How Your Business Ranks in Industry DEI Standards: A Look at Measuring Up

Diversity, Equity, and Inclusion (DEI) are critical components of a thriving workplace. Companies that excel in DEI are more innovative, productive, and successful. But how do you know if your business measures up against industry DEI standards? 

Here’s a guide to understanding and evaluating your company’s DEI performance.

Why DEI Matters

Before diving into the metrics, it’s essential to understand why DEI is crucial for your business. Inclusive companies are 1.7 times more likely to be innovation leaders in their market. They also experience 2.3 times higher cash flow per employee over a three-year period. Simply put, diversity and inclusion are not just ethical imperatives but also business imperatives.

Key DEI Standards to Measure

1. Representation and Demographics

Start by evaluating the demographic makeup of your workforce. How well does it reflect the diversity of the broader community or the industry?

1. Workforce Composition: Track the representation of different groups (e.g., gender, race, ethnicity, age, disability) across all levels of your organisation.
2. Hiring Practices: Assess the inclusivity of your recruitment processes. Are you attracting a diverse pool of candidates?
3. Promotion and Retention: Monitor the career progression and retention rates of diverse employees. Are they advancing at the same rate as their counterparts?

2. Inclusive Culture

An inclusive culture ensures that all employees feel valued and respected.

1. Employee Surveys: Conduct regular surveys to gauge employees’ perceptions of inclusion and belonging. Questions should cover topics like respect, support, and fairness.
2. Employee Resource Groups (ERGs): Support the formation of ERGs to provide a sense of community and advocacy for underrepresented groups within your company.
3. Training and Development: Implement ongoing DEI training programs to educate employees and leaders about unconscious bias, cultural competence, and inclusive behaviours.

3. Equity in Policies and Practices

Equity ensures that all employees have access to the same opportunities and resources.

1. Pay Equity: Regularly analyse compensation data to identify and address any pay disparities.
2. Promotion Equity: Evaluate promotion criteria and processes to ensure they are fair and unbiased.
3. Access to Resources: Ensure that all employees have equal access to development programs, mentoring, and career advancement opportunities.

4. Leadership Commitment

DEI initiatives must be championed from the top.

1. Executive Accountability: Hold leadership accountable for DEI goals and outcomes. Include DEI metrics in performance reviews and compensation incentives.
2. Transparency: Publicly share your DEI goals, strategies, and progress. Transparency builds trust and demonstrates a genuine commitment to DEI.

5. Community and Supplier Diversity

Extend your DEI efforts beyond your internal workforce.

1. Supplier Diversity: Commit to working with diverse suppliers and vendors. This not only supports underrepresented businesses but also brings diverse perspectives to your supply chain.
2. Community Engagement: Engage with and support diverse communities. Participate in and sponsor community events, and build partnerships with local organisations that promote DEI.

Tools and Resources for Measurement

To effectively measure and track your DEI progress, consider utilising the following tools and resources:

1. Diversity Dashboards: Implement dashboards to visualise and track DEI metrics in real-time.
2. Benchmarking Tools: Use industry benchmarks to compare your DEI performance with peers. Organisations like the DiversityInc Top 50 and the Human Rights Campaign’s Corporate Equality Index provide valuable insights.
3. External Audits: Periodically engage third-party experts to conduct DEI audits and provide objective assessments and recommendations.

Taking Action

Once you’ve assessed your DEI performance, it’s time to take action. Set specific, measurable goals and develop a strategic plan to achieve them. Engage employees at all levels in your DEI initiatives, and continuously monitor progress to ensure you are on track.

Achieving excellence in DEI is a continuous journey that requires commitment, transparency, and accountability. By measuring your business against industry DEI standards, you can identify areas for improvement and take strategic actions to foster a more inclusive, equitable, and innovative workplace.

Ready to elevate your DEI efforts? Unify360 is here to help you harness the power of Inclusive Leadership and DEI to transform your business. Reach out to us for the expertise you need to become a benchmark in your industry.