How Diversity Retention Plans Can Help Finance Organizations

By Steven Petroff, Toronto Financial Recruiter

Diversity is a popular topic in the recruiting world today and for good reason. Diverse organizations thrive, and they attract diverse talent. However, many companies are failing to properly address diversity in their hiring and retention programs.

“Most firms have no idea that they have a revolving door that is bleeding diversity talent because unexplainably, they don’t measure and report diversity turnover and the cost,” says Dr. John Sullivan on ere.net.

Hiring diverse talent is increasingly important for accounting and finance companies – an industry that is traditionally known for lack of diversity. A diversity retention plan is needed in order to prevent your company from losing important diversity employees.

Benefits of Diversity Retention Plans

Implementing a diversity retention plan is a key factor to keep and attract diverse talent. Here are some of the benefits:

• It prevents diverse talent from being stolen: Diverse talent is in high demand. If you have a top performer in your organization, the odds are they will be approached by other organizations.
• Turnover will hurt your brand: If your company is known for a high turnover rate among diverse talent, it will hurt your brand image and ability to hire. A diversity retention plan can help lower turnover rates and make your company a destination for diverse talent.
• It improves the onboarding of diverse talent: Diverse talent by nature is different. This means they may take longer to adjust and get ramped up. Diversity retention plans can help with this transition phase and help talent settle into the company.
• It helps with diversity at the executive level: If you can’t keep diverse talent, then you will have trouble creating diversity in more senior roles within your organization. Retaining diverse talent for the long term allows them to move up in the organization.
• It supports management: Diversity programs can provide the support managers need to manage a diverse team. This helps to increase overall company performance and results.

More Employee Retention Tips

A diversity retention plan helps your company protect your diverse talent and keep them in-house. Learn more about the important role of employee retention programs:

4 Ways to Increase Diversity Through Improved Recruitment

The Importance of Diversity in the Workplace

4 Simple Ways to Improve the Candidate Experience

4 Reasons Why Finance Professionals Should Welcome Recruiter Relationships

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