Diversity, Equity & Inclusion
At Richmond Capital, we champion of Diversity, Equity and Inclusion (‘DE&I’), and recognise their profound impact on both business, and personal relationships. We consider DE&I to be a vital part of running an efficient, successful and thriving organisation and understand how it encompasses attracting, recruiting and retaining talented and diverse team members.
DE&I encompasses much more than race and gender - It covers sexuality, religion, disabilities, family, education and career background amongst other factors. We use our capabilities to help our Clients derive the benefits from having Diverse and Inclusive business.
Diversity, Equity & Inclusion
At Richmond Capital, we champion Diversity, Equity and Inclusion (‘DE&I’), and recognise their profound impact on businesses & our personal lives.
We consider DE&I to be a vital part of running an efficient, successful and thriving organisation. We understand how it encompasses attracting, recruiting and retaining talented, diverse team members.
DE&I encompasses much more than race and gender – it covers sexuality, religion, disabilities, family, education and career background amongst other factors.
We use our capabilities to help you derive the benefits of being a Diverse & Inclusive business. We do this because to be a world class company you need to have diverse people around the table to effectively realise shareholder value for investors.
Nearly a 1/3 of institutional investors consider DE&I a ‘highly important’ factor when considering allocations.
How does DE&I benefit a business?
Bigger Talent Pool & Retention
Diversity makes your company a magnet for ambitious, globally-minded candidates. Almost 70% of workers consider diversity when searching for a new position. Moreover, it enhances retention rates and reduces staff turnover significantly which saves you money on recruitment & onboarding costs.
Increased Engagement & Trust
When employees feel included, they’re more engaged, have stronger morale & have higher outputs. Companies that support DE&I report 80% of millennials are actively engaged in their work. Further people working in inclusive workplaces also tend to have better physical & mental health and take less sickdays. This impacts profitability and retention.
Better Decisions
Through diversity hiring, organisations are more likely to hire individuals who bring a variety of perspectives and experiences to the role. Diverse teams are proven to make better decisions.
Gender-diverse teams have outperformed individual decision makers 73% of the time, and teams diverse in geography, gender, and age made better business decisions than individuals 87% of the time.
New Perspectives & Innovation
Harvard Business Review found a statistically significant relationship between Diversity & Innovation outcomes. The most diverse enterprises, in terms of migration, industry, career path, gender, education, age, were also the most innovative, as measured by their revenue mix.
A diverse team promotes creativity, problem-solving prowess, and sustained innovation. Diverse teams can also better identify products & services that fit the needs of emerging customer profiles and offer insights into local markets. This understanding fuels the creation of more effective marketing strategies, helping to resonate with diverse audiences. It ignites a spectrum of perspectives, ideas, and approaches that would otherwise remain untapped.
Improved Performance
Diverse companies can earn 2.5x higher cash flow per employee. For every 10% increase in gender diversity, EBIT can increase by 3.5 %. Companies with significantly more racial and ethnic diversity are 35% more likely to outperform competitors. Diverse companies are 70% more likely to capture new markets, which, yields higher performance.
Stronger Business Results & Profits
Harvard Business Review found that more diverse companies report 19% higher revenue. Additionally, businesses that are in the top quartile for racial, ethnic, and gender diversity have a 25% greater likelihood for being profitable than the national median for their respective industry. This is especially true during times of crisis and evidenced when Great Place to Work assessed hundreds of publicly traded companies before, during, and after a recession. Highly diverse inclusive companies experienced a 14.4% gain while the S&P 500 saw a 35.5% decline in stock performance.
Sources: Harvard Business Review, Deloitte, Gartner, McKinsey, Escalent
Sources: Harvard Business Review, Deloitte, Gartner, McKinsey, Escalent
What does Richmond Capital do to promote DE&I internally & for our Clients?
- Anonymised Recruitment: Richmond Capital offers anonymised recruitment services. This approach ensures hiring decisions are based solely on qualifications and experience, fostering greater fairness and equality throughout your process.
- Competency-Based Selection: To maintain objectivity, we have implemented competency-based selection procedures. These measures ensure that every decision we make is rooted in professional merit, free from bias or prejudice.
- Culture: We foster an inclusive environment and encourage everyone to bring their whole & authentic self to work. We celebrate our differences.
- Diverse Candidate Sourcing: We proactively seek Candidates from diverse backgrounds who possess the requisite skills & abilities. We seek to attract specific groups that may be underrepresented in the workforce. We also ensure job descriptions & adverts are unbiased.
- Equal Opportunity Policy: Our own Equal Opportunity & Inclusion policy is integral to our ethos. It is communicated to all our Employees and frames our approach with you.
- Fairness in the Recruitment Process: We advertise positions with salary ranges to promote fairness, transparency and to reduce pay gaps.
- Family Friendly policies: We provide increased support to those growing their families or requiring support for their dependants. We provide compassion and understanding in respect to our team’s personal lives and situations that arise through life’s stages.
- Flexible & Agile Working: We enable sabbaticals, nomadic, remote and flexible working. We encourage celebrating diverse holidays and provide flexibility to take leave for important dates for different employee groups. We encourage our team to be there for moments that matter.
- Leadership Involvement: We involve those at the top into the conversations and process. This is crucial to the success of incorporating and driving DE&I effectively.
- Measurement: We track the diversity of our team internally and for hires we make for you.