Do you want to invest in diversity, equity, and inclusion (DEI) goals but don’t know where to start? You’re not alone. Nearly 80% of companies say they will raise diversity, equity and inclusion (DEI) budgets in 2022. But what will those efforts include? Recent studies show that while DEI is widely supported among executives and that they’re willing to back those efforts with funding, the picture begins to blur when it comes to how exactly those efforts will take shape. Let’s look closer at what those studies reveal.
Workplace training solutions provider Traliant worked with World Business Research to uncover the following discrepancies among DEI goals:
- 58% of DEI leaders said their CEO and/or executive management team are involved in decisions to endorse and advance DEI, yet only 13% of those senior leaders are proactive and visible in demonstrating their support.
- Most respondents (63%) claim they communicate DEI goals and/or progress on a biannual or annual basis. According to Traliant, that’s not the level of transparency leaders need to keep employees current on progress made and steps taken to drive DEI efforts forward.
- About 60% of DEI leaders are at least “somewhat confident” that employees feel a sense of belonging, inclusion, and psychological safety. That leaves roughly 40% who acknowledge their employees are likely facing challenges despite their DEI goals.
Other recent studies show that:
- 51% of talent leaders don’t have a process for setting DEI goals with their hiring, leaving the door open for bias to creep into the recruiting process.
- 80% of companies are “just going through the motions” and not holding themselves accountable for DEI goals.
- HR leaders report a lack of access to senior leadership as one reason less than 2% could confidently say they are achieving DEI goals.
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“When it comes to diversity, every organization should be casting a broad net to catch a rich, resilient, varied bounty of talent,” says The HT Group Executive Advisor Michael K. Francis. He adds, though, that it takes consistent effort—sometimes marred by the missteps highlighted above—to transmit DEI efforts into muscle memory.
“Unfortunately, some organizations still have some big steps to take before DEI becomes an instinct instead of an afterthought or forced action,” he adds. “To leverage its power, DEI muscles have to be constantly exercised to be operationally impulsive. When properly nurtured, these systemic reflexes allow individuals, teams, leaders and organizations to reach their full potential.”
Committing funds to DEI goals can only go so far without a defined plan and buy-in from all levels. To truly move the needle on achieving better DEI hiring and retention in 2022, consider bringing in an HR advisor from The HT Group Consulting Services who can help assess where you’re at and where you need to go from there so that your investment doesn’t miss the mark.