Diversity in the workplace is a topic which virtually every business is concerned with on some level. Some companies are constantly striving for more diversity while others may, unfortunately, consider it to be a nuisance. Either way, it’s an issue that should and must be addressed in every growing business, yet nearly 50% of all businesses either aren’t reaching their diversity goals or have yet to set any diversity goals at all.
Diversity is simply the right moral and ethical choice, but that is certainly not all it is. Statistically speaking, diverse businesses are just doing better. The top 25% of diverse companies are more likely to outperform non-diverse companies in profitability, value creation, and financial performance while companies in the bottom 25% for diversity are much less likely to reach above-average profitability.
Many companies are seeking a more diverse workforce, but part of the problem is that human beings are simply biased. No matter our race, gender, religion, or creed, it’s a human characteristic to be drawn toward certain groups and away from others depending on our own demographics and life experiences. Some of our biases are based on our similarities to the other person, our tendency to base our opinions on the first impression, or the tendency to rate a candidate based on how we felt about the candidate before them.
Some businesses have tried to address recruiting biases through the use of recruiting AI. Unfortunately, some of this AI will learn to be as biased as we are based on the hiring selections we ultimately make over the course of time.
The good thing is that we do have the ability to resolve the problem of biased AI. Through diverse data collection, removing bias factors, such as gender, race, and age, and adding other factors, such as interests, skills, and traits, it is possible to train AI to maintain a neutral selection process. Adjustments such as these can quickly increase a business’s diversity by instantly identifying the best candidates, widening the talent pool, and matching applicants to all jobs, instead of just one. Using the right AI recruitment tool can quickly increase diversity, which will make a well-rounded, more profitable company, and a more desirable workplace.