DEI - Diversity, Equity and Inclusion Strategic Planning
DEI stands for Diversity, Equity, and Inclusion. By the numbers, a brand will achieve improved results when it puts it in a strategic plan for the company. You'll become a more profitable, innovative, and collaborative workplace that will motivate your employees to become more committed. It starts from the top. To create a DEI plan, you must think with a holistic approach so everyone on the team is committed and in line with this initiative. Every company member must create a pervasive culture of acceptance and inclusion.
A robust DEI strategic plan must include measures designed to increase the following:
Diversity of people's perspectives
Equity in policy, practice, and position
Inclusion through mainly organizational culture and voice
Critical elements to achieving an effective DEI plan
We are aware that every organization is unique, but at Dunn Consultants, we've found the essential features that a successful DEI plan should include:
Leadership commitment
Recruiting and hiring diverse talent
Inclusive performance management
Creating an equitable and inclusive culture
Marketplace and community impact
Implementing de DEI Plan has its benefits
Some of the benefits of a culture permeated by DEI values experience are:
Better performance and productivity increase: gender diversity increases productivity by 25%, and companies with greater ethnic diversity are 36% more productive than others.
More profitability: diverse companies report +19% higher revenue, 2-3x times more increased cash flow per employee, and boards receive +43% higher profits.
Positive reputation: employees perceive the company as ethical
More innovation: diverse companies have a 37,9% better assessment of consumer interest and demand; they also show a 59,1% increase in creativity, innovation, and openness.
Improved workplace culture and employee retention rates: included employees staying at a company +25% longer. Respected team members result in reduced turnover.
What steps does the DEI strategic planning process include :
When you decide to start the planning process for your DEI program , you will have to set the stage for a formal plan in different phases to achieve success: data collection, developing recommendations and metrics for evaluation, and drafting the report.
An effective DEI plan is not just a section in your employee handbook; it's essential because it will influence their behavior through measures that shape your company's culture, such as recruitment practices, performance management systems, and training. It's a process that affects the whole company, so everyone must be involved from the beginning.
At Dunn Consultants, we like to begin our evaluation by asking some questions whose answers will guide the whole planning process. Some of these questions will clear up the following steps are:
Does your company measure and analyze DEI? If so, how is it done? Does it follow the current laws and regulations regarding this matter?
Do you manage a formal budget allocated to closing pay gaps?
Do you provide a healthcare program that reflects your workforce (e.g., gender, race/ethnicity, language)?
How do you support the recruitment process to guarantee that underrepresented groups are included?
Once you gather this information, at Dunn Consultants, we will use this as an outcome with different surveys, focus groups, interviews, meetings, and research tools to reach our conclusions.
Moreover, in the next phase, our report will include the following sections:
Organization statements include the prioritization of Diversity, Equity and Inclusion measures.
Clear objectives for optimizing diversity when the organization is hiring and promoting.
I have recommended actions to achieve goals and objectives. This includes organizational changes, investments, initiatives, training, and partnerships.
Estimated costs of proposed changes and other proposed improvements.
A detailed plan for implementing the most recent technologies that may enhance diversity in recruitment, retention, and promotion to help make it possible. It also includes clear public and internal communications guidance.
Performance measures and revision process relative to goals and objectives achievement.
Goals to have a successful DEI plan
Our best practices have helped brands define critical goals for an effective DEI strategic action plan!
Developing a support system for DEI initiatives
Designing a cohesive and inclusive work culture
Create and implement socially responsible policies
Measure, revise, and evaluation
Action, revision, and evaluation.
Also, this will be possible only when implementing recruitment, hiring, and promotion processes that encourage diversity, equity, and inclusion.
No matter where you're in your strategic journey, we can help you reach your goals by helping you hire, retain and empower underrepresented talent. It's time to work proactively, building a corporate culture of respect, belonging, and trust. It’s essential to shaping a culture that eliminates racism, elevates diversity, answers inequities, and welcomes a range of perspectives. Contact us to learn more!