The evidence that diversity boosts creativity and profits continues to mount. According to research, for example, during the 2008 financial crisis, organizations with pro-diversity policies fared better and were more resilient. The process is simple: more diversified businesses produce more innovative products. However, several areas, such as financial services, continue to have severe underrepresentation of persons of color, particularly at the executive level. The rate at which workers depart a company and the pace at which employees are promoted are two variables that contribute to this underrepresentation.
Below are some ways managers can improve diversity equity and inclusion in the workplace.
1. Promote Pay Equity
Managers must level the playing field and provide each employee an equal chance. Analytics may be used to determine whether workers are underpaid for identical tasks or duties. Analytics may assist managers in identifying any wage disparities within their teams, and executives can examine trends across departments to get to the bottom of underlying problems.
This knowledge may assist in identifying patterns or trends in which specific groups of workers, such as persons of color, are underpaid in various areas of the company.
2. Ensure Equity and Inclusion In Your Executive Team
When it comes to some of the important skills and behaviors required of top leaders in politics and business, the majority of Americans perceive men and women as equally competent. Nonetheless, women continue to hold a modest proportion of senior leadership positions in each of these fields, accounting for only 5% of the total number of CEOs. The same can be said for black, LGBTQ, and other minorities.
It is critical to have a diversified executive team. Factors considered include gender diversity, racial diversity, and sexual orientation diversity, among others. Are men and women portrayed equally? What about persons of different cultural and religious backgrounds? An organization’s senior management speaks volumes about its culture.
3. Acknowledge Cultural and Religious Diversity
Developing an inclusive culture is critical to the success of diversity initiatives, since it increases engagement and productivity. Introduce a policy that recognizes a wide range of cultural and religious traditions.
Introduce a policy that recognizes a wide range of cultural and religious traditions. You may do this by concentrating on holidays and festivities. Employee retention increases when workers believe their company to be devoted to diversity and inclusion.
4. Conduct Diversity and Inclusivity Training
You will not achieve inclusivity in the workplace if Diversity Equity and Inclusion Training is not part of your employee empowerment strategy. Training managers on how to use evaluation systems to ensure equal representation, compensation, and treatment in the workplace will help promote diversity from within.
5. Strengthen anti-discriminatory policies
According to a recent poll by Harvard Business Review, 75% of respondents believe that superficial policies and rhetoric are inadequate to make real change effectively. They considered that strong leadership commitment and anti-discriminatory measures were essential. Since every company is unique, a customized strategy is necessary for success.
Better diversity and inclusion policies lead to higher levels of engagement and staff retention. It also means enhanced competitiveness and business success.