Finding – and keeping hold of – good finance employees is hard. It is fiercely competitive out there, and companies need to actively demonstrate why they are the best place to work through their employer brand, in order to attract and retain talent.
In today’s modern business environment, great talent comes from anywhere in the world and brings with it a diverse range of cultures, values and beliefs, and experience to teams.
In a recent Glassdoor hiring survey, 76% of job seekers and employees said that Diversity and Inclusion is an important factor when it comes to deciding on job offers.
Our 2022 finance leadership study revealed that Diversity and Inclusion was one of the lower priorities and despite 92% respondents stating it was important to them. 39% said their company did not have a Diversity and Inclusion program, which means they could be missing out on building the best finance team.
Our recent poll showed that just over half of respondents (56%) felt that finance teams were not diverse enough, so clearly there is still some way to go.
Here are a few reasons why an effective D&I program helps attract and retain talent.
- It increases employee engagement
By creating an open and inclusive team culture, you can encourage your team members to communicate freely about their opinions and beliefs. This in turn brings people together as they get to know and learn to respect one another as individuals, and grow more comfortable working alongside each other.
Taking part in social events is important as it gives team members a sense of belonging and a chance to interact in a more informal environment.
- It boosts productivity
Motivation can come from all places, but for many it comes from feeling confident that you are making a worthwhile contribution and difference in your team.
Being respected by colleagues for openly being their true self can enable employees to perform their job with confidence and an important sense of self-acceptance.
- It Improves decision making
Key decisions that directly impact teams are made across organisations every day. Teams that are more diverse can benefit from a wider range of beliefs and opinions to assist decision making.
Different perspectives and viewpoints on specific issues require a greater level of consideration, with a more thorough evaluation and understanding on how key decisions may impact people more deeply.
- It cultivates greater innovation
Any team should encourage and harness diverse ideas and opinions that can drive creativity and innovation that can in turn benefit the whole business. Our recent poll showed that 71% of respondents felt their finance team values diverse opinions and ideas.
By respecting individual differences, it’s more likely that employees will be comfortable to share their opinions and ideas more openly in a safe environment.
In this dynamic and competitive world, every successful company and team needs an effective D&I program to stay ahead and get the best people.
It is an important area for finance leaders to stay focused on as the competition for the next generation of finance professionals gets even tougher.
Get in touch with us if you are looking for any training to help you get started.