The US Department of Labor created the Office of Federal Contract Compliance Programs with an aim to ensure that the employers that pursue business with the Federal Government are complaint with the regulations and norms of non-discrimination. This cell was designed on the philosophy that employment opportunities created out of Federal spends must be made available on a fair basis to all American Citizens.
With a number of specifications to comply by with respect to Job distribution and reporting, federal contractors are able to leverage OFFCP compliance assistance services through job boards and staffing companies.
Employers who have successfully created a diverse workforce have exhibited greater profitability within their businesses. While effective diversity management is quite challenging for HR managers, long-term results suggest high levels of improvement in the company’s worth in the marketplace.
1. Letting Women Break the Glass Ceiling –
As per a study conducted by the U.S Department of Labor in the mid 1990’s, it was found that businesses that were able to effectively optimize gender diversity within their organizations – by hiring as well as facilitating advancement of women to senior management positions – experienced higher financial growth in comparison to businesses which did not design conducive environments for gender diversity at the workplace.
A basic study among many Fortune 1000 and Fortune 500 companies in Texas exhibited a disappointingly low representation of women in the board. However, businesses that were able to publicize their diversity conscious work environments in the media were able experience growth in their share prices. Companies announcing work-family initiatives were able to boost their stocks by an average of 0.5%.
2. Influence Customer Perceptions –
With exception to situations where the business has a monopoly, it has been found that customers support businesses which exhibit ethical and sound business practices. This includes the incorporation on diversity conscious work environments. In addition to this, it has been noticed that customers who routinely make socially conscious consumer decisions, tend to take meticulous notice of how businesses manage diversity. Studies has suggested that by integrating OFFCP compliance assistance to facilitate racial as well as gender diversity has resulted in growth of sales revenues by an average of 9% and 3% respectively.
3. Creating a More Productive Work Environment –
By creating more diverse environment within an organization, businesses are able to make their employees feel valued irrespective of their ethnicity, race or gender. With enhanced self-worth, employees are able to find higher levels of job satisfaction, which invariably translates into higher productivity, sales and revenue for the business.
Having said that it is important to realize that diversity management is no longer limited to the HR department only. For many diversity management will be just a matter of compliance, businesses that are able to value its true worth are able to integrate diversity management strategies into their business. With cross functional synergies in brand management, product development, attracting talent and honing thought leaders, a large number of organizations have succeeded in creating tolerant and productive work environments.