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Five reasons companies fail to reach diversity targets

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Every company talks about the importance of diversity in the workplace. In some cases, they even appoint Chief Diversity Officers.

But then from the point of view of the workers, not much changes.

A diversity target within a company is a goal the organisation has set for increasing the representation of underrepresented groups in its workforce.

This can include goals for hiring, promotion, job placement and other areas related to diversity and inclusion.

By setting these goals, companies are striving towards creating an equitable and inclusive workplace that reflects the diversity of their customers, employees and stakeholders.

Here’s why it can fail.

Lack of accountability

One of the primary reasons that companies fail to meet their diversity targets is that there is no one accountable for ensuring that these targets are met. Without someone in charge of diversity initiatives, it is easy for these initiatives to fall by the wayside. Additionally, without accountability, it is difficult to measure progress and identify areas in which improvements need to be made.

Lack of buy-in from senior leadership

Another reason that companies fail to meet their diversity targets is that senior leaders are not on board with the initiative. For an initiative to be successful, it needs to have buy-in from all levels of the organization. If senior leaders are not supportive of the initiative, it is unlikely to be successful.

Lack of resources

Another common reason for companies failing to meet their diversity targets is a lack of resources. Diversity initiatives can be costly, and many companies simply do not have the budget to invest in these initiatives. Additionally, many companies do not have the internal resources necessary to support a diverse workforce. For example, they may not have HR policies or procedures in place to address issues such as discrimination or harassment.

Lack of data

Many companies also fail to meet their diversity targets because they do not have adequate data on which to base their initiatives. Without data, it is difficult to identify areas of concern and develop strategies for addressing these issues. Additionally, data can help organizations track their progress and ensure that they are making progress towards their goals.

Lack of commitment

Finally, many companies fail to meet their diversity targets because they are not truly committed to the initiative. For an initiative to be successful, it needs to be given time and attention. If a company is not willing to invest the necessary resources into the initiative, it is unlikely to be successful.

Here are some methods that can be used to help meet a company’s diversity targets:

  • Establishing diversity initiatives, such as unconscious bias training, that focus on eliminating any institutional or systemic barriers that may limit opportunities for underrepresented groups.
  • Increasing recruitment efforts and outreach programs to attract more diverse talent.
  • Creating partnerships with local organizations and businesses that have access to minority communities in order to increase job openings.
  • Conducting surveys of existing employees to understand demographics, experience, challenge and achievement levels.
  • Encouraging senior leaders within the organization to become champions for diversity and inclusion by setting goals for advancing the hiring and promotion of underrepresented candidates.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Money

Tech giants drive global mega-cap surge amid inflation relief

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Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

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Money

Real reason bosses want employers back in the office

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As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

 
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

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Money

Businesses cash in on Black Friday sales

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Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.

 
Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.

The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.

Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.

Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured

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