presentationsPPT-Business-Case-For-DEI.pptx

Business case for Diversity Equity and Inclusion

1. The Business Case for Diversity, Equity and Inclusion August 2020

2. 2 A strategic diversity, equity and inclusion (DE&I) management plan can help an organization make the most of its diversity by creating an inclusive, equitable and sustainable culture and work environment. This presentation provides information on the benefits of implementing a DE&I initiative as well as how to measure the impact the program. Introduction

3. Agenda Definitions Business reasons for initiating a DE&I program Developing a DE&I initiative DE& I metrics

4. Definition of Diversity “We have become not a melting pot but a beautiful mosaic. Different people, different beliefs, different yearnings, different hopes, different dreams.” ~ Jimmy Carter Diversity in the employment context is defined as the collective mixture of differences and similarities that includes, for example, individual and organizational characteristics, values, beliefs, experiences, backgrounds, preferences, and behaviors.

5. Definition of Equity “We all should know that diversity makes for a rich tapestry, and we must understand that all the threads of the tapestry are equal in value no matter what their color.” ~ Maya Angelou Equity in the workplace refers to fair treatment in access, opportunity and advancement for all individuals. Work in this area includes identifying and working to eliminate barriers to fair treatment for disadvantaged groups, from the team level through systemic changes in organizations and industries. 

6. Definition of Inclusion "Creating an inclusive work environment where people have a real sense of belonging is a prerequisite for diversity to thrive in organizations." ~Slaton Brown Inclusion describes the extent to which each person in an organization feels welcomed, respected, supported and valued as a team member. This means ensuring that everyone’s voice is heard, opinions are considered and value to the team is evident.

7. Questions? Comments?

8. Business Reasons for Initiating a DE&I Program Organizations that recognize that they are only as good as their employees devote a great deal of time and resources to hiring the most talented individuals. By striving to build and maintain a diverse workforce, they have access to a larger pool of candidates, thus improving the odds of hiring the best people. Employers that put people first, regardless of their race, religion, gender, age, physical disability or sexual orientation have an advantage over competitors.

9. Business Reasons for Initiating a DE&I Program McKinsey’s 2019 Diversity Wins report found that: Companies in the top quartile of gender diversity on executive teams were 25 percent more likely to experience above-average profitability than companies in the bottom quartile. Companies with more than 30 percent women executives were more likely to outperform companies with fewer women executives. Companies that led in ethnic and cultural diversity had 36 percent more profitability than companies without such diversity.

10. Business Reasons for Initiating a DE&I Program The U.S. population is growing increasingly diverse. If trends continue, today’s minority groups are estimated to make up the majority of the population by 2045. Just as the workforce is becoming more diverse, so is the market. The combined Black, Hispanic-American, Asian-American and Native American buying power is increasing exponentially, reaching $3.9 trillion in 2018.

11. Questions? Comments?

12. Developing a DE&I Initiative Developing a DE&I initiative involves four main phases: Data collection and analysis to determine the need for change. Strategy design to match business objectives. Implementation of the initiative. Evaluation and continuing audit of the plan.

13. Developing a DE&I Initiative Employers must first know what their workforce looks like compared with the labor market, and if there are inequities based on demographics. Demographic data may include the following: Age Disability Ethnicity/national origin Family status Gender Gender identity or expression Generation Language Organization function and level Life experiences Personality type Physical characteristics Race Sexual orientation Religion, belief and spirituality Veteran status Thinking/learning styles

14. Developing a DE&I Initiative Once data are collected, underrepresented or problematic areas can be identified. Employers must determine if there are barriers impeding the employment, opportunity or inclusion of individuals from different demographic groups and take action to eliminate those barriers.

15. Developing a DE&I Initiative Ask questions such as: Is management full of older white males? Do black females make less than their white counterparts? Does the accounting department tend to hire only females? Have promotions been limited for those with English as their second language? Are employees at the West Coast branch more ethnically diverse than their East Coast counterparts?

16. Developing a DE&I Initiative Set specific goals related to DE&I based on the company's strategic objectives and create an action plan that includes: The defined initiative. The person responsible for its oversight. The specific action items to be taken. The timeframes for completing each action. Identify a senior level “champion” responsible for visible support of the initiative and keeping the program on the management agenda. Hold managers accountable for supporting and engaging in the DE&I initiatives.

17. Developing a DE&I Initiative Establish a committee of employees tasked with the following: Promoting training and events to bring awareness to DE&I in the workplace. Engaging co-workers in DE&I conversation and training. Reviewing and developing policies and procedures that will promote workplace DE&I.

18. Questions? Comments?

19. Metrics Measure outcomes such as: Increased representation of identified groups. Improved employee survey scores. Improved employee retention. Public recognition, such as employer awards or social media accolades.

20. Metrics Communicate the DE&I program’s return on investment and value-add to all stakeholders. Communication tools can include infographics for senior leadership meetings, employees and public affairs, and videos on the company’s website for potential candidates. Continuously monitor the organization’s progress and adjust DE&I goals to reflect changing business needs and strategy.

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22. Training Evaluation Please be sure to complete the evaluation sheet you received with your handouts . I thank you for your interest and attention! 22