DEI For Productivity

With the continuous demand for talent acquisition, DEI (Diversity, Equity, and Inclusion) has been the driving force for increased sales revenue, customer base, and profits. DEI goes beyond mere checkboxes and goal setting. 2023 is witnessing a quantifiable, scalable, and sustainable impact of DEI on business houses. Leaders are in strict need to include more sustainable business practices in their everyday routines. 

Progressing at a slow pace, DEI is slowly bringing up a positive intent on companies and institutions. Going by the data, the year 2020 saw the global market for DEI extensive expenses on augmenting DEI efforts such as the ERGs (Employee Resource Groups) was estimated at $7.5 billion and is expected to more than double to approximately $15.4 billion by 2026. Still, it would take more than a century to nullify the global economic gender gaps at each level. This study and the initiatives towards this would help leaders analyse what will work and what will not in the journey of sustainable change. 

Global Parity Alliance

A keynote mention to the Global Parity Alliance - a cross-industry group dedicated to advancing DEI has set in motion the DEI Lighthouse Program to recognize initiatives that have helped in augmenting the scalability and sustainability of a business. This program is devised to ignite leaders on the best working practices to scale the global business community and the ecosystems surrounding it. And as a result of the thorough research conducted, there are five such factors that are common to the end goal. They are:

1. ‍Deeper thought of the root causes: Taking valuable inputs from the target audience to identify the root cause of problems is the thing! Organisations must give it a deeper thought to identify the reasons leading to the unequal levels of business strands. Conducting a poll, survey, and group discussions could be the probable solutions that could help in the process. 

2. Adding meaning to the term success: Aspirations and goals must be quantifiable and achievable. Therefore, while defining an action plan, organisations must ponder upon the achievability of the action plan. 

3. Dedicated and accountability on the part of business leaders: Business leaders have a dotting role to play! They must be dedicated to magnifying the business agendas by bringing in workplace policies that help in the process of enhancing workplace diversity, equity, and inclusion. And not just policy framing the accountability extends to the end results of the decisions made. Therefore, they must ensure resources for long-term results in the defined budgets and timelines.

4. Devise progressive solutions: Solutions for addressing the root problems are what is the need of the hour. Hence, scalable solutions must be integrated into the business processes and work to increase productivity and sustainability.

5. Tracking and amendments: Tracking results through data and feedback on business processes will help leaders to course-correct as and when needed.