Black Professionals Have Retention Issues
With the UK ranking fourth on the Global Innovation Index, its ability to remain relevant on a global scale rests on having a workforce that reflects the society it seeks to change. Black professionals make up 12% of the workforce in the UK. Although there is a positive trend in the presence of Black professionals in the tech industry, it is common for these organisations to have retention issues.
Layoffs at tech companies have affected Europe. A few of the most well-known startups in the UK have undertaken significant team reductions to save costs. They sought to maintain their cash runway as the global economy contracts.
It’s more likely for an inclusive company to suffer when there are layoffs. Intelligent businesses must, therefore, integrate D&I into all phases of the employee lifecycle, including layoff. More so, companies genuinely committed to inclusiveness does not want to convey that its leadership singles out underrepresented employees for releases.
The ROI For Diversity And Inclusion
While it’s generally true that businesses that value diversity and inclusion outperform those that don’t, it can be challenging to measure the impact of these initiatives on performance. How do you measure the effectiveness of your diversity and inclusion efforts? A good D&I programme must be inclusive, yet assessing inclusivity can be challenging.
Even though a workplace may appear inclusive on paper, it’s your job to promote openness and create a culture that values individual differences to reap the benefits. Employee retention, experience, performance, talent attraction, economic mobility, and innovation are essential ROI metrics regarding diversity and inclusion.
Consider Demographics When Eliminating
There is no one method for deciding who will be affected by downsizing. However, decisions are frequently made at the organization’s top and are primarily motivated by cost-saving objectives. Making deliberate decisions about whom to let go is important for sustaining an inclusive culture and safeguarding the business against legal problems. The employees who stay on the job may suffer unexpected long-term consequences depending on who is let go.
Building An Inclusive And Empathetic Work Culture
A caring environment is a significant determinant for employee retention, according to 92% of HR professionals. Your employees are people. When cutbacks are unavoidable, do so with empathy. Showing empathy speaks to both the laid-off staff and employees who stay back. When speaking with an affected employee, humility and vulnerability will prove that you aren’t taking the matter lightly.
Check our our BYP Network partners’ employer pages to see what they are doing to ensure they maintain an inclusive, engaged culture.
Inclusive Leave Packages
Offering inclusive benefits is one way your business can beat the competition in luring and keeping talent in such a competitive market. The advantages are a part of a comprehensive strategy for promoting diversity and inclusion efforts for businesses that have embraced inclusive products.
The pandemic has compelled employees to take their time and consider what they want from their careers. Companies that practice inclusiveness throughout the entire organisation and treat individuals with empathy see ongoing growth and the financial success resulting from these efforts. As you cut back some workers, it is crucial to remember that how we part ways with people matters just as much as how we select and advance them. Corporations can also be proactive by taking the BYP’s Black Experience Course.