Chris Howard is CEO of cross fuzea fast-growing IT consultancy serving North America, EMEA and Southeast Asia.
I recently hosted a webinar where my colleagues and I discussed the myriad challenges facing today’s leaders. We have identified common themes we see in the world of work: employee and customer turnover remains high, the way we work has changed dramatically and digital transformation continues to drive innovation across all sectors. The most important thing we discussed, however, is how each employee within our respective organizations provides a unique perspective. Whether it’s age, gender identity, race or culture, everyone wants to be seen and appreciated for who they are.
Millennials and Gen-Z employees want to work in organizations that align with their values, and companies that take strong positions on social themes such as diversity, inclusion and connectedness (DIB) are more attractive. So it’s not surprising that the business leaders I spoke to all had something to say about these initiatives.
Diversity, inclusion and belonging have a major impact on success
I experienced the DIB impact in my first leadership role at an IT professional services company. I built a very different executive team from my company colleagues because I chose who I think were the most talented players out there. In addition to talent and desire, the different perspectives I brought to the table allowed for more creative problem solving and better results than I’ve experienced with more homogeneous leadership teams.
Research and evidence support what my personal experiences have taught me, as companies that are strategic about their DIB initiatives see the most return on investment (ROI). McKinsey reports a 25% ROI for companies incorporating targeted gender diversity initiatives and a 36% ROI for companies investing in targeted ethnic diversity initiatives.
Incorporating diversity, inclusion and belonging into your strategic plan
We live at a unique point in history. Faced with a talent shortage, many international organizations are rethinking the way they approach diversity, inclusion and connectedness and understand that simply hiring diverse talent is never enough. While many companies were working on diversity and inclusion before COVID-19, the pandemic highlighted the need for better DEI efforts that recognize the different individual needs within the workforce. Effective diversity, inclusion and belonging initiatives take into account the whole person: who they are, where they work, how they work and work-life balance.
A holistic DIB approach requires frequent communication. This empowers leaders to understand employee needs and implement impactful strategies that help create an inclusive work environment. When people feel that their employer recognizes their value and acts accordingly, they are more focused and invested in their organization and their work.
Ultimately, it’s up to you how you build your DIB initiatives. But here are some things that many companies have done successfully:
• Implement a hiring strategy designed to attract diverse candidates. Such a strategy should include certified diversity recruiter training for corporate recruiters.
• Develop a retention strategy that views the employee as a whole person. A lot retention strategies Prioritize work-life balance now. These could be Family First initiatives that provide extra time for bereavement, parental leave, and mental health breaks, or give employees their afternoons back.
• Develop customizable policies that reflect employee work preferences. For example, people at the beginning of their career may want to spend some time in the office to get used to the culture. Meanwhile, people in the mid and late career may prefer to work completely remotely.
• Create and support an employee-led task force for diversity, inclusion and belonging. This committee can review and recommend policies to ensure your company remains committed to its goals in this important area.
Thinking about how your organization’s culture affects hiring, employee retention, and your position in the business landscape can serve as a catalyst for positive change. Consciously implementing employee-led diversity, inclusion, and inclusion initiatives can be the competitive advantage you need. After all, investing in employees yields greater returns in the long run.
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