New year, new challenges to overcome! As economic concerns increase worldwide, we’re seeing business leaders’ responses vary from industry to industry. At the Orenda Collective, we believe only those willing to challenge the status quo and take bold action will remain sustainable.
How can an organization embrace change and survive in the future? Taking actionable steps to ensure a safe and inclusive environment for all individuals could be key to companies’ long-term prosperity–and should be on every leader’s resolution list for 2023.
DEI (diversity, equity, and inclusion) boosts an organization’s capacity for change. Here are some stats showing the positive impact and tangible benefits DEI has on innovation, retention, and overall performance:
- Companies with higher-than-average diversity had 19% higher innovation revenues
- Diverse teams are 70% more likely to capture new markets
- Diverse executive teams are 33% more likely to reap financial returns
- 67% of job seekers consider workplace diversity an important factor when considering employment opportunities
- More than 50% of current employees want their workplace to do more to increase diversity
- Organizations with above-average gender diversity outperform companies with below-average diversity by 46% to 58%
Any business worth its weight must invest in diversity, equity, and inclusion in its workforce, but we know integrating DEI into organizational practices is complex and nuanced work. To help, we’ve compiled a list of best practices for starting and committing to your journey.
Research, prepare, and commit.
Like any impactful change that increases revenue, your company will have to assume a healthy amount of risk when it comes to DEI work. Take time to understand the risks for your organization, agree on which risks you are willing to take and what your company’s boundaries are (this is allowed). Then, commit to remaining steadfast in your mission.
Create a DEI framework to guide the company’s focus for 2023.
Tie your DEI initiatives to business strategy in a meaningful way.
This includes understanding the fundamental gaps within the organization, creating goals for a more equitable and inclusive work culture, implementing a plan of action, and reinforcing DEI from the top of your organization.
With each pillar of the strategy, there should be clearly identified initiatives with action items and goals.
Take a look at our 2023 DEI Calendar for important observances and events: https://theorendaco.com/2022/12/diversity-equity-and-inclusion-calendar-2023.
Develop clear and measurable goals.
Metrics and measurable goals are essential to track and report on your organization’s progress to remain accountable. While it is important to set DEI goals for 2023, it may be more advantageous for your organization to focus on setting quarterly goals. This will help you monitor progress and course correct throughout the year.
It’s key to balance goal-setting with behavioral changes so that your team avoids the pitfall of working to reach a number. Instead, you want to embed the best practices into how work is done, and the goals set should be the outcome of such work.
Integrate DEI into the employee experience journey, starting with recruitment.
Demonstrate your commitment to diversity on an internal basis first. Incorporate your organization’s DEI initiatives into every aspect of the employee experience, starting with hiring. The onboarding process is a perfect touchpoint to set expectations and educate new team members about your organization’s mission and values around DEI.
Commit to DEI work fully through 2023.
Develop and focus on initiatives that increase diversity within your organization and with your clients and communities.
Regularly check in with stakeholders (we recommend quarterly) throughout the employment journey, focusing on amplifying marginalized voices. Create inclusive spaces for your team and clients/community to be authentically who they are, and promote opportunities that lead to more equitable opportunities for growth and development for all.
Remember to lead by example, promoting commitment from the top.
A commitment to DEI is necessary for every business’ sustainability, comes with a wide range of benefits, and has literally NO downside.
If you have identified growth opportunities in your organization and are ready to move to the next phase, contact our consulting experts with this form or call 813-384-7630.
Let’s make an impact together.
