According to recent studies, the world is experiencing higher unemployment numbers and a labour shortage. This is especially true in industries that are required to fill minimum-wage and hourly positions.
It’s essential to understand that the prevailing shortage is unprecedented. Factors such as the unemployment rate, continued COVID-19 fears, laid-off workers, and the low labour force participation rates contribute to the staffing shortage.
Employers are now revising their recruitment plans to attract new talent while solving today’s demands. Therefore, it’s imperative to look towards developing a diverse workforce to fill the labour gap.
Employee diversity allows employers to fulfill their obligations while guaranteeing that a wide variety of talent and knowledge enter the workplace.
For instance, it’s common for employers to overlook mature employees. However, studies have shown that senior workers have outstanding skills and experience, low absence rates, and are trustworthy, dependable, and diligent.
So why aren’t employers looking for talent diversity? Unfortunately, there is still a prevalent misunderstanding among many organizations. One of the most pervasive myths is that finding diverse talent to add to the workplace is pricey and challenging.
However, here are four reasons why talent diversity in the workplace is vital during labour shortages.
Deloitte studies found that organizations that have a diversity policy have several positive results, such as:
- 65% say that the general feeling in the workplace has become better.
- 25% notice a higher employee satisfaction.
- 73% of organizations perceive that their diversity policy has allowed them to become more appealing to talent.
- 30% of companies consider that diversity results in achieving the most effective solutions and better products and services.
Increase Talent Pool
According to the World Population Review website, only 32.3% of people considered their ethnic group to be Canadian. Note that almost 22% of the population is foreign-born and approximately 60% of new immigrants come from China and India. So if you’re only focusing on recruiting Canadian talent, you’re neglecting roughly 67% of people.
Employers who have a diversity policy increase their pool of talent. That’s why they do not perceive a talent shortage.
Organizations must open up their recruiting strategy to support their long-term needs. It’s vital to remember that this won’t happen by chance. Instead, employers must focus on achieving it.
Prevent Talent Leakage
One of the reasons why there is a talent shortage is due to talent leakage. When employees don’t feel appreciated, accepted, and needed, they leave. Having a diverse workforce requires inclusion.
It’s vital to understand the difference between diversity and inclusion. Diversity focuses on gender, race, age, sexual orientation, cultural background, etc. But, on the other hand, inclusion provides an environment where everyone, regardless of the diversity aspect, has the favourable circumstances to fulfill their job and prosper.
So to avoid talent leakage, it’s vital to adopt a diversity and inclusion policy to enhance everyone’s work experience.
Employers need to eliminate barriers to prevent labour shortages. In addition, organizations must reconsider job requirements to take advantage of transferable skills.
Once you adopt a diversity policy, modify the recruitment process using hiring platforms like AGEMA Work to minimize application forms, streamline your vetting process, and create an all-inclusive work environment.