{"id":35610,"date":"2024-02-16T13:12:22","date_gmt":"2024-02-16T18:12:22","guid":{"rendered":"https:\/\/torontoglobal.ca\/?p=35610"},"modified":"2024-02-16T13:26:24","modified_gmt":"2024-02-16T18:26:24","slug":"the-importance-of-diverse-hiring","status":"publish","type":"post","link":"https:\/\/torontoglobal.ca\/skilled-talent\/the-importance-of-diverse-hiring\/","title":{"rendered":"More than a Quota: The Importance of Diverse Hiring\u00a0"},"content":{"rendered":"\n

This blog was co-authored by Toronto Global’s Senior Advisor of Talent Partnerships, Courtney Bowen<\/a>, and Senior Analyst of Business Insights, Sophia Chea<\/a>.<\/em><\/p>\n\n\n\n

Diversity has been a hot topic in recent years, everywhere from boardrooms to public debate, but what does it really mean to uphold it in a workplace? Along with its rise in acceptance comes a fair share of skepticism – where some consider diversity as nothing more than a buzzword – we are highlighting the importance of diversity hiring an inclusive workforce.\u00a0<\/p>\n\n\n\n

\u201cDiversity hiring,\u201d involves creating and implementing a strategy to counteract bias, while attracting and retaining qualified candidates (Cooks-Campbell, 2021). A conscious effort to embrace diversity and equity through recruitment is critical for organizations and can provide significant benefits to workplace culture and productivity.  <\/p>\n\n\n\n

However, limited candidate pools are a challenge in industries where diversity is low.  Collaborating with community organizations, professional networks, and educational institutions, posting on diversity-focused job boards and attending career fairs can broaden a company\u2019s recruitment options.  At Toronto Global we have seen this in our work with international companies in the Toronto Region. <\/p>\n\n\n\n

The Importance of Diversity Hiring<\/h2>\n\n\n\n

Embracing diverse talent fosters innovation, creativity and leads to improved performance and profit. Diverse teams bring together individuals with unique perspectives and problem-solving skills.  <\/p>\n\n\n\n

Diverse workforces can increase employee satisfaction and reduce turnover rates. This can help companies save time and funds on recruitment and training. It can be challenging to measure the impact of diverse hiring on a company\u2019s bottom line in real-time, but there are ways to measure the long-term effects of diverse hiring through employee surveys. <\/p>\n\n\n\n

 A diverse workforce can help companies build relationships with a diverse customer base and establish deeper connections. In addition, having access to a wider spectrum of experiences and thinking can reinforce the strength and effectiveness of teams. <\/p>\n\n\n\n

For instance, a diverse sales team encourages creativity, innovation, and productivity, ultimately increasing sales and enabling a business to stay ahead of the competition. A study conducted in 2019 by McKinsey & Company showed that executive teams in the top-quartile of ethnic and cultural diversity outperformed those in the fourth quartile by 36 per cent in profitability. The same study finds that greater gender diversity equally contributes to greater profitability.  <\/p>\n\n\n\n

Diversity in the workplace isn’t just about hiring, but about creating an inclusive culture where all employees feel valued and can thrive.\u00a0<\/p>\n\n\n\n

The Toronto Region Advantage<\/h2>\n\n\n\n

The Toronto Region is one of the most culturally diverse metropolitan areas in the world boasting a kaleidoscope of languages, ethnicities, and cultural backgrounds. Visible minorities make up nearly 55 per cent of the population with South Asians, Chinese, and Black communities being the largest minority groups \u2013 there are over 190 different languages in the Toronto Region. In addition, 50 per cent of our population is also foreign-born \u2013 a percentage higher than any other metropolitan region in North America. <\/p>\n\n\n\n

With a large visible minority population comes a diverse talent pool. Statistics Canada\u2019s 2021 Census, data on the Toronto Region found the following data for visible minorities:  <\/p>\n\n\n\n