Workforce diversity is a priority for 85% of employers, but 45% do not monitor employee diversity and 46% have not established programs to measure their companies’ diversity. (Robert Walters Group)
Unfortunately, despite the demonstrated success of aligning your business goals and brand strategy with your diversity, equity and inclusion (DEI) initiatives, many CEOs and top management officers are lagging behind the curve. Many seem to talk the talk, but they don’t walk the walk.
For example …
■ An Accenture study of 30,000 companies found diversity and culture are not top strategic priorities for most leaders. “Roughly 80% of companies are just going through the motions and not holding themselves accountable.”
■ A PwC Business, Diversity & Inclusion study revealed only 15% of CEOs stated they are leveraging D&I to achieve business results.
■ 34% of executives at companies that aligned their business goals with diversity and inclusion goals did not believe that diversity is an important driver of company financial performance. (Weber Shandwick, United Minds and KRC Research).
■ 40 percent of companies view diversity strictly as a way to mitigate legal, compliance or reputational risks, with HR in an enforcer role. (SHRM)
At the same time, many other companies enthusiastically extol the virtues of DEI initiatives...
■ Weber Shandwick reports that 66% of executives at companies which aligned their business goals with diversity and inclusion goals agree diversity can drive improved performance.
■ A staggering 85% of CEOs who are managing companies with established diverse and inclusive corporate cultures claim that the main benefits of these good practices are evident in their increased profits. (McKinsey & Company)
■ 71% of CEOs say their businesses actively recruit new talent in different geographies, industries, and demographic segments. (PwC)
Are you a believer in the power of DEI?
Essentially, diversity by itself is just an exercise. When you add inclusion and equity, you will see a more vibrant, loyal, and dynamic business culture, which most often results in better financial performance.