Improve DE&I by Leveraging Analytics and Talent Intelligence

Diversity, equity and inclusion (DE&I) continues to be an important business imperative for organizations globally. Having DE&I at the forefront can not only give organizations a competitive edge but can attract more candidates and highly skilled talent while getting higher ROI for contingent labor. Candidates are also now being more particular about the companies they choose to work for, especially as many of them have more employer options in the current labor market.

As companies are creating their internal DE&I initiatives and setting their future goals, they need to ensure that these are all carefully measured and based in data analytics and talent intelligence. Having accurate data is critical as it provides the baseline for where an organization is on its DE&I journey and can help shine a light on what areas of the business need additional investments and change. To learn more about getting started on collecting DE&I data, read our related blog post.

In this blog, we will cover:

1. What diversity, equity and inclusion entails
2. How talent intelligence helps ensure pay equity
3. Why it’s key to block bias early in the hiring process
4. How talent intelligence helps reveal bias
5. Why DE&I education is key to fostering inclusivity

But first, let’s quickly define what DE&I encompasses.

What is Diversity, Equity and Inclusion?

Diversity, equity and inclusion refers to programs and initiatives within the workplace that work toward creating more equitable, welcoming working environments for everyone. This is done with practices such as internal education around bias toward minority groups, blocking bias through the hiring process, ensuring promotional pipelines are equitable, creating policies with inclusion in mind, and more.  

Ensure Pay Equity with Talent Intelligence

Pay equity is critical to address when it comes to DE&I. Having access to accurate, real-time market rates and analyzing talent intelligence allows organizations to spot pay equity gaps, which they can work to fix. This is especially important for global organizations that need to abide by equal pay laws and regulations in different countries. Taking the time to delve into the data will help companies ensure their worker pay is fair, that they will better retain top talent, and that they are building equitable professional environments for all.

Block Bias Early in the Talent Pipeline and Hiring Process

To ensure DE&I is at the forefront of an organization, it’s important to take steps to block bias early in the hiring process. Analyzing applicant and candidate data will reveal where there may be bias. Examples could be a lack of women proceeding to interview for engineering positions, or only individuals of a specific race being hired in one department.   

Companies can begin blocking bias early in the hiring and recruiting process by:

• Writing job postings with inclusive language in mind
• Leveraging technologies that eliminate identifiers such as locations and names to eliminate bias
• Providing hiring mangers with education and training on inclusive recruitment practices

By taking these actions, businesses can hire from more diverse talent pools and ultimately improve organizational diversity.

Identify Bias Patterns with Talent Intelligence Analysis

Talent intelligence can help also shine a light on areas for DE&I improvement within an organization by showing patterns of bias. Leaders can look into various segments to reveal bias and cultural problems across the company by evaluating certain reoccurrences, such as:

• Projects being assigned to only a few individuals
• Promotions being given to the same groups, be it gender, race, etc.
• Skewed turnover rates across departments and teams

By revealing these patterns, business leaders can further investigate to get to the underlying issues at hand and address them more successfully.

Provide DE&I Education and Create an Inclusive Culture

For any organization looking to make strides in DE&I progress, it’s imperative that they spread DE&I education to its workers. Both managers and staff can receive different types of trainings that address conscious and unconscious bias and how to spot it and mitigate it going forward. This can be achieved through group discussions, regular email campaigns, seminars, and more.  

Employee Resource Groups (ERGs) are also a great way to encourage and foster inclusive professional environments within the business. These can be based on various affinity groups focused on shared diversity with the goal of fostering DE&I across the company. ERGs can help provide a sense of community and improve a sense of belonging.  

For more research-based insights on how organizations can foster an inclusive contingent workforce, check out the research report we co-authored with The Mom Project.

Talent Intelligence: The Foundation of DE&I

Talent-centric organizations that are looking to improve DE&I across the business need to take a deeper look at their data and put their analysis results into action. By utilizing talent intelligence to ensure pay equity, evaluating possible bias across different segments of the business, and providing DE&I education and an inclusive environment, companies can attract more diverse, top talent and remain competitive much more successfully.

Find out more about how talent intelligence can help improve DE&I and drive progress towards DE&I goals when you read our white paper. 

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.