How can you improve diversity and inclusion in your VC firm's hiring process?

Fostering a culture of inclusion where all employees feel valued, respected, and empowered to contribute their ideas and perspectives. Encourage open dialogue about diversity and inclusion issues and celebrate the contributions of employees from diverse backgrounds and experiences.

To enhance diversity and inclusion in your VC firm's hiring process, implement diverse hiring panels, expand sourcing channels, use unbiased job descriptions, conduct structured interviews, provide implicit bias training, set diversity metrics, form partnerships with diversity organizations, establish employee resource groups, offer diversity incentives, and continuously evaluate and improve your efforts. These steps will help attract and retain talent from underrepresented backgrounds, fostering a more inclusive and innovative environment within the firm.

To improve diversity and inclusion in a VC firm's hiring process, strategies include implementing blind recruitment, setting diversity goals, providing diversity training, partnering with diverse organizations, ensuring diverse interview panels, offering flexible work arrangements, and evaluating and improving the recruitment process.

Once, Arabella, the sagacious business shark, faced a similar conundrum in her oceanic venture firm. She noticed a startling uniformity in her team of sharks, so she sought to diversify. Arabella started by meticulously cataloging the species and backgrounds of her current shark team. She then swam into uncharted waters, reaching out to different schools of fish, listening to their unique perspectives. This bold move not only brought fresh ideas but also challenged her own biases. The result? A vibrant, diverse team that propelled her firm to new heights, proving that true innovation thrives in diversity. Spread Shark Love #divineintervention #gabenfreude

Recognize your current hiring practices by inviting external HR from your field for independent opinion. You might be biased.

I learned this from Prof Sharon Parker in Australia. For every position we need to have three candidates that represent differences in race, gender, age, and background. There IS enough talent with diverse backgrounds. Our team is very diverse, and we showcase that, however we still struggle getting people to apply.

VC firms have a well-earned reputation for a lack of diversity. The industry does not invest enough in female and minority founders. These two observations are obviously linked. More inclusive hiring practices involves actively and consciously diversifying recruitment efforts. Reaching out to a wider range of universities, professional networks, and events that cater to underrepresented communities. Being transparent about investment decisions and hiring practices will foster trust, promote accountability, and showcase commitment. Ultimately, more diversity in VC benefits the firms, their employees and the founders they support.

Arabella, the astute business shark, once pondered how to enrich her venture firm's talent pool. She realized her current recruiting streams were like familiar currents, always flowing through the same waters. Determined to diversify, Arabella swam beyond her usual hunting grounds. She collaborated with various marine alliances, sponsored coral reef conferences, and advertised in diverse oceanic platforms. She even initiated internships for young, ambitious plankton. The result? A surge of fresh, diverse talent into her firm, bringing innovative ideas and perspectives. Arabella's venture firm thrived, a testament to the power of expanding horizons in search of talent. Spread Shark Love #divineintervention #gabenfreude

Tap wider candidate sources like historically Black colleges, Hispanic professional groups, women-in-tech meetups. Broaden networks beyond personal connections.

Hiring manager can consider below points :- 1. Representation of underrepresented groups across all levels to ensure equal participation across hierarchy. 2. Hiring panels should reflect diversity and inclusivity to include various backgrounds and experiences 3. Job descriptions should use inclusive language in emphasising essential skills and qualifications for each role. 4. Initial resume screening process should remove identifying information to minimise unconscious bias in the initial interview 5. Offer incentive to employees to refer candidates from diverse backgrounds to enhance the diversity of the candidate pool 6. Implement policies such as flexible work hours, remote work, and parental leave, to attract and retain diverse talent

I would add that it's also important to look at the language used in adverts for roles. Women and minorities respond to different language than men when it comes to job adverts. It's also important to consider the biases of any search firms which can also skew both the pool of candidates presented and the way in which those candidates are presented to the client / VC. It's also helpful to enlist the help of organisational psychologists as part of the screening and recruitment process because they have in-depth training and practice of removing bias (while of course still being human) and should be able to push back on unconscious biases that well intentioned hiring managers miss.

In her quest for diversity, Arabella, the business shark, discovered biases lurking in the depths of her firm's hiring process. She recognized that even the sharpest minds can have blind spots. To combat this, Arabella implemented structured interviews, where every candidate was asked the same set of questions. She introduced blind resumes, removing names and schools to focus purely on skills and experiences. She also formed diverse interview panels, ensuring a multitude of perspectives. Moreover, she provided bias training for her team, fostering an environment of fairness. These changes not only enhanced fairness but also attracted a wider array of talent, enriching her firm with a kaleidoscope of ideas and experiences. #gabenfreude

One tool to use here is a blind resume screening techniques to remove identifying information such as name, gender, and race from initial candidate evaluations. This helps to mitigate unconscious bias during the screening process. I've seen unconscious bias play a major role in hiring decisions.

Also reflect on which criteria are truly mandatory. It's common for more senior roles to be written in ways which reinforce glass ceilings. Minority representatives may have all the attributes to become great leaders or executive, but not have "proven experience" or "x years of something specific". Critically examine assumptions about why people from other sectors or slightly different roles can't bring transferable skills. A good attitude, hunger and willingness to learn will often more than compensate and people will usually want to reward you for your faith in them. Without opportunities for diverse hires to get that next step up, we continue to perpetuate the status quo, to the detriment of the business from missing fresh perspectives.

Reduce bias in screening and selection. Implement blind resume review. Standardize interviews. Train people involved in hiring on mitigating bias. Evaluate candidates consistently and objectively.

Arabella, the innovative business shark, knew that to truly embrace diversity, she needed to communicate her commitment not just within her firm, but throughout the ocean. She crafted a clear D&I vision, highlighting the importance of diverse perspectives in the marine business ecosystem. Arabella showcased this commitment on seaweed billboards and coral newsletters, celebrating her diverse team and their achievements. She also encouraged feedback from all marine creatures, ensuring their voices were heard and acted upon. This transparent and genuine approach not only attracted diverse talent but also fostered a culture of inclusivity and respect, making her firm a beacon of diversity in the vast ocean. #divineintervention #gabenfreude

I urge organizations to go beyond lip service and take concrete actions to communicate their commitment to diversity and inclusion. It's not enough to simply have a D&I statement on your website or social media; you need to demonstrate through your policies, initiatives, and everyday actions that you value diversity and are actively working to create an inclusive environment. Showcase your D&I achievements and stories, but also be transparent about areas where you need to improve.

Share success stories of diverse staff. Tout employee resource groups. Highlight diversity efforts on careers pages and job posts. Showcase leadership commitment.

Have a clear understanding of Equality Vs Equity. DEI is a top to bottom initiative and Leaders need to practice this first. Its more about Justice than gender numbers and how many women sit on the board.

As any other organization VC firms needs to recognize achievements on their team. It has to be genuine. Meet offline or online and make each key ones in the center of the whole team.

Arabella, the insightful business shark, understood that diversity's true power lies in inclusion and belonging. She nurtured an environment where every fish, regardless of scale or fin, felt valued and empowered. Arabella ensured equal access to oceanic currents of opportunity, from coral promotions to plankton bonuses. She encouraged schools of thought, where diverse marine creatures shared experiences in safe waters. Her firm became a sea of allyship, where every fin, big or small, supported each other. This culture not only fostered growth but also united the oceanic community, making Arabella's firm a model of inclusive success. Spread Shark Love #divineintervention #gabenfreude

Foster a culture of inclusion. Seek input from minority staff. Sponsor employee resource groups. Promote allyship and advocacy among all employees.

1) D&I effort has to be applied across the firm (ie: also for GPs). 2) Think about visible AND non visible diversity. This brings new types of talents to your firm (operating experience, business or science background etc..) and improves performances. 3) Neurodiversity can be a driver of performance as it brings a range of cognitive perspectives, problem-solving approaches, and creative thinking styles to an organization. With more neurodiversity, teams can tap into a broader pool of talents and skills, leading to more innovation and improved results.

Improving diversity and inclusion in your VC firm’s hiring process requires intentional effort and commitment to creating a more inclusive workplace. Transparent hiring practices are also very important. Maintain transparency in the hiring process by clearly communicating expectations, timelines, and decision-making criteria to candidates. Provide feedback to candidates regardless of the outcome to foster a positive candidate experience.