A rising trend among organizations is conversations around diversity, equity, and inclusion (DEI) in the workplace. Through hiring practices, compensation, promotions, and even organizational process improvements, many companies are looking for ways to improve their DEI and support a more diverse, inclusive workforce.
The Importance of Equity & Inclusion
There are a number of tangible benefits that can come from employing a diverse, equitable, and inclusive workforce.
It Attracts Talent
DEI is among the top factors job seekers are looking for in today’s market. Companies that have outstanding DEI practices are more likely to attract a greater talent pool than those companies without.
It Supports Innovation
Countless studies have shown that diverse projects and work groups produce greater, more innovative results. Having a variety of experiences, backgrounds, and perspectives yields a greater output. According to a study conducted by BCG, organizations with greater diversity in leadership can see as much as 45% higher profits compared to more homogeneous organizations.
Where Do We Start?
So we know that DEI can help improve our organization as a whole, but where do we start? Luckily there are some simple steps every organization can take to begin moving their organizational processes and culture into a more diverse, equitable, and inclusive environment.
Build DEI Into Your KPI Metrics
It’s often said that “what gets measured, gets done.” A great place to begin is by setting key performance indicators (KPIs) to start tracking efforts around DEI within your organization. These metrics could include tracking representation across all levels of the organization, analyzing talent pools and hiring efforts, retention rates across different employee demographics, and compensation and promotions.
Embed DEI within Your Company Culture
Working toward a more diverse, equitable, and inclusive culture involves the support of the entire organization. DEI should become part of your mission and vision, and be infused into your company’s culture at every level. Employees should be educated on DEI best practices and subjects such as unconscious bias.
Build An Inclusive Hiring Process
Recruiting a diverse talent pool begins with your hiring process. Job descriptions should be written with language that is inclusive, and does not unconsciously rule-out underrepresented groups. Blind resume reviews are a great way to ensure a bias-free hiring process. By removing names, schools, addresses, or any other information that is not relevant to the job itself, the hiring committee can focus on the candidate’s qualifications. And lastly, structure interviews so that all candidates are asked the same questions for apples-to-apples comparison and more objective hiring decisions.
Prioritize Pay Equity
Wage gaps are still a very real problem faced by many underrepresented groups in the workforce. Mindfulness when making offers, promotions, and raise cycles can help reduce and minimize any pay disparities that may be present within your organization. This can be achieved through compensation strategies with clear salary ranges, identifying the average salary within each range, and by forgoing a request for salary history, as this can further perpetuate wage gaps.
Seek Employee Feedback
Create opportunities for employees to provide feedback on processes, practices, and other areas of organizational operations. Be sure to have some opportunities for feedback to be provided anonymously, and have a process in place to ensure that any feedback received is reviewed and acted upon. This keeps your team engaged and invested in the company, and also provides a way for voices to be heard at all levels of the organization.
Revamp Employee Benefits
An easy place to start is with your employee benefits packages. Consider offering floating holidays so employees can celebrate the holidays specific to their culture and beliefs. Offer healthcare packages that serve non-traditional families, and consider packages that support mental health care as well. Provide flexibility for employees with caretaker responsibilities or medical needs that can make traditional work schedules difficult.
DEI can provide a number of benefits across organizations, so it’s no surprise that more and more companies are finding ways to modernize and become more DEI-friendly in their practices. If your company is looking to increase its DEI efforts, this list is a great place to start.