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Diversity, Equity & Inclusion

Most initiatives are deprioritized in favour of quantifiable success, and policies ensuring inclusive and empowering employee experiences are pushed back

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A Gartner Report on Workforce Diversity highlights that 69% of organizations cite workforce Diversity, Equity & Inclusion as a strategic priority, however they still struggle to hold accountability for DE&I linked Business outcomes. Most initiatives are deprioritized in favour of quantifiable success, and policies ensuring inclusive and empowering employee experiences are pushed back.

Why is this a norm and what needs to change?

Research finds that a diverse workforce improves performance by 12% and that companies should focus their attention on creating a long-lasting inclusive culture. A McKinsey study supports the view that the most diverse companies are more likely to outperform less diverse peers on profitability, making it important to change the organizational structure to increase efficiency and results.

The COVID-19 Pandemic led to the ‘Great Resignation’ and heightened unemployment rates, especially for women and ethnic minorities. Oxfam International reported that the pandemic cost women around the world $800 Billion in earnings, pointing towards the need of making the workplace more sustainable, equitable, and resilient for everyone, to avoid such shifts.

Certain implementable measures to be used by companies include, conducting comprehensive organizational pay analysis as the first step towards embracing Equity across all dimensions; race, gender, age. Secondly, creating inclusive recruitment strategies and establishing mentorship programs to grow a diverse candidate pool, Harvard Business Review found that after implementing recruitment programs specifically targeting females, the number of women in the company rose by approximately 10%. Thirdly, a sense of belonging and leadership encourages an inclusive environment, as Jason Beckerman, CEO of Unified mentioned that, creating a healthy company culture is demonstrated and led forward by determined leaders. Connecting with employees and being transparent fosters tolerant workplaces with high innovation along with increased employee engagement and productivity.

Moreover, these practices make it possible for individuals of diverse groups to function together and achieve common business goals. Strategies focused on equality and leadership accountability will ensure change and make employees from varied backgrounds feel valued and respected.

(The article has been penned down by Deveshi Malhotra, studying B.Sc. Social Science at UCL, London)


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