The Business Case for Diversity: How It Benefits Everyone

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calendar-days. May 04, 2023
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Contents:

  1. Our commitment to diversity and inclusivity
  2. Our approach
  3. So why are diverse teams important?

Diversity is not just a buzzword! It is one of the main ingredients in creating a thriving and inclusive environment. A common misconception around Diversity is that it only means race and gender. When in fact it includes gender, race, ethnicity, religion, sexual orientation, age, and ability, and brings a range of experiences, perspectives, and skills to the workplace.

  • At iO-Sphere diversity is part of our DNA; our commitment is reflected in our candidate pool: 51% of our candidates come from BAME backgrounds and 55% are aged 25 or over, bringing different experiences and perspectives to our talent pool.
  • 55% of our candidates attended state schools, with 40% of them having received free school meals proving our mission to providing equal opportunities for all socio-demographic background
  • 44% of our candidates are the first generation in their family to attend university, highlighting our efforts to support social mobility
  • 30% of our candidates did not attend school in the UK, adding to the global diversity of our talent pool
  • 56% of our candidates have at least 2 years of work experience, with half of this group having more than 5 years of work experience, ensuring our talent pool is equipped with a range of skills and ability.
  • 15% of our candidates describe themselves as being neurodiverse, reflecting our commitment to diversity and inclusivity
  • Our talent pool achieves a 30:70 female to male ratio, surpassing the tech industry standard of 19% female representation in the workforce, at iO-Sphere we are committed to actively improving this ratio

Our approach:

We aim to lower financial barriers to learning new skills by awarding bursaries to our candidates. We awarded bursaries to 20% of our first cohort and will increase this over time.

Our candidate application process aims to eliminates bias and replicates the hiring process of companies, ensuring to our partner employers that all candidates in our talent pool are the individuals we would have hired ourselves.

Our 10-week immersive training programme equips candidates with practical data analytics skills that are relevant to high-performing teams and real-world problem-solving. Through simulated team experiences and challenging tasks, we accelerate the learning process, teaching problem-solving techniques that typically take months to learn on the job. By completing our programme, candidates are prepared to succeed in analytics teams and tackle real-world challenges with confidence.

By following this approach, we can ensure that diversity is not compromised in pursuit of high quality. So why are diverse teams important?

Diversity nurtures diversity: Glassdoor’s survey showed that 67% of job seekers prioritize workplace diversity, while the Confederation of British Industry reported that 60% of millennials and Gen Z-ers seek diverse and inclusive workplaces. By fostering diversity, companies can keep and attract a broader range of talent. This is critical for staying competitive and innovative in today’s global market.

Diversity boosts engagement: A report by the Society for Human Resource Management found that companies in the UK with more diverse workforces have 12% higher employee engagement than companies with less diverse teams. Additionally, the same report found that diverse teams in the UK have a 22% lower turnover rate compared to non-diverse teams. This can lead to cost savings for companies.

Diversity promotes innovation: A diverse team can promote innovation and creativity. A study by the Harvard Business Review showed that diverse teams tend to approach problem-solving with a wider range of perspectives, ideas, and approaches, leading to more innovative solutions.

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