A recent DE&I survey showed that 48% of employees who completed required diversity training thought the training felt like a checkbox on their company’s diversity goals. It is becoming increasingly clear that workplace diversity and inclusion are essential for any organization to succeed. As a result, companies are turning to data-driven solutions to better understand their workforce's makeup and identify areas where they can improve.
Companies can make informed decisions about increasing representation within their organization by analyzing key diversity metrics. This blog will outline the diversity characteristics employers monitor today and strategies to reduce unconscious bias during recruitment.
Prepare yourself for DE&I and other emerging trends in labor & talent analytics for 2023.
DEI and Employee Engagement
In addition to examining the demographic makeup of their workforce, companies may also look at qualitative data such as employee engagement surveys or exit interviews to gain a deeper understanding of how people experience working within the organization. This data can be used to measure workplace culture and identify any potential issues that need addressing to ensure all employees feel valued and respected and have equal opportunities for development and growth.
Organizations may use third-party services to ensure unbiased recruitment decisions by removing conscious or unconscious bias from their hiring processes. They should also consider looking at external data sources, such as labor market trends or diversity research findings, which can help them shape their recruitment strategy and inform education initiatives for underrepresented talent pools.
By using a combination of traditional DE&I metrics alongside more sophisticated techniques, companies can create an equitable workplace for all employees where everyone has the opportunity to realize their full potential without fear of discrimination or favoritism.
Tracking Diversity Metrics
Companies are increasingly tracking diversity metrics to ensure that their workforce reflects the communities in which they operate. This includes collecting data from various sources, such as HRIS and ATS systems, census tools, self-declaration forms, spreadsheets, Power BI, and custom internal tools.
By collecting data on gender, ethnicity, and other aspects of diversity at onboarding and recruitment points, companies can identify gaps in representation and make informed decisions about improving workplace diversity.
- 75% of respondents reported that they are tracking gender in their workforce
- 60% of companies indicated monitoring ethnicity
- 55% said they were tracking age
Disability is an important metric, with 49% of organizations reporting that they are keeping track of this characteristic. Race is another key diversity factor being monitored by 47% of businesses.
A further 39% of companies surveyed have implemented systems for measuring sexual orientation in their workforce, while 32% are monitoring religious beliefs. Finally, 17% of survey participants noted that they weren’t tracking any diversity metrics.
By using resumes from applicants and manually tracking them through the recruitment process, companies can monitor progress over time and understand where improvements need to be made. With Horsefly and ATS data, companies can access real-time information on their hiring rates and diversity across different roles.
Additionally, they can use HR databases to view employee headcount reports with data on diversity provided at onboarding. All these strategies help organizations effectively track and analyze their diversity metrics for greater insight into how their workforce changes.
In a recent survey by Horsefly Analytics, companies that responded ‘yes’ to having diversity recruitment or hiring goals, 38% were able to hit them in 2022- an impressive statistic given the short time frame. However, 61% still strive to meet their goals with new strategies and initiatives.
Examining Your Metrics
There is much more to consider than just diversity regarding Talent Acquisition—especially in the rapidly changing landscape of 2023. HR leaders must also examine hiring costs, onboarding efficiencies, and retention rates while considering cultural fit and transforming their systems digitally. Analyze each metric carefully, from workforce planning to analytics tools, to build a successful team.
Diversity analytics provide an unbiased way to increase inclusion, overcome unconscious biases, and make sure your desired candidates accept offers.
Diversity is a Key Innovation Driver
If you’re looking for deeper insights into what matters for Talent Acquisition in 2023, download our survey ebook, Emerging Trends in Labor & Talent Analytics in 2023. We lay out the trends you need to be mindful of and give tips on applying them to your organization. With this knowledge and a plan of action based on your key metrics, you can ensure your team stays ahead of the curve.