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5 ways to fix your diversity, equity, and inclusion program

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08.09.2021

Good news: Leaders are thinking more about diversity, equity, and inclusion (DEI) and looking for ways to follow up verbal commitments with action. They understand that a diverse and inclusive workplace is good for businesses because it helps them attract and retain great employees and perform better financially. A McKinsey study linked diverse executive teams to 35% higher earnings and 33% more long-term value creation.

Bad news: Many leaders are overlooking important DEI metrics, aren’t tracking their DEI efforts effectively, and are missing the mark on recruiting and hiring processes. Too many leaders are making decisions about DEI programs based on faulty or incomplete data and are lacking actionable insights to help diversify their workforce. They’re missing out on the benefits of having a diverse, equitable, and inclusive company as a result.

The problem is that companies rely on EEO-1 data on the racial, ethnic, and gender makeup of their workforce that they report to the Equal Employment Opportunity Commission, and maybe a few other internal statistics, to determine where they are on DEI. That’s not sufficient because self-reported data can be inaccurate. You need to incorporate other relevant data that goes beyond employee demographic makeup to build an effective DEI strategy.

Not only that, but you also need modern recruiting and hiring practices to move the needle on DEI. If your company isn’t making the progress you’d like to see, you can change things up to get better results. Here are five ways to tune up your company’s DEI program.

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© Fast Company


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