Globalization the catalyst for expanded diversity strategies

As corporate workforces start to resemble Olympic villages, diversity programs are becoming a mission-critical piece of most organizations. Nearly three- quarters of all responding companies and a whopping 85% of firms with 10,000 or more workers have either expanded the scope of their diversity strategies thanks to globalization or have plans to do so, according to a recent study by the Institute for Corporate Productivity (i4cp).

Diversity programs have become an essential strategy in today's heterogeneous and increasingly global marketplace. The study finds that almost half (48%) of all polled companies have a diversity strategy in place on both domestic and global fronts, a number that jumps to 59% among large organizations. Conversely, just 23% of responding companies overall report they have no diversity strategy at all, and the number shrinks to just 11% for companies with more than 10,000 workers.

"Diversity programs have gone from nice-to-have to must-have for most firms," says Jay Jamrog, i4cp senior vice president of research. "Strong diversity strategies help in the attraction and retention of top talent as well as customer relations, and companies not paying attention to that are missing the boat. What is a bit shocking is that almost a quarter of companies have yet to address the issue."

At the top of the perceived benefits of bolstering a global diversity strategy is the creation of stronger relationships with partners and customers, with 71% of companies affirming the importance of this reason to a high or very high extent. Providing the ability to attract top talent via reputation as an employer of choice was similarly cited by 70% - increasing to 75% among large companies - while 64% of companies said their global diversity strategy supports their culture and branding efforts to a high or very high extent.

Chief among the challenges to global diversity strategies is the lack of universal measurement, reported by 36% of all respondents as being an issue to a high or very high extent, increasing to 42% among large companies. A "varied acceptance" of diversity initiatives was pointed to by 36% of all respondents, while a third of companies said cultural barriers present hurdles.

Article courtesy of Kennedy Information Recruiting Trends providing leading edge insights and strategies for the recruiting professional