Over the past few years, the world has experienced some devastating blows, from the current pandemic to the loss of people like George Floyd, Ahmaud Arbery, and Daunte Wright. This has left many people keen to address the inequalities people face, moving the country forward into a cohesive and fair place to live. Within the Life Science community, many companies are keen to ensure that their leadership teams and boards are comprised of diverse people, but they struggle to find the right candidates. Find out how a recruitment service like GeneCoda® can help.
Why Can’t Organizations Achieve Diversity?
While a growing number of firms share that they are committed to achieving diversity, many are finding it a difficult process to undertake. One of the most commonly cited reasons is that underrepresented groups mean a lack of potential talent, but this is not the case, with more people from diverse backgrounds seeking the opportunity to grow.
The other main reason organizations struggle to achieve the diversity they desire is that interviews are offered first to select people and then to diverse applicants which may yield a more cosmetic than material outcome. To achieve real diversity, a company needs to implement many tools, including diversity and bias training, diverse networking opportunities, and investment into the resources needed to support a diverse workforce.
Why a Diverse Leadership Team is Superior
Being part of a diverse leadership team is not just a tick box exercise; it comes with genuine benefits that companies have been missing out on. Having a diverse management team means that company employees feel that they relate to their managers. This not only builds confidence but enables people to seek growth and new opportunities as they feel that they are part of the team.
A diverse leadership team also speaks volumes to stakeholders who are keen to see improvements in how the company is represented. Having a wealth of cultural experience in a management team makes a company far more impactful within local communities and is more appealing to people that may want to consider a career in Life Sciences.
As well as the soft benefits that comes from hiring a diverse management team, there are also some excellent financial rewards too. For example, a 2018 study by Harvard Business Review found that
“Venture capital firms that increased their proportion of female partner hires by 10% saw, on average, a 1.5% spike in overall fund returns each year and had 9.7% more profitable exits (an impressive figure given that only 28.8% of all VC investments have a profitable exit).”
In addition, teams that are diverse are more likely to reach different groups of people and have different ideas about opportunities that are put forth, helping a company to diversify its offerings and make more money as a result.
How GeneCoda® Can Help
If you are committed to diverse management rather than just a diverse candidate pool, working with a company like GeneCoda® can help. Not only do we employ shortlisting tools that help us seek value and fit, but we are also committed to finding individuals who will support your company while promoting equality and diversity.
Rather than supporting the idea that diversity in leadership roles is impossible due to underrepresentation, we are here to help you find the leader you need. Leaders who can support your company to make quantifiable progress and secure your mission to become a welcoming and diverse workplace. Connect with us today to find out more.