Diversity, Equity & Inclusion

Did you know that diversity, equity, and inclusion (DE&I) is increasingly recognized as a powerful business building strategy?

During the last years DE&I initiatives have been a part of organizations’ cultural shift toward more equitable hiring practices. However, for many organizations in almost every industry, recent events have underscored the need to take a more holistic approach to DE&I—one that requires meaningful behavioral and cultural change.

Propelled by a global shortage of talent, data have clearly demonstrated how enhanced financial returns and breakthrough innovations were achieved in many leading companies emphasizing DE&I around the world. Over a 10-year period, DiversityInc.’s Top 50 Companies outperformed the Dow Jones Industrial Average by 22 percent, according to Catalyst (2004, 2008). Companies ranking in the top quartile for Executive-board diversity in the USA, France, Germany and the UK correlated with ROEs that 53 percent higher, on average, than those for the least diverse companies, according to McKinsey & Co.

Effective DE&I programs need to span the entire people processes—recruiting and retention, mentoring and professional development, as well as other practices, policies and procedures that can track and measure progress. Further, ongoing DE&I education and training programs are key to promoting the organization’s goals, values and benefits of a more diverse and inclusive workforce.

We have seen that most international companies either already have a formal DE&I strategy or expect to implement a formal one within the next 12 months. However, there are various elements that need to take place to ensure that the strategy is implemented correctly.

1. To begin with, the DE&I strategy needs to be sponsored by the Leadership team. Management should not only believe in the importance of DE&I for the business and organizational results but should endorse and get involved to advance DE&I efforts. It has been proved, that companies with better DE&I results have committed into appointing DE&I resources, both human and budget wise.
   
   
2. Furthermore, it is also important for Management and employees to be trained to identify unconscious bias and microaggressions, to then be able to implement activities to drive Inclusion. This will translate into DE&I being part of the company culture and everyday operations.
   
   
3. Importantly, not only can training help to amplify what inclusion means throughout the organization, it can also help employees and managers identify their own unconscious biases, which create barriers to advancing DE&I. Training can also offer executives & employees the opportunity to develop and consolidate inclusive leadership skills by obtaining the tools, knowledge, and experiences necessary to cultivate support and collaboration amongst diverse people in the spaces they share.
   
   

Interested to learn how to get started to foster supportive and collaborative relationships between diverse people? Or how to develop an effective action plan to inspire company stakeholders to embrace diversity? Contact us at talentdevelopment@grupoazimuth.com.