How to implement an effective DEI strategy?
Organisations that do not implement diversity, equity and inclusion (DEI) measures are not achieving their full potential.
As the social component of ESG becomes increasingly important, it becomes critical for companies to ensure and monitor the well-being of their employees.
Identify the different stakeholders
In a study, Deloitte proposes an organizational framework based on three pillars to manage and measure employee well-being:
Work, which must incorporate employee well-being by design,
The workforce, who must have compensation and benefits, but also internal policies to ensure stability and meaning
The workplace, which must allow employees to flourish both on site and remotely.
This structure allows for an approach to well-being that is integrated into the company's culture and strategy:
Adopt a structured approach
According to the World Economic Forum's "Pathway to Social Justice" white paper, companies need to adopt an integrated approach to DEI practices to make real progress on social justice.
The WEF proposes a four-step approach to designing and implementing strategies that fully integrate these principles:
Engage: ensure the motivation and involvement of employees and leaders in the project.
Diagnose: prepare to monitor your strategy with clear and accessible indicators.
Take action: integrate DCI measures into the company's practices and policies.
Take responsibility: set goals and share them transparently.
The white paper provides examples of these different steps to illustrate the concrete actions available to leaders to complete this process:
Invlove everyone
The diagnostic stage is often problematic for companies, from the identification of relevant metrics to the synergies between DEI components and the operational implementation of monitoring.
This observation underlines the importance for companies to take control of ESG issues at the highest level, particularly regarding the Social component.
Beyond the reforms that this approach implies, DEI should be seen as an opportunity to redefine the contribution of companies to a fairer, more inclusive and sustainable society.