Publication | ThinkSet
Three Keys to Retaining Diverse Talent
Amid a national labor shortage and a renewed DEI push, employers need to step up their retention efforts. Chanel Grider describes how.
It’s been called “diversity’s revolving door”: the endemic trend of diverse talent quitting their jobs at rates two or even three times higher than their male and/or white colleagues.
In today’s business landscape, that’s never been more of a problem.
On one hand, the ongoing worker shortage underscores the need to retain diverse employees, who, as we noted in a previous article, improve innovation and profitability. On the other, if organizations truly want to walk the walk when it comes to diversity, equity and inclusion (DEI), they won’t get there through lateral hires alone. For instance, the Mansfield Rule, which was created for law firms but adopted by many professional services firms as a baseline DEI metric, dictates that at least 30 percent of individuals considered for leadership and governance roles, promotions, client pitch opportunities and senior lateral positions should be women, people of color, LGBTQ+ professionals or people with disabilities. That percentage is hard to hit if you’re relying exclusively on outside hires.
As a DEI professional who has devoted her career to creating more just and equitable workforces, I’ve seen firsthand what makes for a successful retention program. Here are three best practices I recommend investing in.