why we need unbiased hiring right now
Global – A 2015 study by McKinsey found that companies with more diverse management teams also performed better financially: those in the top quartile for gender diversity were 27% more likely to outperform other organizations in profitability, and those with management teams were in the top quartile for ethnicity. and cultural diversity was 33% more likely to generate industry-leading profitability.
These relationships continue to be strong, showing that having a wide variety of people in an organization can go a long way toward commercial success. However, while understanding these business benefits is important, for many organizations, knowing how to diversify their recruiting and hiring approaches remains a challenge.
A diverse recruiting strategy provides an opportunity to unlock new and valuable talent pools, bringing critical skills and knowledge to the organization from sections of the working population that might otherwise go unnoticed. However, taking advantage of these opportunities to recruit a truly diverse workforce can only be achieved by eliminating bias in the recruitment and selection process. A Yale University study found that both male and female academics trained to be objective were more likely to hire males and view them as more competent than females.
Diverse teams are not the result of quotas and channels, but an open approach that attracts the right person for every role through equal access and opportunity for all applicants, and is selected through fair evaluation designed to eliminate personal bias and preference.
In a 2019 Yale study examining how speech influences hiring decisions, hiring managers were asked to rate candidates from mixed socioeconomic backgrounds based on a brief recorded discussion in which they introduced themselves. Without information about qualifications and experience, candidates from higher social strata were viewed as more competent, more suitable, and earning higher wages.
If we are going to reduce bias, we need to make estimates fair, which means eliminating “groupthink” and creating a more collaborative process by including a wider range of contributions from more people.