Diversity, Equity and Inclusion, or DEI, has been the focus of many big corporations in the past few years. DEI is the presence of different genders, race, sexual orientation, religion, ability and disability, age and many more factors that contribute to a person’s ideas or perspectives.
Recent research from McKinsey & Company shows that companies in the top quartile for gender diversity are 25% more profitable and those in the top quartile for greater ethnic diversity are 36% more profitable. Implementing DEI into your management can not only increase profits, but further research from McKinsey found that DEI increases employee satisfaction; 51% of employees who recently quit their job cited a lack of belonging at work as a critical reason for leaving.
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Implementing a successful DEI program is one of the leading challenges management teams face. A recent survey by PricewaterhouseCoopers found that while 75% of company management believed DEI is a priority, only 4% of organizations were successfully implementing key elements of DEI in their strategies. Here are three ways to successfully incorporate DEI into your management strategy.
Cater the Strategy to Your Employees
A frequent mistake in DEI strategies is mandatory non-personalized DEI trainings. Employees will often feel forced to engage on DEI topics and develop resentment towards the idea of learning more about the subject. To combat this, leaders are responsible for ensuring that their employees have access to the coaching and growth opportunities that strengthen their skills in a personalized way. For underrepresented groups that report having fewer of these opportunities this is a particularly critical aspect. Research from McKinsey found that advocacy, sponsorship, and mentorship can help employees have a sense of belonging in their workplace. This can be achieved from not only the leader themselves, but also an executive coach for a more personalized approach.
Review Management Team Conduct
First, look at others on the management team. Is there anyone that makes their team or employees feel undervalued or exhibit any biases? Leaders with these harmful perspectives are a main reason for employees leaving their workplace. Seek wider input from your employees about how they feel about the presence (or lack thereof) of DEI in the workplace. Whence you have assessed others, look at yourself. If there is a problem with lower management, could your influence be a contributing factor? Look deep into your practices and trainings to find any flaws or internal biases that you would not see at the surface level. A great way to do this is through executive coaching. After identifying the problem, address any person who you feel may contribute to any negative perspectives, and provide access to a new strategy and training for DEI in your corporation.
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Cognitive Diversity
A not so obvious aspect of DEI, cognitive diversity, allows for a team of employees with different perspectives, attributes, and ways of thinking. While like-minded people are drawn to one another, having a team with diverse viewpoints and minds avoids groupthink and leads to more productivity, improved ideas, and superior results. Making cognitive diversity of central aspect of your team structure allows for employees to feel comfortable sharing their suggestions and different viewpoints with one another without fear of unfavorable reactions from their coworkers. Minetum’s High Performance Teams training is a great resource to help you build productive teams in your organization.
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