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Diversity coach: It takes work to recruit, retain minority execs, but it will pay off
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Q I'm a senior executive with a large company, and I have not been very successful in recruiting and retaining minority executives. In the 15 years I have been here, it seems that we say all the right things to make sure that we reach out to young minority executives, but for some reason we have failed in consistently retaining them. Can you give me your thoughts about what we might be doing wrong and also some ideas concerning how we can consistently recruit and retain minorities?
A First and foremost, I applaud your concern. Corporations that realize that women and minorities have been underutilized and attempt to recruit and retain them are not only doing the right thing but also are protecting shareholder value and market share. As more and more Caucasian, male baby boomers start to retire, corporations will have to rethink their recruiting strategies if they want to hire from a rapidly growing minority population.
Here are some thoughts about how you might want to recruit and retain minority executives. You must have a strategy. If your CEO asked his senior managers to build and market a new widget, I'm absolutely positive that a strategic plan would be developed.
Challenge your human resources department to develop a comprehensive plan for recruiting and retaining minority executives. The strategic plan could possibly contain the following:
1. Partnerships with historically black universities.
2. Partnerships with the National Black MBA Association and the National Hispanic MBA Association.
3. Start a minority internship program with Inroads and the Hispanic Association of Colleges and Universities.
4. Develop internal affinity groups.
5. Have an employee-referral bonus program.
6. Provide executive coaching for high-potential minority executives.
7. Have a formal internal mentoring program.
8. Review or develop a corporate diversity statement endorsed by your CEO.
9. Hold diversity training/seminars for your entire organization.
10. Have performance bonuses tied to recruitment and retention goals in each division.
These are just some of the tools you could use.
In the 4½ years that I have been a diversity consultant, the question you asked is the most common one I receive when I meet with corporate leaders.
I recently met with an executive vice president of a major corporation, and he posed the same question. My response surprised him: I told him to benchmark his major competitors and suppliers and copy their best practices.
This very seasoned executive had never thought about benchmarking his competitors or suppliers in this aspect, something that he certainly had done before to address other corporate problems.
A commitment to diversity is not a statement on paper; it is an attitude that can be seen throughout an organization's culture.
Recruiting and retaining the best minority executives will be critical to the future success of many Fortune 500 companies.
In 2050, the minority population of this country will no longer be "minority."
Corporations whose makeups reflect the overall population will have a decided competitive advantage.
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