MEDIA & INSIGHTS
What does a DEI-accredited executive search firm bring to the table?
In an article on harnessing the power of diversity for profitability, Forbes asserts that EBITDA can be increased by 33% through recruiting for diversity. How? Forbes says simply, “diversity drives innovation; innovation drives profitability”. The figure is substantiated by research from Deloitte, Boston Consulting Group, Harvard Business Review and Forbes itself. The need for cognitive diversity prompts a great line from Forbes, “echo chambers don’t produce new sounds”.
The groundswell of recognition for what a truly diverse organization can achieve is energizing. We thrive in this environment; 66% of our searches are for diverse executives, this is our home territory.
“It is important to define what diversity means in the context of an organization, their location and existing leadership team,” comments Fernando Vega, Senior Client Director at Mughal & MacRae. “We scrutinize the full profile of a team and move the needle in every engagement because ninety percent of leadership teams are still predominately white and male. As the younger generation comes through, we can really make a difference, evaluating diverse talent beyond the college brand, beyond a formulaic path; with common ground based purely on attitude, energy, drive and commitment.”
Organizations go about diversity in different ways. Employees go on management courses that teach rigorous, professionally-certified standards for effective Equity, Diversity & Inclusion work, many run by leading business schools and professional associations. Certification bodies also include specialist councils and networks, as well as chambers of commerce. From a corporate perspective, organizations increasingly select advisors according to diversity criteria, such as minority-owned or female-led firms. Certification helps businesses to be found, with private and public sector organizations actively seeking a slate of different providers.
“DE&I practices are not something companies can improvise,” comments Valerie Derome, Senior Vice President, Leadership Advisory, Mughal & McRae. “Authenticity is required to deliver against the promise of belonging. Certified small businesses live and breathe DE&I and provide advantages to clients through first-hand experience and understanding of systemic inequality, the dynamics of power, prejudice and bias.”
What are some examples of diverse recruiting practices? Gender-neutral job specifications, an employer brand that showcases an inclusive culture and commitment to DE&I, a diverse interview panel, competency-based interviewing that focuses on skills and capabilities to avoid personal biases. Also, scheduling interviews during standard working hours to respect personal time; this resonates with parents, especially women. There are other approaches too, such as usability of career pages for the visually impaired.
In today’s employee market, diversity candidates are in high demand, often pursued concurrently by more than one or two prospective employers. It is therefore essential that internal hiring processes are robust and well managed, with excellent coordination between client and advisor, particularly with regard to timing.
We are in a new era of proven outcomes. Businesses care about diversity because it drives innovation and profitability. That is what a DEI-accredited search firm brings to the table.
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Mughal & McRae is a DEI-accredited recruiter certified by AIRS, recognized and promoted by the AESC, the leading global association of executive search and leadership consultants. Members of Women’s Business Enterprise National Council WBENC and private women’s leadership network CHIEF.
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