Diverse Talent Retention Starts in the Hiring Process

Retaining top, talented female and diverse individuals in the financial planning profession starts with the hiring process.

That’s what Katie Augsburger, SHRM-SCP, said on the last episode of Season 1 of the 2050 TrailBlazers podcast with Rianka R. Dorsainvil, CFP®.

While many people are still trying to figure out how to bring in diverse talent, Augsburger said focus on diversifying your own network in attracting them, and then focus on the hiring process in order to better retain them.

“Retention is so critical because we want to keep this good talent that we’re bringing in,” Augsburger said.

Augsburger recommends accomplishing that with the following:

Look honestly at your network, then diversify it. Look at your friends list on Facebook and your connections on LinkedIn and be completely honest with yourself about the demographics. Seventy-five percent of a white person’s network is white, Augsburger said, so chances are if you’re relying on your network to provide recommendations for a job listing you’re about to send out, the candidates are not going to be from a diverse background.

“If your network is all white, you are already a barrier to helping your company becoming more diverse,” Augsburger said.

Really focus on authentically expanding your network to include people of color, LGBTQ individuals and more women, Augsburger suggested.

“That’s the first entry to an organization—who you know,” she said. So get to know more people.