Retention, retention, retention; the holy grail of HR. Whilst many organizations focus on attracting top talent to their ranks, some forget to follow this through by keeping retention at the heart of their corporate culture.
But what exactly compels good people to walk out on a company?
“Flight risk is inevitable if employees experience barriers to their career progression - and, unfortunately, diverse employees frequently report facing unfair barriers,” explained Laura Sherbin, Co-President Center for Talent Innovation.
“HR directors can play a significant role in reducing this trend by ensuring diverse employees have access to sponsors, senior colleagues advocating for their career advancement. A study from the Center for Talent Innovation (CTI) called The Sponsor Effect 2.0: Road Maps for Sponsors and Protégés found that professionals who had sponsors were far more likely than those who lacked them to be satisfied with their rates of advancement—what CTI referred to as the ‘sponsor effect’. For instance, women with sponsors were 19% more likely than women who lacked them to be satisfied with their progression.”
A report from SHRM
found that one third of new hires leave their role after just six months in the company, with remote workers 50% less likely to throw in the towel.
With this in mind, Sherbin advocates inclusion and diversity as a way to drive a fuller and more successful corporate culture.
“We find that diversity and inclusion drive one another,” she told us. “With an inclusive workplace culture, employees of diverse backgrounds can bring to their employers all of the ideas, perspectives and leadership styles that will benefit their company's culture and prospects for innovation.
“One key indicator of inclusive cultures: how diverse top leadership is. In Canada, the potential for richly diverse and inclusive cultures exists. After all, the Canadian workforce is increasingly diverse. By 2031, nearly half (46 percent) of Canadians aged fifteen and older are projected to be foreign-born or have at least one foreign-born parent.
“However, the lack of diversity in leadership in Canadian workplaces indicates woefully under-inclusive employer cultures. For example, among senior management positions at Canadian companies only 8.8% are held by people of colour, one percent by Indigenous people, and 37.1% by women.”
So, what can HR leaders do to improve their diversity quota? Sherbin referenced a report from CTI and Bhasin consulting, which recommended HRDs help diversity their workplaces though fostering a culture of sponsorship.
This will help make their “diverse workplaces more inclusive by fostering cultures of sponsorship, giving needed advocacy to high-performing diverse employees so that they can break through to leadership positions,” added Sherbin.
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