Growing Your Solar Business With Responsible Hiring Practices

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November 14, 2017 | By RGR Marketing Blog

Why a Diverse Team Helps Increase Profit Potential

Traditionally, the solar industry has been one in which white males have made up the largest percentage of the workforce. But, times are changing and while there is still a long way to go, the industry is slowly becoming more diverse, which is a good thing. In fact, a more diverse team can even have a substantial impact on a solar company’s profit potential.

In order to grow, a solar company needs to continue to build its customer base. It needs strong solar leads in markets outside of the ones it regularly works in. In many circumstances, a desirable market might have an ethnic population that differs from the vast majority of a company’s management and workforce. By having more diversity in your business, you will have the right people in the right positions to help improve and expand your solar company’s reach into these and other markets.

How Does Solar’s Diversity Compare With National Averages?

According to the 2016 Solar Foundation’s National Solar Jobs Census, it was calculated that women account for 28 percent of the total workforce in the solar field. With Hispanics/Latinos making up 17 percent, Asians making up 9 percent, African Americans making up 7 percent, and American Indians or Alaskan Natives and Native Hawaiians accounting for less than 1 percent each, white males still dominate the solar workforce at approximately 36 percent.

When compared with the national workplace diversity level, in which women make up 48 percent of the workforce and people of color make up another 34 percent, the solar industry is clearly still lagging behind in terms of diversity. This is despite the fact that nearly half of the 51,000 new hires made last year were women.

Only 27 Percent of Solar Companies Track Workforce Demographics

One possible reason why the solar industry is lagging in diversity is because according to the Solar Foundation’s study on workplace diversity in the solar industry, just 27 percent of all solar companies have programs in place to help track workforce demographics. In addition, just 7.4 percent have strategies in place to increase the representation of people of color, only 11.5 percent have strategies for hiring veterans, and just 13.8 percent have strategies for increasing female representation.

The lack of income equality in the workplace is also an issue. Currently, 36 percent of white males in the solar field make $75k or more while that same income level is only seen in 28 percent among men of color, 20 percent among white women, and just 4 percent among women of color.

The Direct Correlation Between Diversity and Increased Profits

The Peterson Institute for International Economics recently conducted a study in which it reviewed the profits of 22,000 publicly traded companies across 91 countries. The results of the study showed that companies in which women made up at least a third of the executive positions experienced a 6 percent average increase in profits.

It was also determined that those companies that welcomed racial and ethnic diversity were 35 percent more likely to have higher profits than companies that didn’t have diversity in the workplace.

How to Make Your Solar Business More Diverse

Making your business more racially and ethnically diverse is easy to do, but there are certain steps that your company needs to make in order to maintain its progress. First, a company-wide diversity pledge that is adopted by those at the executive level of the business needs to be created. This ensures that everyone in the upper level of management is on the same page.

Next, your company needs to use a tracking and measurement tool so it can accurately manage and measure its current and future diversity levels. This should be followed up with dedicated strategies for attracting a broader demographic of job applicants. When reviewing job applicants, all applications should be reviewed without prior knowledge of the applicant’s sex, race, or ethnicity. This helps reduce the risk of any biases being considered.

Lastly, your business should have a diversity training program in place for its employees. This will help create a more uniform and accepting company culture and solidify the company’s dedication to its diverse workforce.

Since diversity is still in its early stages in the solar industry, your business can get ahead of the competition by adopting a diversity strategy before your competition does. Simply by making your company more diverse, you will notice new opportunities opening up in markets you never considered. And, that will have a direct impact on your profits.

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Why a Diverse Team Helps Increase Profit Potential

How Does Solar’s Diversity Compare With National Averages?

Only 27 Percent of Solar Companies Track Workforce Demographics

The Direct Correlation Between Diversity and Increased Profits

How to Make Your Solar Business More Diverse

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money today!

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Why a Diverse Team Helps Increase Profit Potential

How Does Solar’s Diversity Compare With National Averages?

Only 27 Percent of Solar Companies Track Workforce Demographics

The Direct Correlation Between Diversity and Increased Profits

How to Make Your Solar Business More Diverse

Start making more money today!

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