The benefits of a diverse and inclusive workplace culture have been well-documented, from improving employee engagement and increasing knowledge of markets to higher revenues. Unfortunately, so has the lack of progress on this front, despite the millions of dollars spent on diversity initiatives. For example, Google spent $114 million in 2014 and $150 million in 2015 on such initiatives. However, their 2019 diversity report revealed that Black workers still made up only 2% of its tech workforce.

"Diversity and inclusion initiatives in the contingent workforce industry have been slow to make an impact in the past because they have been too focused on spending with diverse suppliers, or worse, public relations. To drive real change, investments must go to initiatives that create inclusivity and diversity within the actual workforce," said Jim Burke, CEO of global workforce management company Workforce Logiq. "It's time to up our game."

To that end, Workforce Logiq has released its Workforce Management AI-Powered Diversity Benchmark Report, which analyzes worker gender and ethnic diversity across geographies and job categories. The report uses predictive insights from its new algorithm called IQ Talent Diversity, which aims to help employers attract talent with the desired skillsets from typically underrepresented communities. Employers can also use the intelligence compiled by the algorithm to compare their company's diversity hiring performance against industry and national benchmarks.