How DEIB Metrics are Supported by Quality of Hire

Diversity, Inclusiveness, Equity, and Belonging make up four corners of DEIB, a core value that, when applied correctly, can elevate your organization to a new level of achievement. 

While diversity has long been a buzzword, many companies have still only made small strides to make any real improvements. True implementation of solid Quality of Hire initiatives and a habit of tracking DEIB metrics are where companies will see greater advantages.

Organizations with strong DEIB commitments can not only attract candidates with better Quality of Hire potential but can reap tangible benefits including outstripping the competition when it comes to innovation and revenues. 

Making DEIB a core value and zeroing in on Quality of Hire as a recruiting objective serve the same end goal: attracting and hiring the best candidate for each role in your organization. They can be two sides of the same coin, supporting each other and improving company culture, innovation, and the bottom line.

Four Benefits of a Diverse Workforce

Diversity is a positive driver of business impacts, including:

Innovation, Agility, and Engagement

Organizations with diverse workforces can be up to six times more innovative and agile than companies with no diversity commitment, as employees are added who bring fresh thought processes and ideas to the table. Companies that are highly diverse and inclusive have additional engagement benefits. Including an 18% increase in team commitment and a 26% increase in team collaboration. 

Financial Performance

Companies that adhere to diversity and inclusion ideals from entry to the executive level also generate higher revenues and attract top financial performers. Organizations which rank in the top quartile for gender diversity are 25% more likely to have above-average profits. 

Reduce Employee Churn

Diversity in the workplace leads naturally to increased engagement. Organizations with highly-engaged employees see 24% to 59% less staff turnover than companies with low engagement. To top it off, employees who are part of a diverse workforce are 7% less likely to leave for another company, even if offered a higher salary.

Public Perception 

A whopping four out of five employees don't think their employers have taken steps to combat unconscious bias in the workplace. Among candidates, diversity is now a top consideration when deciding where to work: 76% of job seekers say that evaluating potential employers and job offers includes seeing if they have a diverse workforce. Nearly 40% say they won’t apply to a job at a company if employee reviews vary between workers of different racial backgrounds.

[Related: See 6 Things You Should About Diversity in the Workforce]

How DEIB Metrics Are Impacted by Quality of Hire

Workforce planning that focuses on Quality of Hire can have an immediate and direct impact on DEIB metrics. Part of ensuring Quality of Hire is getting rid of conscious and unconscious bias during the recruitment process.  

Crosschq’s Talent Intelligence Platform and Quality of Hire Scorecard naturally boost DEIB efforts. Paying attention to Quality of Hire helps improve DEIB metrics holistically by:

• Setting you up for hiring success with TalentWall™ by Crosschq for a clear view of your pipeline - including how diverse it is
• Introducing tools like Crosschq 360, to reduce unconscious bias in reference checking and improve diversity among your final picks
• Enlarging the talent pool with Crosschq Recruit - your go-to source for high-quality candidates with plenty of diversity
• Delivering actionable data via Crosschq Analytics so you learn how to attract diverse candidates
  
  

Once you start recruiting with a focus on Quality of Hire, you’ll see DEIB metrics improve organically. Ready to learn more about the connection between Quality of Hire and DEIB metrics?  Contact us for a demonstration today