Why is diversity and inclusion essential for tech teams?
According to a study conducted by the Weber Shandwick, total cost to U.S. businesses due to insufficient company diversity and inclusion efforts is nearly $6.8 billion per month.
Increased Risks if Not Diverse
Unrealized Profits. McKinsey’s Delivering Through Diversity report found companies in the bottom-quartile for both gender and ethnic diversity within their category are more likely to underperform their industry peers on profitability by 29 percent. [REFERENCE]
Untapped Innovation. A Boston Consulting Group study found that companies with less diverse management teams have 19% less revenues due to lack of innovation. [REFERENCE]
Reduced Talent Pool. A Glassdoor survey of people actively looking for new jobs showed that two-thirds considered a diverse workforce an important factor when evaluating companies and job offers. [REFERENCE]
Stifled Feedback. Harvard Business Review reported that, “… people like to fit in, so they are cautious about sticking their necks out. When we have a strong, homogeneous culture, we stifle the natural cognitive diversity in groups through the pressure to conform.” [REFERENCE]
Increased Risks if Not Inclusive
Decreased performance. In a Deloitte study, employees were more likely to identify their workplace as underperforming, if the company was perceived to have low commitment and support for diversity and inclusion. [REFERENCE]
Increased Turnover. Korn Ferry found in a study that 84 percent of participants agree that lack of attention to diversity and inclusion contributes to employee turnover. [REFERENCE]
Disengaged Employees. Employees who felt less included reported being less innovative, less engaged and willing to go beyond the "call of duty" to help other team members and meet workgroup objectives. [REFERENCE]
Less Agile. In How Diverse Teams Create Breakthrough Ideas and Make Smarter Decisions, companies that do not embrace an inclusive culture are 2x less likely to exceed financial targets, 3x less likely to be high-performing, 6x less likely to be innovative and agile, and 8x less likely to achieve better business outcomes. [REFERENCE]
Why should Biomo be your platform to build a diverse engineering team?
We don't haphazardly blame the "pipeline". Instead, we dig into it. Biomo provides concrete definitions, analytics and optimizations for each stage of the pipeline, providing your organization with actionable intel and tangible progress.
Diversity in. Diversity out. Biomo provides recruiting analytics and recommendation to ensure your sourcing is varied and effective.
Unconsciousness bias is the silent foil to the best intentions. Biomo offers tools to help you mitigate its impact in your interviewing process.
First impressions matter. Biomo helps you gauge whether new hires get off to the right start. And gives actionable tasks to ensure that you do.
Inclusion baked in. From project distribution to code reviews, Biomo helps you track and evaluate the impact of your processes.
Ensure everyone has an opportunity to shine. Biomo measures the success of your current guidelines for promotion and offers optimizations when needed.
It always starts at the top. Biomo provides SDMs with the tools and training needed to encourage a diverse environment as well as to build inclusive products and services.
Ready to realize the benefits of an inclusive tech team?
We'll help you get there, starting with a consultation.
Currently scheduling consultations for March 2020.
* We promise never to be spammy and to respect your privacy.