Over the past couple of months, workplace Diversity, Equality, and Inclusion (DEI) issues in the tech industry have become more prevalent in the US. For most companies, delivering half-hearted statements whenever an incident occurred in the news was the norm. But now, employees are demanding more action and a whole cultural and structural shift.
Millennials and Generation Z, the new generation of workers, rate workplace diversity and inclusivity as critical in choosing where they work. This makes DEI even more vital for your business in its employer branding and talent attraction strategies.
What is DEI?
Diversity, Equality, and Inclusion activities actively create change and opportunities for marginalized groups in the workplace.
In the wake of highly publicized injustices against such groups, especially people of color, companies are pressured to make the long-overdue cultural changes. DEI is thus playing a more critical role in employer branding in the US today.
Hubspot broadly refers to employer branding as the organization’s reputation as an employer. It covers how your company is perceived as a workplace among employees, job seekers, and other stakeholders.
A Focus on the Tech Industry
The tech industry is at the forefront of cultural and structural changes in the diversity front. In the United States, many immigrants and people of color are somewhat involved in the tech industry.
Reports have shown a relationship between skilled immigration and innovation, making them an ideal employee target. The trend is also evident in several top tech companies across the country.
As such, visible efforts at workplace diversity in your tech firm are now crucial to developing a strong employer brand.
International Labor Organization statistics have linked inclusive business cultures to an improvement in reputation by over 57.8%.
McKinsey & company’s further research mainly shows that companies with high racial and ethnic diversity were 35% more likely to have higher financial returns. Meanwhile, those lagging also experienced sluggish financial returns.
Why is DEI-driven employer branding important For Your Tech Firm?
- Lower employee turnover
A positive employer brand will significantly reduce your employee turnover. How? When employees are comfortable and satisfied with their current workplaces, they are less likely to quit. That way, you can retain skilled personnel for longer and even reduce acquisition costs.
With a more robust employee value proposition than competitors, you also won’t need to worry about their commitment.
- Qualified candidates
A great employer brand will also help you to attract the most qualified candidates on the market. These tend to be on-demand and thus have the element of choice.
Furthermore, note that top talent rarely job hunt and companies must actively go after them. So, they certainly won’t be opting for companies with a reputation for bad working conditions or segregation.
- Boosts company performance
Studies indicate that companies with strong employer brands could see their revenues go up. This is because your employees are your greatest advocates. If they portray your company positively, it increases the chances that more people will buy from you.
Diversity, equality, and inclusions are part and parcel of your tech employer branding strategy in the US post-2020.
Employees and customers are no longer quiet on such prevalent issues. Instead, they increasingly bring brands to book regarding their policies and further demand visible action beyond just words.
Legally, various states are passing more laws that foster workplace diversity in tech, making it even more unavoidable.
With the prevalence of digitalization, tech firms now lead the pack in creating and establishing more workplace diversity. It yields multiple benefits within the organization’s staff and is also critical to your employer branding profile.