Your ERS - Diversity, Equity, & Inclusion

ERS 6 of 10

In this series we are looking at creating, implementing, and executing an Employee Retention Strategy for the survival of your business over the next 24 months. 

78% of people believe diversity, equity and inclusion offer a business a competitive advantage so what do these terms mean? 

• Diversity is the practice of employing people from a range of different social and ethnic backgrounds, different genders, ages etc.

• Equity refers to fairness and equality in outcomes identifying and acknowledging the specific needs related to the different demographics in teams.

• Inclusion is the practice of providing equal access to opportunities and resources.  Whilst diversity is the who, equity and inclusion are the how. 

So how can you get started designing your DEI strategy?

1. Understand your labour market, nationally and locally.

2. Understand your team’s current view on your DEI practices and get their feedback on what your strategy could look like.

3. Compare your DEI with the labour market to identify areas that are lacking and those that are on point. 

4. Design your new look DEI and allocate implementation timelines. 

5. Communicate your strategy to your team.

6. Train management in carrying out your strategy. 

7. Start and remeasure outcomes regularly.

There are 3 common DEI strategy mistakes and solutions:

1. Gratuitous quota hiring – this practice is offensive and defeats the purpose of a DEI.  Solution: Hire or outsource an Accountability Partner to whom each manager discusses their potential hiring decisions. Mistake

2. Performative Diversity – the practice of conveying a commitment to DEI without action. Solution: Authorise your Accountability Partner to monitor your progress and strategy adherence. Mistake

3. Unchecked unconscious biases – we all have them. Solution: Your Accountability Partner can help illuminate unconscious biases. 

Your DEI policy is important because it is not only morally significant, but it is also significant in a business’s ERS and market share growth.  Diversity brings new concepts, perspectives, and options to the table.  It is also visible to your customers so when you adhere to your strategy it makes your business relatable to a broader audience and diverse companies are more commercially successful than non-diverse ones.

You can contact me any time for advice or to ask a question and remember RIPPLE has all the services you need to plan, implement, and execute all components or your Employee Retention Strategy.