Beyond the Usual Metrics: Considering Socio-Economic Background in Diversity Hiring

ARE YOU CONSIDERING SOCIO-ECONOMIC BACKGROUND IN YOUR DIVERSITY HIRING?

Although 21st century American culture has been putting a lot of emphasis on diversity hiring, many business leaders still see it as just another P.C. box to be checked-off rather than as a truly beneficial business strategy.  However, study after study has shown companies whose workforces are diverse, especially at the executive level, actually perform better than those whose leadership is more homogenous.

One area that is frequently overlooked when it comes to diversity hiring is socio-economic background. As discussed in a January-February 2021 Harvard Business Review article, companies tend to draw employees, especially top-level management, from the same schools and business backgrounds, which results in cultural homogeny, regardless of the color of a candidate’s skin.

On the other hand, people from lower socio-economic backgrounds—be they white, black, or brown—typically lack the social networks, private tutoring, extracurricular activities, and even family stability enabling people from more privileged circumstances to get ahead. Yet, many people from these backgrounds can be just as bright, just as creative, and just as hard-working—perhaps even more so—than people who went to the “best” schools, joined the “top” clubs, and hung out with the “right” people.

Is your leadership team considering socio-economic background in your hiring practices? Along with all other types of diversity, it is important to hone-in on this one.