Retain Your Diverse Workforce with a Three-Pronged Approach

Retain Your Diverse Workforce with a Three-Pronged Approach

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Look around you. The world has changed. Diversity no longer means having a few representative people who look different from the majority of your workforce. Diversity today is a key driver of organizational financial performance, and we need to consider diversity of markets, customers, ideas, and talent. These four mega-trends are creating a business context that is far less homogeneous and much more diverse than has historically been the case. 

The need for organizations to act both strategically and with urgency has never been more important. Millennials are set to comprise 50 percent of the workforce next year. And despite all the attention placed on talent diversity, women hold just 12 percent of corporate board seats worldwide according to Deloitte’s 2015 study Women in the Boardroom: A Global Perspective.  

It’s true that many organizations have made a concerted effort to create a more diverse workforce through outreach programs, internships, and employee referral programs. But unfortunately, many of these same companies have not taken as seriously retention of the diverse employees they hired. This is problematic, especially in a strong economy where good talent can “call the shots,” because everyone else wants them too. 

It is time to develop a

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