The first three steps to building an effective DEI strategy

Diversity, equity, and inclusion strategies are no longer optional – they’re mandatory if you want your business to source and retain the best talent, and continue to see business growth. As employees demand more from employers and leave spaces they do not feel welcomed in, I’ve seen company leaders express their interest in implementing new organizational policies and programs. Studies show diverse organizations outperform competitors by 33% and are 21% more likely to experience greater profitability. DEI doesn’t just impact employees, it impacts your business’ success.?

In my last LinkedIn Live Show with Dr. Sam Rae , we discussed how to build DEI strategies from the ground up. And here’s one thing every company leader should know:

You don’t need a huge budget to begin building a DEI strategy. Everyone has to start somewhere.?

“DEI is the same as a business strategy but you’re making an intentional effort to focus on DEI,” Dr. Sam said. I couldn’t agree more. DEI should be treated like any other part of your business. You’ll need a team that is held to the success of your strategy, a starting budget, and most importantly, alignment from senior leadership.?

About 78% of Black professionals believe senior leaders’ DEI efforts are well-intentioned, while 40% hear more talk than action and have not noticed substantial changes within their organization. DEI strategies must have a top-down approach and must be rooted in accountability.?

Here are the first three steps you can take to build your DEI strategy:?

Step 1: Get your team aligned with your company’s DEI vision - DEI strategies have to start at the top. Senior leaders and stakeholders need to communicate what DEI means to team members and why it matters to the company. Leadership must be clear about where the company is starting from.?

“A lot of leaders say they want DEI to be a part of their operations, but don’t understand what that actually means,” says Dr. Sam. “That’s your vision, but you need to understand the steps it takes to accomplish that vision.”

You must start with data. Understanding where your current gaps are within organization policies, employee needs, and company culture can help you craft a vision that is solutions-focused and data-driven.?

Step 2: Get input from employees and set goals - This is the part that’s all hands on deck. DEI impacts every area of your business. Recruitment, retention, supplier diversity, and learning and development – there isn’t one function of your organization that isn’t impacted by DEI. When you develop your strategy, you want to be sure you’re incorporating input from a diverse set of employees at various levels in your organization, across different business functions, and from a variety of backgrounds.?

“If there’s no strategy, there’s no prioritization and there’s no alignment,” says Dr. Sam. “There are systemic changes that need to happen across departments.”

This strategy will impact your entire organization. It’s for the people, so utilize them and their experiences. Your employees are your BEST resource, so it’s important to stay aligned with the senior leader’s vision as you build out the strategy.?

Step 3: Solidify your metrics - A Forbes study revealed only 60% of companies have metrics in place to track DEI goal performance . Once you have your strategy, remember to incorporate metrics to track progress and define what success looks like at every step. Go back to the data you pulled in step one with senior leaders, and create clear metrics to address the gaps. Once you’ve finalized your metrics, assign stakeholders to them and make them responsible for hitting the metric.?

“Everything you do should be informed by data,” says Dr. Sam. “Look at data HR collects and demographic data to get an understanding of how your employees feel about the climate and culture of your company.”

I often see DEI strategies fail because there are no metrics to work towards and no one is held accountable for overseeing the initiatives.?

If you’re ready to create a DEI vision, set goals, and solidify metrics, talk to the Perfeqta team about our DEI Roadmapping services, which include:

• DEI Program Planning
• DEI Mission, Vision, & Values Creation
• ERG Framework & Development
• Focus Group Facilitation
• Equity Audits

If you missed this LinkedIn Live Show with Dr. Sam, you can watch it here .