How to set up your Early Careers programmes for success, build a diverse talent pool and develop that talent.
In today’s corporate landscape, diversity, equity, and inclusion (DE&I) aren’t merely buzzwords. They are a commercial imperative for organisations to broaden their talent pool. This means increasing diversity in terms of age, gender, ethnicity, neurodiversity and socio-economic background. Those that fail to implement clear DE&I strategies risk facing significant consequences in terms of both talent acquisition and overall business success.
The context
The need to address DE&I issues stems not only from ethical considerations but also from commercial necessity.
Businesses are facing a tight market for skills and an ever-shrinking pool of talent. UK plc also faces an array of novel challenges. Recent Government figures show more than a fifth of working-age adults are not looking for work, highlighting the levels of economic inactivity the UK faces post-pandemic. The UK also has an ageing workforce, with nearly half of the UK’s 53 million adults now reportedly over 50. In addition, there has been a shift in the types of skills that are needed by businesses, with an ever-increasing focus on technology, data and the ability to use artificial intelligence (AI).
We are also beginning to see a shift amongst employers when it comes to talent acquisition, away from the traditional emphasis on qualifications and experience, and towards skills and attributes.
As specific roles might become obsolete, a certain mindset and skillset are becoming more relevant. These include emotional intelligence, critical thinking, data analysis, adaptability and networking. These are competencies that do not merely add to an employee’s CV; they pave the way for individuals to be agile thinkers in an unpredictable world.
The benefits of diversity
Against this backdrop, employers are increasingly recognising the benefits of a diverse workforce, including enhanced innovation, better decision-making, and improved financial performance.
There are reams of evidence which point to the upsides of having diversity within an organisation. For instance, research shows those who fall outside of typical talent pools are more engaged at work.
There’s also a growing expectation from clients, employees, investors and other stakeholders that businesses reflect the diversity of their communities. Take, for example, the worlds of financial services or property. It’s no longer acceptable for client pitches or meetings to be populated with all white, middle-aged, middle-class males and we’re seeing businesses across the economy working hard to address this.
This is equally important internally within organisations, as it is externally. Research from global analytics firm Gallup asked Gen Z and millennials what they look for most in an employer finding employee wellbeing, ethical leadership, and diversity and inclusion to be key focus areas.
As such, there’s a growing interest in tapping into previously untapped talent pools to bolster organisations’ competitiveness.
The challenge
Organisations must rethink their recruitment processes to remove barriers that disproportionately affect underrepresented groups.
One of the key challenges lies in revamping traditional talent acquisition strategies to appeal to a broader range of candidates while ensuring equal opportunities for all. Organisations must adopt a holistic approach that not only attracts diverse talent but also equips them with the tools and support needed to thrive within the organisation.
Many employers unwittingly create barriers through criteria like specific academic requirements or biases in the hiring process. Academic qualifications often bear little correlation with career success, yet they continue to serve as a barrier for many candidates. Similarly, online recruiting processes may inadvertently exclude candidates with unconventional backgrounds or experiences, perpetuating inequalities in the workforce.
The interview and onboarding processes can pose additional challenges, particularly for candidates from lower socio-economic backgrounds. Issues like imposter syndrome further compound these challenges, hindering the progression of underrepresented talent within organisations.
The opportunity
To address these barriers, organisations must ensure their recruitment process is fit for purpose.
The talent acquisition process must focus on identifying critical roles, disregarding rigid experience requirements. Instead, prioritise necessary skills and behaviours.
Coaching and upskilling candidates can make a huge difference. Whether entry-level candidates or those looking to re-enter the workplace after a period out of work, those that don’t know the ‘rules of the game’ face a disadvantage. The Phoenix Group have done some market leading work in this space with over 50s who are looking to get back into the workspace, including a weeklong in-depth course developing confidence, upskilling and network building.
By investing in pre-boarding initiatives, employers can better support candidates. This includes providing coaching and upskilling opportunities tailored to the individual needs of candidates, regardless of their background.
Once candidates have started a role, the challenges continue and having a clear, structured programme to overcome hurdles can make a notable difference. It has been shown that progression is or those from lower socio-economic backgrounds. In financial services, this can be as much as 25% slower.
To succeed in the early days, candidates, often need help to develop additional skills such as self-awareness, personal brand building, resilience, network building and verbal communication.
Here, mentoring programmes have emerged as a powerful tool for supporting the progression of underrepresented groups in the workforce.
Adopting a ‘mentoring with purpose’ model, which emphasises structured mentoring relationships and accountability, can yield significant benefits for both mentees and mentors.
A multifaceted approach
In conclusion, fostering diversity and inclusion in the workplace requires a multifaceted approach that begins with talent acquisition and extends throughout the employee lifecycle. By dismantling barriers to entry, providing ongoing support and mentorship, and promoting a culture of inclusivity, organisations can unlock the full potential of their workforce while driving sustainable business growth. Ultimately, embracing diversity isn’t just the right thing to do, it is a strategic imperative for success in today’s competitive business environment.
Simon Reichwald is Chief Progression Officer at Connectr and Robert Alp is Development Partner at OnTrack International
Connectr and OnTrack International have partnered to provide organisations with a holistic, joined up talent solution, drawing on their subject matter expertise when it comes to attracting, hiring and preboarding diverse, multigenerational talent, and then inducting & developing that talent to achieve their full potential.
On Thursday, 6th June at 10:00am BST, OnTrack and Connectr Talent Acquisition will host a virtual peer-to-peer event where they’ll be discussing how to build a diverse talent pool and develop that talent, in today’s challenging market.
To sign up for this event, please fill in the form below. For more information, click here.
*By signing up for this event, your details will be shared with co-hosts OnTrack International and Connectr Talent Acquisition.
