HR Metrics and Impact of Diversity
To find new hire costs (cost to hire, cost to recruit, cost to train/onboard) and employee retention metrics (average attrition rate, average executive attrition rate, attrition rate for people of color vs. overall rates, average time in role, average executive time in role, average time in role for people of color vs. overall rates) of Fortune 500/ 1000 companies. And, to understand the impact of a diverse board/ leadership on business results to be able to make a case for spending on diversity & inclusion programs that aim to improve the advancement and retention of people of color.
- The average recruiting cost per hire for a Fortune 500 company is $3,500 — $4,000.
- "At Amazon, Blacks make up 26% of the workforce but 8% of the managers. At Apple, 9% of employees are Black, yet only 3% of leadership. And research shows that while 91% of S&P 500 companies have D&I programs, only 14% have diversity targets for managers."
lmpact of Diversity in the Workforce (not leadership alone)
- "Gender diverse companies are 15% more likely to have a financial performance above the industry mean."
- "Companies with the highest level of ethnical diversity will bring in 15 times more sales revenue than companies with the lowest level of racial diversity."
- "Ethnically diverse companies are 35% more likely to have a financial performance above the industry mean."
Note: One hour of research was spent determining the likelihood of information availability and scoping the projects right. There was not enough time to find laser-focused information on each aspect of the ask, and therefore, we have provided also general-level information that we came across during research.
Proposed next steps:
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