Transforming Your Workforce: Investing in Diversity

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Tyrone Smith
02/24/2021

investing in DEI

In the midst of Black History Month, many organizations are actively vocalizing their support and stance on diversity, equity, and inclusion. It is important to recognize that short-term solutions are rarely the best solutions, and they certainly are not in this case.

The best way to make a meaningful difference in the lives of your employees is to develop a plan to actively embrace (DEI) on a permanent basis. Effecting lasting change might not be as easy as leaders would prefer, but the benefits far outweigh the drawbacks.

Why is Diversity Important?

Outside of the evident importance of fostering an environment where everyone is equally valued regardless of their race, embracing DEI strategies offers a host of different benefits to help boost your business. According to Harvard Business Review, for example, organizations with diverse leadership tend to outperform similar organizations and offer more consistent innovation too.

This subsequently serves to strengthen the organization, and help both the business and workforce thrive. Researchers from The Wall Street Journal announced similar findings in their corporate ranking report that examined inclusion and diversity in S&P 500 companies. More specifically, it was discovered that organizations with diverse and inclusive workplace cultures have a competitive edge.

Meaningful DEI Investment

Investing in permanent DEI solutions might not be a quick task. It can take a significant amount of time to truly revise corporate culture. Doing so will take some forethought and consistent effort. However, the positive impact that the action will have upon your organization is well worth it. But how exactly should you go about making meaningful investments in DEI?

The first step is to first understand the workforce in question. How does existing corporate culture impact diversity in the workplace? In order to make meaningful changes, you must first have a deep understanding of the current strengths and weaknesses of your workforce.

Next, articulate the changes that need to be made and pinpoint the first steps you can take to make them. If you aren’t sure where to begin, that’s okay – there is technology that can help make this process as easy as possible.

DEI-Focused Technology

Mandy Price, co-founder and CEO of Kanarys, believes that diversity initiatives should extend far beyond February. Her business specializes in DEI technology designed to optimize, prioritize, and diagnose DEI efforts in the workforce, all of which can help make significant differences in your organization.

In fact, there are a number of tools to identify and address inequities in the workforce. Training and recruitment tools can help recruiters be aware of their potential biases and help word their communications, including job postings, more carefully. DEI KPIs also offer measurable information regarding inclusion and diversity to track changes, something which analytics and data tools can take full advantage.

The insights gleaned from these tools, including a review of existing corporate culture, can help match employees to workplace coaches and opportunities in a way that makes diversity a normal part of the workplace and help your business thrive.

Diversity and Inclusion: HR’s Guide to a Successful Strategy

More and more emphasis is being put on diversity and inclusion in today’s world, but what does that mean for HR? In this definitive guide, read about the current state of affairs, potential strategies and the rewards associated with an effective strategy.

Photo Courtesy of Stock Photo Secrets

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