Making Good on the Commitment to Diversity
Change has gone from being uncertain to promising. Pivoted strategies and policies are delivering results for companies by enabling life and business to thrive in these severely restricted times. This milieu of change, though largely focused on digital transformation, is also conducive to another aspect, deeply deserving of corporate attention - Diversity.
Key areas of diversity around the world include gender, race, disability, age and sexual orientation. In India, some of the most pertinent aspects are gender, language, disability and regional diversity. Companies have long been committed to diversity, including hiring and enabling women in male dominated roles, giving opportunities to people with disability, prioritising inclusive supply chain partners etc. Now with all the re-rationalising of purpose and resources, the time is right for organisations to make good on their commitment to diversity and inclusion (D&I).
Contractual employment, remote working, increased avenues for upskilling and the willingness to innovate are all trends that make it easier for organisations to give diversity a shot in current times. According to IMA’s 2019 Diversity and Inclusion Benchmarks Report, workforce diversity in India stands at a low 16-20%, a figure that the report recommends should be in the region of 31-40%.
Only 18% of the ~300 companies in IMA’s survey said they had dedicated D&I budgets. This, despite studies showing that diversity helps businesses do well. In the 2019 DivHERsity Benchmarking Report, based on quantitative data received from 300+ companies that entered the DivHERsity Awards, 72% employers said that gender diversity helped them drive better business results.
Hiring and development are just partial aspects of championing diversity. Organisations must also be mindful that their engagement with current and future customers reflect their respect for diversity. This makes it imperative to talk in a voice that is inclusive, and talks to the individual rather than to the majority.