In an era where diversity drives success, a diverse talent pipeline become a necessity. Research by McKinsey & Company highlights this shift, revealing companies that hire diverse talent see 36% higher profitability and much higher levels of innovation.
But, what exactly is a diverse talent pipeline? And how do you create one?
In this Prentus guide, we’ll explain the importance of a diverse talent pipeline, and provide seven essential hiring strategies to help you craft one.
Let’s get started.
What is a diverse talent pipeline?
A diverse talent pipeline is a strategic approach to identifying, attracting, and hiring diverse talent. The goal is to make sure your company has a steady stream of talent from diverse backgrounds — including:
Today’s corporate landscape showcases a visible shift towards diversity, with an understanding that it’s a win-win for both employees and employers. After all, statistics show diverse teams make better decisions 66% of the time.
To power support this shift, platforms like Prentus are connecting employers and recruiters with diverse talent networks.
Jobseekers come to Prentus from a range of diversity-focused bootcamps, non-profits, and programs. You can tap into this active user base to find the right people for your open positions — just sync your job listings and Prentus will automatically notify candidates that fit the bill.
You can even integrate your ATS and calendar tools for easy interview and event scheduling.
Benefits of hiring diverse talent
Prioritizing diversity in your hiring process is about more than just doing the right thing — there are all kinds of secondary benefits that go hand-in-hand with fostering a diverse, supportive work environment.
Here are a few of the most influential:
How to build a diverse talent pipeline
1. Set diversity goals
Building a diverse talent pipeline begins with setting ambitious (but achievable) diversity goals. It’s about pinpointing where you want your organization to be in terms of inclusivity and representation, and mapping out the steps to get there.
Begin by assessing your current standing in diversity, equity, and inclusion. Then, establish time-sensitive targets to enhance areas that need it.
Consider adopting goals like:
These goals should be tailored to fit your organization’s objectives, but they should always be specific, measurable, achievable, relevant, and time-bound (SMART). Pair every goal with at least one KPI and review them quarterly or bi-annually to track progress.
And when you’re ready to turn these goals into action, Prentus is here to help.
With Prentus, you can share your company events with thousands of active jobseekers and boost visibility among the best and brightest without the hassle of contacting disparate talent pools directly. Jobseekers are actively searching Prentus for positions that fit their interests and qualifications daily, so you can quickly identify, vet, and hire the right people for your organization.
2. Monitor your diversity hiring metrics
Data-driven hiring is effective hiring — and active monitoring is the best way to generate reliable data.
Take a look at who’s on your team right now. Calculate what percentage of your team identifies as part of a minority group, and use this number to identify priorities. In your hiring process, track metrics like applicant diversity, offer rates to diverse candidates, and retention.
Solid data collection can lead to powerful insights. For example, if you notice that your diverse applicants come from a certain job board, or have similar backgrounds, it can help you focus your efforts in the right direction.
3. Rewrite your job descriptions and employment resources
A job description is often a candidate’s first impression of your company culture. To make sure you’re attracting a diverse array of applicants, craft job descriptions that emphasize inclusivity so that job searchers know they’ll be welcomed.
Here are some tips for writing inclusively:
Not looking forward to manually publishing all of these edited docs?
Supercharge your reach with Prentus by syncing your job posts from LinkedIn and automatically notifying a diverse pool of jobseekers.
4. Design an interview process that minimizes bias
Research shows that 25.5% of hiring decisions are the result of “gut feelings”. That’s a problem — especially since 48% of HR managers admit that bias affects their hiring choices.
To ensure fairness and inclusivity, design an interview process that actively reduces bias:
5. Recruit diverse talent through referrals
Leverage the networks of your current employees by encouraging them to recommend diverse candidates. This broadens your talent pool with individuals who come pre-vetted by your team, so they’re more likely to fit in with your company culture.
6. Create and advertise more flexible company policies
Develop company policies that cater to a wide array of lifestyles and cultures. From flexible working hours to remote work options and parental leave, design these policies to accommodate the diverse needs of a modern workforce.
Highlight these policies in your job postings and careers pages to attract candidates who value (or require) this flexibility.
Best practices for building a diverse talent pipeline
Building a diverse talent pipeline is more than just hiring — it’s about creating a workplace that actively encourages diversity.
Broaden your talent search with diverse hiring
When you think about it, every step we take to build a diverse talent pipeline is really about making our workplaces as vibrant as the world outside. It’s about creating a space where everyone’s unique story is part of the bigger picture.
And that’s where Prentus comes in.
With Prentus, you can access a larger, more diverse pool of talent and create an inclusive hiring process. Sync your job listings directly with Prentus, automatically notify suitable candidates about openings and events, and integrate your ATS for easy interview scheduling.
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Rod Danan is Founder & CEO of Prentus. He has built digital products before using software developers and learned what to look for in candidates. Feel free to email him at [email protected] with questions.