Having a diverse workforce is a key success factor in today's competitive marketplace. It is a proven fact that companies with a diverse talent pool outperform homogenous organizations. Additionally, the more diversity there is in the senior management ranks, the greater the sales results. The American Management Association's study "Senior Management Teams" highlighted the success of companies with diverse senior executives:

Firms with diverse senior executives = largest sales growth:

1. Women senior executives +23% sales growth
2. Multi-cultural senior executives +20% sales growth
3. White Male senior executives +13% sales growth

One of the greatest challenges companies face is the recruitment and retention of highly talented women and minorities. The Wall Street Journal reported that:

" . . . 35% of investor decisions are driven by non-financial factors. A company's ability to attract and retain people, the number one people issue, was 5th on a list of 39 factors investors use in picking stocks. Clearly, attracting and retaining the best people among diverse groups will be a critical factor in most successful organizations as they face rapidly changing marketplaces. Diversity in today's workplace is a broad-scoped business strategy which recognizes the value of multi-cultural decision-making and richness that enhances financial results. . . "

The value of diversity is also proven by a Fortune magazine study that showed that companies that were rated as the "Best for Blacks and Hispanics" outperformed the S&P 500 for the past three and five year periods:

• 3 year total returns 50 Best for Minorities 125.4% S&P 500 112.2%
• 5 year total returns 50 Best for Minorities 200.8% S&P 500 171.2%

So, how can HEI help your organization?

HEI will assemble a consultant group that is diverse and multilingual. We have associates who live or have worked in major regions of the world and who have held major line positions in large organizations and private corporations with responsibilities for implementing and managing transformation and diversity initiatives. Thus, we've had to live with what we've recommended or created.

Our typical approach is to first analyze your current organizational results and work climate so that we can benchmark your progress versus other relevant companies. We then help draft a business case that summarizes how the organization can benefit from embracing a diversity strategy. This includes specific costs due to turnover of female and minority employees and comparisons to other relevant companies whose "best in class” diversity approach has netted significant business gains. This business case can be used as rationale to devote resources to a diversity intervention.

Depending on priorities identified in analysis, we will lead you through several proven strategies for recruiting, retaining and promoting a diverse talent pool.

For more information on case studies and how HEI can help you in this area, please e-mail us. 

For insight into how women view their careers, consider purchasing Jan Hill and Vanessa Weaver's book Smart Women, Smart Moves.