Issues concerning Diversity, Equity, and Inclusion (DEI) have gained a solid and prominent stance in the new-age job market. While some multinational corporations make room to adopt DEI Solutions for an inclusive workspace, some private companies are still crowding out the opportunities for embracing a truly inclusive, diverse place to work.
The twenty-first-century workplace’s narrative is shifting for a good cause.
From exclusion to integration, the Diversity, Equity, and Inclusion (DEI) initiatives stand at an articulation point in shaping inclusive cultures at workplaces in India. An intensified discourse and exploration have shifted DEI from being a mere checkbox on corporate agendas to a pivotal pathway to organisational success.
However, the current progress rate for the implementation of DEI solutions is running slow. The global gaps for diversity, equity, and inclusion of individuality in all forms are still wide enough to be closed. The current scenario shows that corporations across India and the globe will take decades to reach parity, which presents a challenge in itself.
As per a study conducted by Mckensy and company in 2019, companies prioritising ethnic and cultural diversity in their executive teams are 25% more likely to experience more than average profitability.
DEI Initiatives Gaining Recognition
India’s leading multinational manufacturing company is recognised by the World Economic Forum as Global Diversity Equity & Inclusion (DEI) Lighthouse 2023.
Company’s impact-driven approach to employing more women and LGTQIA+ members, was praised by the forum. The ‘25 by 25’ programme launched in 2019, which aspires to have a 25% diverse workforce, was also recognised by the forum.
Acknowledging the Diversity Advantage
Acknowledging diversity with genuine inclusion in workspaces will only be beneficial in all ways. When employees feel that their ideas, presence, skills, and contributions to work will be treated fairly regardless of any prejudices, companies ought to thrive.
One such platform promoting DEI initiatives at large is Global DEI Alliance also known as GDEIA. The alliance sets sight on supporting Diversity, Equity and Inclusion on a global scale.It brings together organisations from diverse sectors to advance equal work opportunities for individuals of all backgrounds. This groundbreaking initiative aims to build a notion of acceptance and respect for all.
Benefits Of DEI Implementation
Implementation of DEI solutions isn’t a moral obligation for organisations, it should be a strategic necessity for growth. Greater inclusion will deliver improved performance, and listed below are a few benefits that confirm the statement.
Increased Employee Engagement
Employees show an increased trust and commitment towards companies when their potential and individualities are celebrated. An increased sense of belonging towards organisations leads to higher employee engagement and an improved employee experience.
Diversity Among Individuals Fuels Innovation
A diverse employee base can present various authentic, fresh, and innovative ideas, consequently expanding your potential consumer base. In fact, research conducted by Harvard Business Review highlights that organisations on DEI solutions had an increase of 19% in their innovation revenues.
Implementation of DEI in a workplace has a significant impact on an employee’s job performance. Research conducted by Deloitte states that companies reinforcing a strategic DEI solution experienced an increase of 56% in job performance.
Navigating Challenges and Solutions
Despite the evident benefits, many corporations face challenges in implementing strategic DEI solutions. Challenges, including unconscious biases, resistance to change, and inadequate representation in leadership positions, hinder progress. However, fostering a workplace culture that promotes continuous learning, diversity training, and the establishment of diverse hiring panels can help organisations overcome these challenges.
Over and above that, leadership commitment is paramount. When top management champions DEI initiatives, it sets the standards for the entire company. It emphasizes the significance of the efforts put in and encourages active participation at all levels.
A transition from exclusion to integration of DEI requires concerted efforts and leaders’ commitment to ensuring equity, embracing diversity, and fostering inclusion for all. Appropriate management of DEI initiatives can raise the potential of the employees to the level that turns out to be the best for the organisations.
Companies must view DEI initiatives as strategic imperatives that fuel innovation, improve productivity, and create environments for everyone to flourish. Implementing robust DEI strategies can assist organisations in harnessing the power of different perspectives and propelling them towards sustained success.