In 2022 and 2023, companies across the globe saw an increase in DEI focused efforts and diversity recruiting trends. The cultural shift traversed industries, corporate ranks, and geographic areas, solidifying the importance organizations placed on the value of DEI hiring and long-term retention.
This year, companies are embracing and improving upon DEI trends. 2024 will see increased DEI recruiting—and more importantly, improved retention of diverse talent, which will serve organizations for years to come. In this article, we’ll explore the key trends to look toward in the year ahead, so you can be better prepared for the talent of tomorrow.
1. Scrutinizing AI Bias in the Hiring Process
In the summer of 2023, Cynthia Dwork, Professor of Computer Science at the Harvard John A. Paulson School of Engineering and Applied Sciences, met with a host of other experts from Harvard, Cornell, Prince, MIT, Rutgers, Microsoft, Apple (and more) to advance a new effort, the “Hire Aspirations Institute.” The leaders all shared the same goal: to address the issue of algorithmic bias in applicant tracking and other talent management systems.
Dwork emphasized that “hiring is a crucible in which forces of preference, privilege, prejudice, law, and now, algorithms and data, interact to shape an individual’s future,” and her research reveals the importance of ensuring that solutions are developed to identify and correct algorithmic methods and results that are biased in nature or practice.
In the landscape of DEI trends, 2024 will see a push toward a broader analysis of how electronic talent systems have failed us in the past—and what we can do to correct them.
2. Expanding Hiring Horizons to Include a Globalized Workforce
According to recent research, global hiring has risen significantly post-pandemic. The ability to work from anywhere has allowed employers to tap into the skillsets of workers in underserved markets, increasing support for DEI initiatives on an international scale. Last year, ex-US workers saw the highest wage increases in Italy, Brazil, and India, along with increased targeting by western companies eager to access hard to reach talent.
In 2024, this DEI hiring trend is set to continue. The Wall Street Journal reported this year that employers were finding significant cost savings in onboarding workers overseas in a host of remote jobs, including those in payroll, finance, and technology functions. As Jason Schloetzer, Associate Professor at Georgetown University’s McDonough School of Business, put it: “For those roles that don’t require a lot of collaboration, they’re remote-able and they’re offshore-able.” The strategy isn’t just about saving money (although that is an excellent reason to explore it) the practice also welcomes strong talent and new perspectives into a department.
3. Using Leadership Development Programs to Invest in and Continue to Attract Diverse Talent
One of the most important DEI trends 2024 may see is an improvement upon something companies are already leaning into: leadership and development initiatives. Global consultancy McKinsey & Co. recently took a survey of individuals who had just left their employers. 51 percent of respondents reported leaving because they “didn’t feel a sense of belonging at work.” Notably, this sentiment was more prevalent among employees of racial minorities.
Organization-wide investments in learning and development programs have been shown to increase employee feelings of belonging at work, improve workplace cultures, and boost retention over time.
For companies who see success in DEI hiring and are embracing diversity recruiting trends but are still struggling with the retention of diverse employees, investments in L&D may be the perfect solution. L&D is also an item in high demand among a new generation of workers. According to a recent Gallup survey, 66 percent of respondents aged 18 to 24 noted that learning and development was one of three of the most valued benefits an employer could offer them.
4. Supporting Working Parents During Their Tenure
Although absolutely critical, DEI in hiring isn’t just focused on increasing racial and nationality minority representation in a workforce. It can also be about recruiting and supporting employees of all genders. Women in particular appreciate support through periods of parental leave and beyond; even in 2023, women are still taking on far more parenting tasks on average than male partners. U.S. News and World Report published statistics showing that even women who were employed full time still spent significantly more time on child-care related tasks than their spouses.
For companies that can offer it, a parental leave policy that goes beyond your state’s minimum requirements is a fantastic way to recruit employees of all genders, and specifically women. Keep in mind, however, that in a compliant parental leave policy, there is no difference between maternity leave and paternity leave. At a federal level, the law requires businesses to apply parental leave benefits in a gender-inclusive way. While in some states, you may be able to offer more time off (whether paid or unpaid) to a primary caregiver, a strong parental leave policy that offers flexibility to parents equally is an incredibly attractive perk.
5. Partnering With an Executive Search Group That Understands and Implements DEI Best Practices
If you’re ready to get serious about DEI in hiring, one of the most advantageous steps you can take is to partner with an executive search group that can help you approach your hiring needs in a thoughtful and sustainable way.
Cornerstone Search Group is excited to support corporate clients in their DEI hiring initiatives. At Cornerstone, we hold the belief that diverse thoughts, ideas, and leaders drive companies to perform at their highest achievable level. This belief yields positive results for our clients: over 50% of the candidates that we help our clients hire come from diverse backgrounds.
Cornerstone is proud to serve the diversity-rich life sciences industry and has done so for over 20 years. We’re eager to connect you with talent across the globe. Start a conversation with us today to learn more.
