Yes, there are best practices to keep diverse talent from joining the Great Resignation

Diverse talent at your company is most likely eyeing the exit as the Great Resignation continues. But it’s possible to change the course.  

“While many women, Black, and Latino professionals have taken steps to find a new job, the silver lining for companies is that these same professionals are willing to stay if given support and the chance to grow through talent mobility opportunities,” writes Andrew McCaskill, a senior director and career expert at LinkedIn. 

In a new Coins2Day opinion piece, 3 strategies managers need to know to keep diverse talent from walking out the door, McCaskill provides a thoughtful guide to help companies understand the concerns of employees during these unprecedented times and offers solutions. He notes that managers will need to put in extra effort for retention. “Managers have to ask themselves, ‘Am I engaging my team equitably?'” he writes. One area of concern is flexibility. Many employees of color said they feel a greater sense of belonging when working from home than in the office.

McCaskill writes: Our research found that 46% of Black professionals ages 18-34 and 44% of Latino professionals ages 18-34 have faced blatant discrimination and/or microaggressions at work. In fact, Slack’s Future Forum think tank found that only 3% of Black workers in the survey wanted to return to the workplace fully in person, compared to 21% of their white counterparts. Future Forum surveys also found that employees of color reported fewer microaggressions and a heightened sense of belonging in the remote environment. Open, informed, and empathetic conversations about how all employees want to work is important, but inclusion and inclusive retention strategies will require extra effort on the part of managers.

Employee engagement and creating a sense of purpose amid remote and hybrid work has become a top concern for CFOs, according to an August PwC report. About 63% of finance chiefs said their company is going to emphasize culture, and 61% said company purpose and values. And 60% said they plan to advance diversity and inclusion efforts internally, including leadership and mentoring programs. But as McCaskill points out, direct managers are on the frontline when it comes to retention. And training is required to meet that need. 

He writes: One of the worst scenarios a manager can find themselves in is avoiding providing feedback to colleagues from underrepresented groups to avoid being perceived as biased. This creates a vicious cycle where people not only miss out on the feedback they need to grow and develop, but they also miss out on opportunities, promotions, and career growth. While it might be harder to give feedback to someone different than you, you must do it equitably so everyone on your team has the chance to grow and improve.

Amid the Great Resignation, the “great re-phasing of corporate America” is happening at the same time, Rosalind Brewer, CEO of Walgreens Boots Alliance, recently said during a Coins2Day virtual event. There’s an opportunity to reevaluate and improve when it comes to inclusion. 

To learn more about effectively engaging and appreciating diverse talent, read more of McCaskill’s advice here. 

See you tomorrow.

Sheryl Estrada
[email protected]

Big deal

The New Workplace Employer Report, released by ABC7 News Bay Area  and Sequoia, which offers payroll and benefits solutions for employers. The findings, based on a survey of 423 business leaders, examines practices such as managing a distributed workforce, COVID-19 polices, and returning to the workplace. As for employers who have not yet returned to the workplace, 45% are still undecided.

Going deeper

A new Coins2Day report, How Apple, Microsoft, Amazon, and Alphabet made it to the Trillion-Dollar Club—and what could knock them off the throne, is part of the 2022 Investor’s Guide. Together, they account for more than 20% of the value of the S&P 500, which means the index-fund-owning masses have a lot riding on their continued success, according to the report. 

Leaderboard

Tim Adams was named CFO at Rapid7, Inc. (NASDAQ: RPD), a security analytics and automation company, effective January 3, 2022. Adams will assume the role from current Rapid7 CFO, Jeff Kalowski, who announced his retirement earlier this year. Adams joins Rapid7 from BitSight Technologies, where he has served as CFO since April 2020. He brings over a decade of financial leadership experience in the technology industry having previously served as CFO at ObsEva SA, Demandware, Inc., and athenahealth, Inc.

Heather Getz was named CFO and president of North America at Healthy.io, a health care company offering services enabled by smartphone technology. Getz has more than 20 years of corporate experience. She was most recently as the chief financial and administrative officer at BioTelemetry, Inc. Where she served for almost 12 years. Getz oversaw growth and transformation, including the acquisition and integration of 16 companies and the securing of over $400 million in debt financing. Prior to BioTelemetry, she spent seven years at VIASYS Healthcare Inc. Where she held various financial leadership positions. Getz began her career at Sunoco, Inc., where she held various positions of increasing responsibility.

Overheard

"What's been true pre-pandemic is more true now than ever before. People want there to be a real heartbeat and for CEOs in particular, who really stand by the values, to speak out."

—Jana Rich, CEO of Rich Talent Group, on meeting employee needs, as told to Coins2Day.