Kevin Silva, Chief Human Resources Officer, Voya Financial.
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In today’s increasingly complex, global marketplace, the ability to draw on a wide range of viewpoints, backgrounds, skills, experiences and expertise is invaluable. As a result, more and more companies are thinking about enhancing diversity, equity and inclusion (DEI) in the workplace.
In the last couple of years alone, the business case for DEI has become crystal clear. McKinsey & Company found in 2019 that businesses with high gender diversity on their executive teams were 25% more likely to have above-average profitability and that businesses with high ethnic and cultural diversity outperformed other companies by up to 36% in profitability.
So how do you start the DEI journey and build an effective program? How do you maintain momentum with your DEI initiatives long-term?
Building a solid DEI program is all about prioritization and putting in the work to make DEI more than a statement on your website. It is about action. The goal is to weave DEI into all that you do and make it both intentional and individualized. Your employees own the culture, and each person has the responsibility to foster an environment in which everyone feels comfortable bringing their whole selves to work every day.
Keep in mind also that DEI is not a program that you stop and start on a whim. It must be continuous, and it must be embedded in everything you do. That’s how it will add value throughout your organization.
Here are three ways to get started with building an effective DEI program and ensure that it’s woven into the fabric of your entire business.
1. Model DEI at the top.
Executive leadership has a key role to play. Your executive team should demonstrate the value placed on DEI through their actions—and they should also be accountable for setting a high standard and ultimately achieving it.
This includes having DEI metrics that the leadership team has to meet, as well as action plans for attracting, hiring, developing and retaining diverse talent. It’s also important to have a program in place to help build a bench of diverse leaders and teams.
One example is a training designed to improve the cultural competence of senior leaders. Such a program can help leaders better understand, appreciate and interact with people from cultures and belief systems different from their own. This is a critical skill for leaders to have if they are to build a strong employee experience and drive the business forward. The program can also have a mentoring or coaching component, committed to advancing individuals within the organization.
2. Foster an inclusive culture.
It’s critical to establish a culture in which people feel safe and valued at every level of the organization—and in which their differences are recognized and appreciated.
This can include the establishment of employee-led councils or resource groups to help engage and educate employees. In partnership with our employee-led councils, my organization has created an allyship program, where 98% of our workers have completed ally training and are committed to making our organization a safe and supportive environment for all.
3. Give employees a voice.
For me, DEI starts with listening rather than talking. It starts with connecting to your audience. You need to dig in and really understand who your people are and what matters to them. You can roll out all sorts of DEI initiatives, but if those initiatives don’t resonate with your people, they’ll never make a difference.
Sentiment surveys can quickly take the pulse of your organization and provide insight into what’s working and what’s not, and how you can address these challenges. Giving your employees an opportunity to be heard can help you to create, shape and continue to evolve your DEI efforts for the long term.
Final Takeaway
There has never been a more important time—and a bigger opportunity—for companies to focus on DEI and their own role in influencing change. Making DEI a core part of your business at every level of the organization leads to better performance, increased innovation, higher employee engagement and greater customer satisfaction. The bottom line is that DEI isn’t just good for your employees, it’s good for your business. And it’s worth every bit of effort to make it succeed.
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