your other audience consists of potential employees. The job market is highly competitive, and if you want to get ahead of the competition, you need to demonstrate your company takes diversity and inclusion seriously.
Consumers and employees turn to companies that align with their values. If your company demonstrates that you value them as who they are, they’re going to want to buy from you and work with you.
Hire business consultants who understand the connection between branding and a diverse workplace.
What to Look For in Hiring Diversity Consultants
Hiring a consultant of any kind isn’t easy. These days, there are thousands of people who call themselves consultants, but they lack the expertise to truly understand and address your challenges.
That makes hiring a diversity consultant a potential minefield. There are likely people calling themselves diversity consultants because they want to capitalize on the opportunities.
The first thing to look at is a consultant’s experience. Do they have the background and training in diversity, equity, and inclusion?
Look for consultants that have business and human resources backgrounds. They should have direct experience in diversity, equity, and inclusion for another company.
If they don’t have direct experience, they may have a certification in diversity and inclusion.
Business Needs and Services
Do you know what you want a diversity consultant to do for your company?
Diversity consultants provide a range of services. They can give your employees resources, provide training, and write policies.
Make sure you understand what you want the consultant to do. Then look for a consultant whose services match your needs.
Costs of Services
How much do diversity consultants charge? It depends on the consultant and the services they provide.
Typically, diversity consultants charge a flat fee or an hourly rate. The hourly rate is between $125 and $300 an hour.
Don’t sign up with the least expensive consultant. Look at the value that they provide your business.
Don’t Wait to Hire a Diversity Consultant
Diversity consultants bring a lot of valuable expertise to your business. They can help you improve your company’s culture, branding, and hiring practices to create a more inclusive workplace.
When you hire the right diversity consultant, you’ll see your business attract more customers and employees. You cut down on operations expenses because of lower turnover rates.
Overall, you’ll see a difference in cash flow and innovation.
For more business insights, check out the other articles on the blog.