Ways Diversity Can Save Your Company & How AI Can Help

Hiring a diverse workforce isn’t just about morals and ethics. It actually makes good business sense.

With diverse teams doubling cash flow for business, tech giants like Google are spending $150 million on programs to foster and build on diversity. Companies are investing big bucks to improve their diversity numbers.

Yet regardless of such efforts, there are still more CEO’s named John (5.3%) than CEOs that are women (4.1%). Why are diversity numbers still far from the target?

That’s because company initiatives are limited by the unconscious bias prevalent in recruitment, a factor that can be reduced with AI video screening.

Read below to find out why companies are championing diversity and how AI solutions can help you achieve your initiatives without the million-dollar price tag.

Spark Innovation

After studying 7,615 firms, it was found that businesses run by diverse teams were 35% more likely to introduce innovative products to the market.  

But did you know that resumes with Caucasian names still receive interviews 40% more often than names that sound Indian, Pakistani or Chinese?

Our unconscious bias often creates a homogenous workforce that doesn’t often come with fresh perspectives critical of the status quo. When all your employees are the same, chances are they won’t challenge each other’s opinions and will instead stick to routine. In a world where change is the new norm, taking advantage of a diverse workforce can facilitate innovation – an integral component to a business’s longevity.

Video screening can help you on-board the diverse employees you need to spark innovation. While diversity and inclusion mindfulness initiatives are important, AI video screening is completely blind to race, gender and sexuality. So you can better funnel in applicants who bring different perspectives to the table and dodge the pitfalls of conformity.

Improve your Bottom Line

Workforces with gender and racial diversity actually proved to have more customers, 2.3 times greater profits and higher sales revenue.

Bias on the other hand, was found to threaten company profits when it was reflected in the company’s products. For instance, a group of male engineers once crafted car airbags to only save adult men, allowing the lives of women and children to be at stake. Without diverse perspectives, the employees created a product suited for only a quarter of their customers.

Diversity is important not just for creativity, but also for numbers.

AI technology allows companies to hire diverse talent that can better understand their clients and cater to their needs. So you avoid the mistakes normally present in a homogenous workforce and instead create solutions that represent everyone.

By incorporating AI screening processes, employers can also save on diversity initiatives that often require extra resources.

Boost Employability and Morale

Today, 57% of companies are using strategies that attract diverse talent.

That’s because diversity doesn’t just increase profits, it also increases morale and employability.

With Corporate Social Responsibility proving to be a lasting trend, companies are going to great lengths to demonstrate their commitment to inclusiveness.

Not only does this attract 67% of applicants who consider diversity in their hiring decision, but it also improves the morale of current employees. The jury isn’t out, people want to work in a place where diversity is accepted and encouraged.

Such initiatives have also reduced turnover and workplace problems since diversity fosters cooperation and enables open communication.

By using AI that’s been trained to objectively screen candidates, you can become the employer of choice for potential candidates and gain loyalty from employees who respect your practices.

Conclusion

Diversity initiatives can be costly. Using pro diversity and Inclusion AI solutions can help on-board diverse talent, without the unconscious bias present in recruitment. AI video screening enables you to improve innovation, boost morale and improve your bottom line without expending resources on efforts that come with the price tag. 

Author: Rija Choudhry

Editor: Maaz Rana