Diversity, equity, and inclusion (DEI) have become increasingly important for companies in recent years. With the rise of social justice movements and increased awareness of the inequalities that exist in our society, it has become crucial for businesses to promote diversity and inclusivity in the workplace. To measure their progress in this area, many companies use key performance indicators (KPIs). In this blog post, we will explore how to advance DEI KPI’s and promote a more inclusive workplace.
Perhaps it shouldn’t come as a surprise that 80% of companies are going through the motions on DE&I and not holding themselves accountable.
The new buzz words of Diversity, Equity & Inclusion face uphill battles for true implementation in Organizations. Company leaders find it challenging to invest in impactful ED&I action when there is pressure to meet short-term financial goals, and this hampers and de-motivates DE&I champions.
The root issue surrounding the lack of advancement can be attributed to a lack of will to truly engage. Even though stakeholders and shareholders are genuinely troubled by inequities and discrimination, these subjects also tend to be controversial and sensitive to address, and sometimes this leads to frustrations on how to handle.
So how do we progress DE&I implementation beyond lip service? How can the Board vision translate into execution? Ultimately, it is only when these goals receive Global Board Level KPI mandates, will true accountability for implementation and execution drive the changes that need.
- Measure the Right Metrics
When it comes to DEI KPI’s, it is important to measure the right metrics. Most companies measure diversity metrics, such as the number of employees from different ethnic backgrounds, genders, and sexual orientations, to name a few. Are there clear policies on how to address certain situations? How to handle issues arising from incidents – dealing with the uncomfortable conversations – the actual on the ground execution of ED&I?
However, to truly foster a more inclusive workplace, companies need to expand beyond just measuring diversity. They need to include with it other meaningful metrics like employee engagement, employee turnover rate, promotion rates, and opportunities for professional development. - Set Targets
Once you have identified the right metrics, it is important to set targets. Set specific and measurable goals for each of the metrics – for example recruitment metrics which measures how diverse our workforce is. This encourages hiring of employees who come from a variety of backgrounds and experiences, and ultimately allows companies to benefit from fresh perspectives, increased creativity, and a better understanding of different customer demographics. - Be Transparent
Transparency is essential when it comes to DEI KPI’s. Companies need to actively communicate their goals and progress to their employees, shareholders, and stakeholders. In the pursuit of Diversity, Equity, and Inclusion (DEI), celebrating successes and recognizing employee contributions is key to building a culture where employees feel valued and motivated to continue the work. Recognizing and rewarding employees for their contributions to DEI goals is not only a way to show gratitude, but also helps to create a sense of teamwork and collaboration in the workplace. This will help to build trust and accountability, and will also encourage employees to take ownership of their roles in promoting DEI in the workplace. - Training and Education
To promote a more inclusive workplace, companies need to invest in training and education. This can take many forms, such as workshops and seminars, online courses, and employee resource groups.
An example of this is providing training programs to address Implicit Bias. Implicit biases can cause unintentional discrimination, which can be detrimental to diverse workplaces. These programs are designed to educate employees on what implicit bias is, how it can manifest in the workplace, and how to recognize and mitigate their own biases.
Do we actively recognize global cultural celebrations?
Fun Fact: How many of you know that the weekend of 6th April, 2023 (Easter weekend) marked an historical triple religious celebration – Easter (resurrection) for Christians and Catholics; EID for the Muslims; and Passover Feast for the Jewish Community.
Are any of our charity donations supporting DE&I Organizations which serve minorities, women and children at risk?
By educating our workforce, and equipping them with the tools and resources people can readily use, employers can help create a more inclusive and equitable work environment. These initiatives will help to increase awareness and understanding of the importance of DEI, as well as provide employees with to be more inclusive. - Hold People Accountable
Finally, to truly advance DEI KPI’s, companies need to hold people accountable, including setting consequences for those who fail to meet the targets. Are there firm budgets behind strategy execution? Or is it one of the first things that are cut when a cost cutting exercise needs to be done?
Overall, advancing DEI KPI’s requires a comprehensive strategy and commitment from leadership to create a culture that fosters diversity, equity, and inclusion. Companies need to expand into meaningful measuring of diversity, set specific actionable goals, sharing and communicating their progress, investing in education and training, and holding people accountable if they want to create long-lasting change. By doing this, companies can create a more inclusive, productive, and profitable workplace that benefits everyone.