Navigating The Journey Of Diversity, Equity & Inclusion

Diversity, Equity, and Inclusion (DEI) isn't merely a corporate buzzword but a profound journey that starts at an individual level and flows through the corporate landscape. As we explore the dynamic nature of DEI, its path hinges on personal growth that includes acceptance, awareness, education and experiences. In the corporate realm, the intricacies of navigating this journey in an ever-evolving and dynamic environment are somewhat different.

According to McKinsey, despite a rapidly changing business landscape, the business case for diversity, equity, and inclusion (DEI) not only holds, but grows even stronger. According to its report, the fourth edition of ‘Diversity Matters’, companies with representation of women exceeding 30 per cent are significantly more likely to financially outperform others and similar is the finding for ethnic diversity, where companies show an average 27 per cent financial advantage over others. 

In this context, heading into 2024, there’s a need for businesses to undertake intentional, deep-rooted and declarative commitment towards DEI as an organisation.

Leadership plays a pivotal role in fostering DEI within a company. A leader’s commitment, vision and actions set the tone for the entire organisation. Diversity is a fact, and inclusion is a conscious choice. This choice requires active efforts to create an environment where every individual feels valued, heard and included. However, it doesn't end there; equity is the essential ingredient. Recognising that individuals start at different points in their journey and are from different backgrounds, surrounded by different situations and experiences – equity ensures support, fairness, opportunities and removes barriers for all.

The journey to commit and foster DEI is a strategic effort and is also ingrained in an organisation’s values. Diversity encompasses more than visible differences, and embracing this diversity requires a commitment to providing equitable opportunities and recognising the unique strengths each individual brings to the table.

Inclusion isn’t a by-product; it’s a choice that organisations and individuals make. Creating an inclusive environment involves breaking down barriers, fostering open communication, and actively seeking diverse voices. When individuals feel included, they are more likely to contribute their unique perspectives, ultimately enhancing creativity, bold thinking and innovation within the organisation. Organisations with above-average diversity scores have reported higher innovation revenues. 

Embracing the power of Employee Resource groups (ERGs), prioritising development of identified groups, reframing the role of training, and seeking a buy-in from the leadership have all played a significant part in fostering inclusion. ERGs have also become powerful advocacy groups at many organisations. While they are invaluable for professional support and for the development of individual employees, they also help to advance policies and processes that improve equity and inclusion. 

Measuring diversity in the workplace is an essential step that has helped create more equitable organisations. This is no simple task, but it's a necessary one. Organisations have recognised that the application of a more comprehensive, proactive and considered approach to measurement is required when it comes to DEI. Thinking beyond quantitative metrics and being able to identify what needs attention will help monitor change.

Organisational initiatives around DEI encounter numerous obstacles, such as employee reluctance to embrace change, the limitations of standardized training programmes for DEI, a lack of accountability and understanding, unclear guidelines for implementing changes and inadequate support from leadership.

While these are real challenges, they are not insurmountable. Taking a systematic approach to establishing DEI strategies could be the key. It’s all about finding the middle ground between being in the know and taking meaningful action.

Some of the strategies that come into play:

• Declarative Commitment: If the organisation believes in it, it should be declarative about it; It should be an important part of the company’s strategy - As an example it should be reflected in the mission and values. These goals help align everyone in the company internally with our employees, our customers, our communities and our shareholders.
• Role-modeling by leaders and accountability by everyone: Role-modeling by leaders and managers demonstrates commitment and influences employees to demonstrate individual commitment. Teams owning DEI goals creates a delightful work environment for its team members.
• Championing commitment and progress through intentional programmes like DEI trainings, Employee resource Groups & networks, recruiting efforts, enhanced employee engagement and retention etc.
• Continuously measure and monitor progress to stay focused on the journey of attracting, retaining and developing a diverse workforce.

The greatest benefit that accrues to an organisation on committing to the DEI journey is that it is better able to cater to the diversity of its customers and truly represent their needs. In order to do this well, the organisation must foster a diverse workforce and an inclusive and equitable work environment. By recognising diversity as a fact, choosing inclusion as a conscious effort and incorporating equity as a fundamental principle, organisations can cultivate an environment that not only acknowledges differences but celebrates them, fostering a culture of growth, innovation and belonging.