The Race for Diverse Talent: A Shared Interest
By Edie Fraser
Corporate America and higher education are approaching the diversity intersection from separate directions. The business community needs to identify and develop the human capital that will keep American industries profitable in the global marketplace. Meanwhile, the thrust of most U.S. colleges and universities is to produce well-rounded graduates who are prepared to make meaningful contributions in their various workplaces.
There is not much new about those two principles. Corporate America has always sought to find talented people to fill challenging roles. Higher education institutions have been equally vigilant in securing top jobs for their graduating students. The talent pool is as deep as ever, but what has changed is the demographics. Some experts say 70 percent of all professional jobs in 2008 will be filled by minorities and women, a factor that is changing the way America’s human resource departments do business.
Today’s minorities will be tomorrow’s majorities. This reality clearly indicates that a diverse talent pool needs to come from our colleges and universities. For companies to have the competitive edge, recruiting and retaining the brightest minority talent is the clearest path to business success.
The companies that repeatedly grace the annual lists of “best companies for women and minorities to work for,” clearly embrace diversity as more than a public relations tool. When Miles D. White, CEO of Abbott Laboratories, raised the diversity bar for that company, he also raised a few eyebrows both inside and outside the corporation. White demanded that 75 percent of Abbot’s new hires be women or minorities. It seemed an impossible goal, but they achieved it. In fact, Abbot tied a bonus system to that initiative, ensuring the recruitment and retention of its diverse workforce.
John W. Rowe, chairman and CEO of Exelon, has set a goal to increase minority talent 100 percent in the next five years. Abbott and Exelon are just the tip of the iceberg as more organizations are setting diversity recruiting goals. Higher education will have a greater role to play in providing the diverse talent necessary for tomorrow’s corporate success.
