Recruiting from Diverse Communities with CredReady

CredReady Dramatically Increases Diversity in Fortune 100 Company Talent Pool

CredReady’s unique Pathway Analytics makes the challenge of recruiting from underrepresented communities easier for companies of all sizes. In our latest success story, we increased by six fold the total number of underrepresented candidates in a Fortune 100 company’s talent pool, and uncovered hidden biases that were hampering their diversity efforts.

The company wanted a more diverse group of candidates for its Healthcare Venture Capital initiative. Using standard résumé-driven recruiting techniques, they culled a homogeneous group of candidates with impressive qualifications – but only 1% were from underrepresented communities. CredReady created a larger pool of qualified, more diverse candidates from this seemingly homogeneous group by using our three-step, data-driven Pathway Analytics approach:

                Step 1: Identify the shared experiences of successful individuals by analyzing their career pathways. The results were surprising, especially to the seasoned HR professionals at the company. The factors they believed were most critical to a Healthcare Venture Capitalist’s success – a master’s degree in hard science; an MBA or MD; an Ivy League degree – did not correlate with success to the degree expected. No MBA? No problem; the most successful candidates didn’t necessarily have one – but if not, they did have experience as a board observer, giving them valuable business insights. CredReady showed how hidden biases in the company’s recruiting practices were needlessly narrowing their pool of potential job candidates.

                Step 2: Find candidates with similar experiences in the broader talent pool. Armed with these new insights, CredReady applied its pathway analysis to the broader community of potential candidates. Our analysis focused solely on the experiences of successful individuals – not their gender, age, or ethnicity – providing unbiased results that, in this case, were nothing short of staggering:

* A six-fold increase in the total number of underrepresented candidates identified vs. traditional, résumé-driven recruiting;

* A three-fold increase in the percentage of diverse candidates, from 1% to 3%, and in the total pool of candidates gotten by traditional means.

                Step 3: Assign these newfound candidates a CredReadiness score. The higher the score, the more likely the candidate had the experiences that correlate with success as a Healthcare Venture Capitalist. We gave the company a ranked list of over 100 potential job candidates – unbiased, and with more diversity than ever. We even found an ex-NFL player with a high CredReadiness score that our client was unaware of – proof that even famous people can be missed with traditional recruiting, but found with CredReady’s Pathway Analytics.

Conclusion:

CredReady’s Pathway Analytics can be applied to almost any recruiting challenge, and to companies of any size. We reveal the hidden biases behind the current résumé-driven recruiting techniques, and help you create a larger pool of qualified and diversified talent that you may have overlooked. We quantify the experiences that truly lead to success, and identify the candidates who have those experiences necessary to succeed – for any role in your company.