Diversity, equity, and inclusion in talent acquisition

Diversity, equity, and inclusion are three factors that create a positive working environment. Understanding that, a program to reduce discrimination in businesses was born with the name: DEI program. Compared to previous generations, Gen Z clearly understands the role of DEI in the context of integration and sets it as a criterion for choosing a suitable "destination".

1. DEI concept

DEI (or DE&I) is an abbreviation for Diversity, Equity, and Inclusion and is an inseparable part of the strategy of building a corporate culture in the era of globalization.

According to Harvard Business School, DEI focuses on the following points:

• The participation of individuals with different backgrounds, circumstances, and perspectives;
• Equality in access to opportunities and being treated fairly, without discrimination;
• Feeling respected, recognized and wanting to stay long-term when working at the company.

To better understand diversity in talent acquisition, let's go into each component that makes up this strategy.
 

Diversity in talent acquisition in Vietnam

2. Why should DEI be applied in the enterprise?

Applying DEI not only helps enterprises meet the spiritual and material needs of employees, but also brings many important benefits to the process of building a sustainable corporate culture.

2.1. Improve Employee Engagement

Employee engagement is the level of enthusiasm and dedication that employees have for their work and their company. Many studies show that when employees feel safe and secure in the workplace, they will tend to contribute more to their work and be more committed to the company.

2.2. Employer Branding

According to Deloitte Global's 2022 survey, in addition to salary, work-life balance and development opportunities, Gen Z and Millennials are particularly interested in the level of DEI of employers.

Therefore, integrating DE&I values into employer branding helps companies gain the sympathy of candidates and expand the talent pool to local minority communities.

2.3. Attract and retain talent

Replacing employees who leave, not to mention finding people with equal or better capabilities than their predecessors, is always a headache for employers.

Also according to Deloitte Global, Gen Z and Millennials prioritize choosing companies that value inclusive hiring strategies. Employee Turnover rates in these two groups are also lower when businesses successfully apply bias-free talent acquisition.

2.4. Maximize employee potential

Regardless of whether they are “frontline warriors” or the rear team, DEI in talent acquisition provides development opportunities for all members of the enterprise.

When empowering employees to be proactive in their work, the company simultaneously promotes an atmosphere of internal solidarity. From here, work performance increases as a natural consequence.

2.5. Promote creativity and innovation

Last but not least when discussing the benefits of DEI, is the ability to encourage unique ideas and stimulate innovation within the enterprise.

An open working environment creates the premise for the spirit of “creativity to create together”, helping enterprises improve their problem-solving capacity and be ready to overcome challenges of the times.

3. DEI Implementation Process in Business

What is the most important point of hiring for diversity? Is it just having a lot of different individuals in the personnel profile?

For this strategy to truly bring lasting benefits to the business, before starting to apply DEI, each company needs to answer the following five questions:

• Where is the company in the domestic, regional and international markets?
• What is the company's vision for the future?
• Why is DEI important to that vision?
• What resources need to be mobilized to implement the DEI program?
• What signs will show that the company is successfully applying DEI?

The next step is to apply the 5A process to make DEI a part of the business development strategy.

3.1. Aspiration: Determine the direction

DEI goals can be a sentence, a list, or a paragraph that includes commitments. Regardless of the form, the DEI goal should show the close connection between the organization's mission and DEI and clarify the results the business wants to achieve.

3.2. Assess: Build a basis for assessment

To ensure that the DEI implementation process does not deviate from the original goals, the leadership team needs to establish an appropriate assessment system. It is recommended to combine quantitative and qualitative methods to monitor personnel fluctuations, employee mental health along with business performance.
 

DEI in talent acquisition

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3.3. Architect: Invest time in planning

Once a clear direction and a comprehensive assessment basis are in place, the business needs to determine what the DEI strategy implementation plan is. There will be no ideal approach for all cases, each organization needs to build on its goals and be appropriate to the current situation.

3.4. Act: Mobilize capacity and resources

To successfully implement DEI, businesses need to carefully assess their resources in terms of people, finance, time and facilities. Take advantage of the insights gathered from step 2 to understand the resources needed for this transformation.

3.5. Advance: Scale and maintain momentum

Like any other business strategy, the progress of implementing DEI initiatives in the company also needs to be monitored regularly. During that process, managers, leaders and stakeholders will have the role of self-management, monitoring and being responsible for the results of implementing DEI goals.

With experience consulting and supporting many businesses to build and promote their employer brand, Faro Vietnam confidently brings effective employer branding strategies. Cooperate with us to build a strong employer brand and attract more talent!

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