Retaining Diversity

Business Case Diversity Retention

Research suggests that the cost of replacing a valued employee ranges from 100% to 300% of annual salary, not including lost productivity, lost business, impact on customer satisfaction, decrease in morale, and loss of intellectual capital.

Avoid Diversity Turnover during Economic Downturns

When an economic downturn occurs, lay-offs are almost inevitable. But there is a critical need to hold onto minorities. During these difficult times, many corporations may let go a disproportionate amount of diversity employees, thus undoing all previous diversity recruiting efforts. These are the people who will lead the organization to future success and you can't afford to lose them. It is important to keep up diversity and inclusiveness and gauge the strengths and problems before it's too late.

Strategies to Retain Diversity

Map opportunities for people to move and grow within the company
Effective, sustainable organizations anticipate the leadership and talent they will need to succeed in the future. Leaders understand that it's critical to build their bench strength of talent through succession planning, professional development, job rotation, and workforce planning. Managers must identify high-potential talent and design (implement and manage) succession plans.

Align rewards and recognition with your business strategy
Successful companies make sure their employees understand the link between job performance and pay. Whether it's base pay, bonus, or stock, employees who understand how and why they get rewarded perform better. And it's not all about money - research shows that employees rate pay lower on their list of needs than recognition for a job well done.

Diversity Employment on the Web

• The Diversity Channel - Providers of diagnostics and consulting, instructor-led training, self-paced eLearning or continuous on-demand diversity education and information.
• Diversity Training University International (DTUI) - Their mission is to provide the knowledge and skills needed to consult as a diversity specialist, coach diversity skill development, and conduct cross-cultural training.
• The Kaleel Jamison Consulting Group - KJCG assists organizations in the development of work cultures that tap the knowledge, experience and skills of all their people.
• ProGroup - Leading diversity consultancy specialized on the development and implementation of diversity initiatives that are directly linked to business success.
• R. Thomas Consulting - Expertise and direction for the development of diversity competencies that enable organizational leaders to create the culture, systems, and practices necessary to sustain a competitive advantage.
• Simmons Associates - Consulting firm specializing in Diversity Services, Human Resources Management and Organizational Development.
• National Society for Hispanic Professionals - NSHP empowers Hispanic professionals with networking and leadership opportunities and information on education, careers and entrepreneurship.

Minority Recruitment at LatPro

Founded in 1997, LatPro.com is the leading employment source for Minority Recruitment. We provide access to the most progressive, high-growth companies, using personalized tools to make the process effective, efficient and convenient. Hispanic & Bilingual candidates can post resumes anonymously, receive emails instantly announcing new job opportunities that match their profile, and read expert advice on job-seeking.