Inclusive recruitment: from the pool into the ocean

Mon, August 14, 2017

Recruiters who say diverse hires are hard to find are just not looking in the right places and maybe companies are not asking the right questions of recruitment companies.  

If the investments industry is going to move beyond the ‘talking the diversity talk’ it needs to stop hiring for likeness and start hiring for talent and yes that means stepping away from conventional talent pools and traditional recruitment habits to spot potential. That doesn’t need to be difficult, it just requires recognising potential and assessing candidates beyond simply career experiences or where they went to university.

When McKinsey in their 2015 report said diverse teams outperform non-diverse teams by over 35%; no one was surprised. It is common sense and it shouldn’t cost the price of McKinsey consultants to tell you this, nor should the sector be using Recruiters who do not have a diverse mindset when looking for diverse talent pools.

When Andy Ayim in his Twitter said ‘lazy’ low risk recruitment is creating a ‘mirrortocracy’ rather than a meritocracy and that ‘we should seek to understand first before we are understood’ I couldn’t agree more.

Where Recruitment Partners can help is to help bridge what PWC’s ‘gaining an edge in the competition for talent survey 2017’ recently stated:

“Many women don’t feel that recruitment is equal and inclusive and therefore there is a disconnect between employees and employers. The report states: “While employers blame a lack of sufficient candidates, women point to lingering assumptions and stereotypes in the recruitment process. This underlines the importance of looking closely at advertising, interviews and the selection processes to identify potential biases, many of which are unconscious, such as a tendency among interviewers to favour people like themselves”.

Like most companies, investments firms rely on Recruiters to attract talent, and they will be guilty of bias and ‘mirrortocracy’ too. This is a chain that needs to be broken.  One way of doing this is through better supplier diversity and its application. Only when recruitment companies get ‘thrown off’ the PSL they will start to listen and deliver. However, investment firms also need to be asking the right questions of Recruiters to ensure they understand what inclusive recruitment is and how to deliver on it. Asking for a simple diversity policy is not enough. 

One solution is to identify talent for the future and then look for that talent in unconventional places in unconventional ways and with unconventional partners. Recruitment partners who can give you access not just to the pool but also to the ocean.

To join our debate and find out more please contact Pam Brown: pam@theoceanpartnership.com