As an employer and as leaders, the importance of committing to DEIB (diversity, equity, inclusion and belonging) initiatives cannot be understated. Whether your strategy involves hiring a staff that brings diverse lived experiences, investing in cultural competence training for managers, undertaking an organization-wide compensation analysis to create pay equity, and/or, in general, fostering an inclusive workplace culture, the positive impact that DEIB work empirically has on a business is not only immense but very measurable.
Amid the “Great Culture Reckoning of 2020,” DEIB initiatives quickly became a top priority and a major area of investment for organizations around the world. Recently, however, and despite the mountains of data that show how diverse and inclusive workforces increase innovation, yield higher employee performance, engagement, and retention, and (often significantly) improve financial performance–there have been movements across the global workforce to reduce, and even dismantle, DEIB work. Countless leaders are going back on their once-vehement pledges and commitments, often attributing slashed DEIB efforts to a challenging market and opting instead to focus on what they consider more direct revenue-generating initiatives. But are these leaders considering the long-term harm their organizations will undoubtedly experience because of this shortsightedness?
At livingHR, we like to remind anyone who will listen that diversity is a broad, inclusive spectrum that includes but is not limited to race, ethnicity, gender, age, sexual orientation, disability, veteran status, neurodiversity, and socio-economic status. For decades, diversity (and sometimes, unfortunately, diversity alone) has been a key focus of workforce planning for reasons including those powerful benefits mentioned above. However noble the intentions are with respect to hiring those from diverse and historically excluded backgrounds, HR and DEIB practitioners know all too well that a diverse workforce without the support of the foundational elements of inclusion and equity is simply not enough (and can look/feel/be a lot like tokenism, discrimination, racism, and what I like to call "toxic cosmeticism"). Take it from our centuries of combined experience when we urge that the components of DEIB – concerning an organization's overall strategy or otherwise – should never be uncoupled.
There is no “nutshell” version for explaining why the many complexities of a DEIB strategy in concert benefit organizations, but if there’s a single theme we see most in our line of work as practitioners, it’s that when people feel heard, seen, understood, respected, valued, and championed, they are exponentially more likely to stick around and to have higher performance. Mature DEIB strategies – especially those that include leadership + management training with a cultural competence component – help to ensure just that and that it’s done in the right way.
Equity ensures fairness and justice in the treatment of all employees, and focuses on creating equal opportunities and access to resources, benefits, and opportunities for growth and advancement.
Inclusion, on the other hand, emphasizes fostering an environment where all individuals feel valued, respected, and included and their unique perspectives and contributions are welcomed and celebrated. All of these elements, when employed correctly, can lead to the cultural magic we know as belonging.
A recent survey conducted by Harvard Business Review revealed that employees who feel like their company values DEIB are four times more likely to report feeling included and engaged at work.
A DEIB strategy is essential for creating a successful and sustainable organization that yields better outcomes for humanity and business. livingHR can help you transform your DEIB strategy into a reality by providing immersive experiences, intentional actions, and a sense of belonging.
Take a look at our range of solutions that help level up your organization and culture. Organizations that work with livingHR see an average increase of 30 points on their Employee Net Promoter Score surveys and a steep increase in virtually every area related to DEIB.