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February 14, 2023
Diversifying the workforce isn’t just the right thing to do, it also makes good business sense. Research finds that organizations that are diverse, equitable and inclusive — also known as DEI in the workplace — are better able to respond to challenges, win top talent, improve workplace effectiveness, drive better outcomes, and more.
Yet while leaders know DEI can add significant value and boost growth, the majority are struggling with how to implement these critical changes in their organizations. According to a Summit Leadership Partners 2021 CEO study that surveyed 200 portfolio company CEOs — while 95% of CEOs consider DEI to be a focus area for their companies over the next one to two years, 2 out of 5 CEOs do not have a DEI strategy in place. Even among those CEOs ready with a formal DEI strategy, 25% have not moved forward with objectives.
Below is your comprehensive guide to creating equitable and inclusive workplaces.
Diversity, equity and inclusion are often grouped together because they are interconnected, and it is only in combination that their real impact emerges. But the terms also tend to be misunderstood and misrepresented; illustrated below are meanings and implications of each one:
Improving diversity in the workplace requires hiring individuals of different races, ethnicities, genders, religions, disabilities, nationalities, sexual orientations, ages as well as those with varied experiences, education, thoughts, skill sets, beliefs, backgrounds, personalities and beyond.
Creating equitable workplaces requires identifying as well as eliminating barriers and stereotypes that have historically prevented the full and effective participation of all groups.
Inclusion requires the creation of a work environment that’s supportive, respectful and collaborative, and that allows all employees to make meaningful contributions.
Workforce DEI can benefit an organization’s bottom line by creating a competitive advantage in many ways, as illustrated below:
It is well-established that prioritizing DEI is good for business — it helps boost profitability and can significantly improve performance. But implementing effective DEI initiatives and resources can be challenging. Below are five effective ways to help you build and support a diverse, equitable and inclusive workforce.
Being informed will help you assess the organizational biases and identify where you stand with regard to the topic. Next, you can set benchmarks and metrics for the DEI goals you want to achieve.
Focus on implementing training that’s relevant to your specific organization and employees, and that aligns with your broader DEI initiatives and identified challenges. Make sure to clearly communicate with your people about the purpose of training taking place, problems you’re trying to solve, and what comes next.
In addition to using internal resources, leveraging outsourced HR services can help you build tailored and more effective training programs for both the organization as a whole, as well as those that are function-specific.
Making structural changes to workforce strategies and systems can take many months or even longer, especially as businesses face new challenges around hiring and retaining talent. Plus, cultural shifts take time. So, ensure you set DEI benchmarks and track the progress to assess the effectiveness of your efforts. This will not only help leaders understand what DEI initiatives are working, and which ones are falling short, but it will also help to hold them accountable in achieving their long-term goals.
DEI isn’t a one-off task or short-term project. Any organization making big moves before having the right culture and sturdy structures in place will not only earn a reputation for reneging but is likely to fail.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
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