Diversity Management

Diversity - A Business Concern

Workforce diversity is an essential business concern. As we move out of the Global Financial Crisis, the War for Talent is re-emerging and many staff are looking to further their career in new and different organisations. Organisations cannot afford to unnecessarily restrict their ability to attract and retain the very best employees available.

The demographics of today’s workforce are dramatically different to those of a decade ago. The workforce is no longer dominated by a homogenous group of white males; available resources and talent are now overwhelmingly represented by people from a vast array of backgrounds and life experiences. Differences such as gender, race, culture, religion, sexual preference and behavioural and thinking styles need to be recognised and accommodated.

Competitive companies need to focus on attracting and retaining the best available staff and being responsive to their diverse needs.

New Australian Stock Exchange Recommendations on Diversity in the Workplace

Changes have recently been introduced to the Corporate Governance Principles and Recommendations (Recommendations) of the ASX, in relation to diversity and Women on Boards. The changes include new diversity requirements that aim to address the low levels of female participation at senior levels within organisations and at the board level. The revised Recommendations will apply to organisation’s first financial year starting on or after 1 January 2011. However, the ASX Council considers that listed entities with a balance date of 30 June 2010 should be able to establish a diversity policy and report against the new Recommendations in respect of the financial year commencing 1 July 2010.

Whilst all listed companies will need to comply, all employers would be advised to initially gain a better understanding of these requirements. The requirements will assist employers to establish a standard within organisations, and will contribute to attraction and retention initiatives.

Need help with your Diversity Strategy?

If you do not already have a Diversity Strategy in place, we can help identify the priorities and to put programs and initiatives in place that ensure that you meet your workforce needs and thus remain competitive in the attraction and retention of a smaller number of available/skilled workers. We can also help to rejuvenate your current strategies and prepare to meet the ASX requirements.