Wondering what is a DEI strategy? Here are the components of DEI strategies, why it’s important and common challenges you might face.
The corporate world is achieving diversity milestones, with more female CEOS at S&P 500 companies than ever before. Building a strong DEI strategy that ensures a diverse, equitable, and inclusive work experience for all employees remains a priority for organizations. This blog delves into why you should build this important framework, the best practices for building one, and tips on how to be the most successful.
What Does DEIB Mean?
DEIB stands for diversity, equity, inclusion, and belonging, key components of successful DEI strategies. These elements create a positive work culture where people from different backgrounds and diverse identities feel accepted, supported, and respected. This enables employees of any sexual orientation, ability, culture, or race to work productively without fear of exclusion or discrimination.
What is a DEI Strategy?
Also known as a DEIB strategy, this action plan is designed to reduce discrepancies impacting work culture. It sets objectives for increasing diversity and building an environment where everyone can collaborate freely and thrive.
An effective DEI strategy addresses systemic issues, such as harassment or discrimination, by providing resources for affected employees.
How Do You Create a DEI Strategy?
Your DEI strategy should address each component:
Diversity: Focus on representation within your organization by attracting underrepresented candidates through inclusive job descriptions.
Equity: Use performance reviews to monitor how employees develop, ensuring equal opportunities for promotions and fair compensation.
Inclusion: Assess how your employees feel about company policies and their freedom to express ideas.
Belonging: Create a work culture where employees feel a sense of connection and safety among team members.
Why Investing Time in Creating a DEI Strategy Is Important
Committing to diversity, equity, inclusion, and belonging isn’t simply what you should do; it has many benefits for organizations.
Attract Better-Quality Talent
When you show potential candidates that your brand values and supports diversity, it will expand the talent pool that wants to work for you. This allows you to access a larger range of perspectives and secure top-tier candidates that help your business succeed.
Obtain and Retain More Customers
Many customers want to support others that reflect their values and beliefs. When companies prioritize DEIB, it shows that they respect all humans. The reward is that diverse companies have a higher revenue than others that are slower to commit to DEI.
Build a More Competitive Organization
Workforce diversity results in more creative ideas, better customer service, and greater engagement.
Common Challenges With Standard DEI Strategies
There are some roadblocks associated with implementing a successful DEI initiative:
#1 They Unintentionally Harm Employees
When an organization only half-heartedly approaches a DEI strategy, you can create more bias by only addressing certain groups in your team. It’s always better to commit fully to a comprehensive strategy.
#2 They Lack Any Clear Path
When you design a well-drafted DEI strategy, you also need the resources to execute it effectively. This allows your effort to be viable for the long term.
#3 They Lack Focus
You can create a DEI strategy, but without any clear goals or a way to measure DEI success, it will fail.
Best Practices for Implementing DEI Strategies
The best way to overcome these challenges is to develop a comprehensive, actionable DEI strategy with achievable, measurable goals.
Customize Your DEI Strategy
Your DEI strategy should be unique to your specific organization. Customization allows you to analyze your current strengths and weaknesses and where you can progress.
Establish Specific Goals
Selecting DEI strategy goals that are tailored to your organization allows you to track specific things. For example, you may have a goal to update your anti-discrimination policy by the end of quarter 1 or to create an employee resource group by year-end.
Establish A Clear Hiring Structure
Sourcing candidates from different backgrounds is an important part of hiring for DEIB. Countless biases may affect who is hired like affinity bias where interviewers are drawn to those like them or conformity bias.
Foster a Positive, Diverse, Inclusive, and Equitable Work Culture
Developing an ongoing DEI strategy involves the entire organization. To further support your effort in creating this work culture, consider integrating our Diversity Calendar into your best practices. This essential tool is designed to help you acknowledge and celebrate the rich diversity of your team all year. It also offers you a way to counteract conformity bias simultaneously.
FAQs
What is a DEI strategic plan?
A good DEI strategic plan helps organizations create a sustainable, equitable, and inclusive work culture and environment where all employees can thrive together. Workplace diversity can include employees of different abilities, races, ethnicities, religions, ages, and gender identities.
What are the 4 pillars of the diversity, equity, and inclusion strategy?
Diversity, Equity, Inclusion, and Belonging (DEIB) are the four main pillars of a successful Diversity and Inclusion (D&I) strategy. Diversity refers to employees’ backgrounds, skill sets, and abilities. Equity refers to the fairness of all team members and addresses these disparities in DEI programs. Inclusion forces create a positive work culture where all employees feel welcome. Belonging goes beyond inclusion and creates a sense of belonging that helps all employees thrive together.
What are some examples of good DEI initiatives?
Some significant examples of DEI initiatives to implement at your organization include diversity training, employee resource groups, policy changes, inclusive job descriptions, and hiring practices, open-door community policies, and a diversity calendar that helps you learn about those around you every day.