Dealing with the current economic challenges, it may be tempting for business executives to feel that the issues surrounding Diversity, Equity and Inclusion (DE&I) are not the top priority.
However, those organisations that foster a more inclusive and equitable workplace through creating and implementing an effective DE&I strategy, will find increased performance, profitability, staff retention and many more financial and social benefits.
It is essential to consider the impact of a DE&I strategy on the whole business. The impact from and on areas such as: Talent; Leadership; Innovation, DE&I Policies; Risk; Reputation; Competitive Position; Key Metrics and External Stakeholders - to name a few. Because, like a pebble being dropped into a pond, the ripple effect of a correctly constructed and realised DE&I strategy will impact every nook and cranny of the company.
If you are confused as to where to start, here are 6 simple steps to creating a DE&I strategy that will impact the top and bottom line, whilst delivering social value:
Conduct an assessment: Gather and measure the opinion of the key stakeholders - employees, customers, and investors to understand where you need to focus your efforts, and establish a first baseline against which to analyse future improvements.
Set DE&I goals and objectives: Based on the assessment, create the initial set of goals and objectives that are both measurable, and aligned with the organisation's values and mission.
Develop a prioritised Execution plan: identify those specific actions that are both easiest to implement and most urgent, to provide a sequenced plan of action. This may involve workshops, training programmes, working parties, hiring initiatives etc.
Implement: Allocate resources and assign responsibilities to key team members, to ensure all are suitably equipped to implement the actions.
Communicate and engage: Ensure all stakeholders are made aware of any changes and improvements and include employees in the process through focus groups, town hall meetings, and employee resource groups.
Measure and adjust: Regularly measure your efforts to assess impact and ROI by comparing to previous benchmarks, and identify areas for further improvement. Use this information to update and revise your DE&I strategy as necessary.
Creating a DE&I strategy is an ongoing process, which will evolve over time. It requires commitment from all members of the board. Because if done properly - its impact will be felt by every department in the organisation, delivering positive results through a more inclusive and equitable workplace culture.
At Predixa, we provide help for all these 6 stages. So if you’ve yet to start, or have already taken some initial steps, but want to go further, for more information contact www.predixa.ai
