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Human Resources
Jun 9, 2023

The Profitable Power of Diversity

Sponsored Content provided by Khalilah Olokunola - Founder | Impact Architect, ReEngineering HR

In times of economic uncertainty, it is disheartening to witness organizations downsizing their teams, particularly in the realm of diversity, equity, and inclusion (DEI). However, the decision to lay off DEI teams should not be seen as a reflection of the insignificance or irrelevance of their efforts. Rather, it may be a result of short-term cost-cutting measures that overlook the long-term value and impact of DEI initiatives.

It is still crucial for organizations to clarify their stance on DEI during such challenging times and reaffirm their commitment to creating inclusive environments. DEI efforts should extend beyond mere words or symbolic gestures; they should encompass a comprehensive understanding of diversity that goes beyond race and culture. Age, demographics, socioeconomic status, and various other dimensions of diversity should be acknowledged and celebrated.

While it is important to appreciate the intention behind creating DEI programs, it is equally vital to exercise wisdom and discernment in selecting initiatives that align with the organization's unique needs and goals. Not every campaign or initiative will be a perfect fit for every organization, as each has its own set of values, challenges, and dynamics. Thoughtful consideration must be given to the suitability and potential impact of a program before implementing it.

In navigating the complex landscape of DEI, it is also essential to strike a balance between intention and strategic implementation. Organizations should assess their specific needs, engage in ongoing dialogue with employees, and tailor DEI efforts to create meaningful and sustainable change. 

Here are a few ways to do that : 

Assess Organizational Needs: Conduct a comprehensive assessment to understand the specific DEI needs of your organization. This includes evaluating the current state of diversity, identifying gaps and areas for improvement, and setting measurable goals aligned with your organization's values and strategic objectives.

Develop a Strategic Plan: Create a DEI strategic plan that outlines clear objectives, action steps, and timelines. This plan should address both short-term and long-term goals, allocate resources appropriately, and assign responsibility to individuals or teams accountable for implementation. There should be buy-in from all the stakeholders . That includes Staff, Marketing, HR for compliance and Senior executives. 

Cultivate Leadership Commitment: Gain visible and vocal support from organizational leaders who champion DEI initiatives. Leaders should consistently communicate their commitment to creating an inclusive culture and model inclusive behaviors. This commitment should be reflected in decision-making processes, resource allocation, and accountability measures.

Foster Employee Engagement: Actively involve employees in the development and implementation of DEI initiatives. Encourage open dialogue, create feedback channels, and provide opportunities for employees to share their perspectives, concerns, and ideas. Engage employees through employee resource groups (ERGs) or similar affinity groups to foster a sense of belonging and ownership of the DEI journey.

Provide Education and Training: Offer training programs and workshops to raise awareness, build cultural competence, and develop inclusive leadership skills. Training should cover topics such as unconscious bias, microaggressions, allyship, and creating inclusive work environments. Ensure that training is ongoing, accessible to all employees, and includes interactive and experiential components. 

Review Policies and Practices: Conduct a thorough review of organizational policies, procedures, and practices to identify and eliminate biases and barriers. This includes recruitment and hiring practices, promotion and advancement criteria, performance evaluations, and compensation structures. Implement policies and practices that promote fairness, equity, and equal opportunities for all.

Measure and Track Progress: Establish key performance indicators (KPIs) and metrics to track progress and assess the impact of DEI initiatives. Regularly measure employee engagement, representation, diversity in leadership roles, and employee satisfaction. Use data to identify areas for improvement, make informed decisions, and celebrate successes.

Foster External Partnerships: Collaborate with external organizations, community groups, or experts in the DEI field to exchange knowledge, leverage resources, and share best practices. Participate in industry-wide initiatives, conferences, or forums to learn from others and contribute to the broader DEI conversation.

Continual Learning and Adaptation: Embrace a culture of continuous learning, adaptation, and improvement in DEI efforts. Stay informed about emerging research, trends, and evolving best practices. Be open to feedback and learn from successes and failures, adjusting strategies as needed to ensure ongoing progress.

Hold Yourself Accountable: Regularly evaluate and report on the progress of DEI initiatives to stakeholders within the organization and externally, where appropriate. Transparency and accountability demonstrate a genuine commitment to DEI and can inspire trust among employees, customers, and the broader community.

By implementing all or a few of these tips, organizations can strengthen their Alphabet efforts and create a more inclusive workplace where all individuals can thrive and contribute their unique perspectives and talents. It’s also good for the bottomline. According to the McKinsey & Company's Diversity Wins Report: They found a significant relationship between diversity and financial performance. Companies in the top quartile for ethnic and racial diversity in their executive teams were 36% more likely to have above-average profitability compared to those in the bottom. Boston Consulting Group's Diversity Matters Report revealed that companies with more diverse management teams had higher innovation revenue—45% of total revenue, on average—compared to companies with less diverse teams. These findings suggest that diverse teams bring a variety of perspectives, experiences, and ideas, leading to more robust decision-making, enhanced innovation, and a deeper understanding of customer bases that can drive financial success in an increasingly diverse and interconnected world.

Looking back to May 25, 2020, the brutal murder of George Floyd amplified the sound of the need for diversity, equity, and inclusion in society as a whole, and it still resonates with us today. And that's why watching DEI Teams being packed up should alarm us, the same way that DEI teams who create plans that don’t align with the brand or house common sense do. 

We can invite you to inquire about  our "Welcome to Alphabet City" training, where we unpack the importance of racial justice and equity in business, and how it positively impacts both the team dynamics and the bottom line but I believe it’s more important to invite you to continue this conversation in your organizations however you can. 

At ReHR , we believe that addressing racial justice and equity in business is not just a moral imperative, but also a strategic advantage.

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