Top arguments every successful Manager must know why a DE&I strategy is key to more Sustainable and Profitable companies!

For business leaders the world over, the COVID-19 pandemic?is proving to be one of the greatest leadership tests of their careers.

Not only must they protect the health of their employees and customers, but they must also navigate far-reaching disruption to their operations, plan for recovery, and prepare to reimagine their business models for the next normal.

As this McKinsey report shows, DE&I is a powerful enabler of business performance. Companies whose leaders welcome different talents and include multiple perspectives will emerge stronger from the crisis.

On the other hand, some companies appear to be viewing DE&I as a “luxury we cannot afford” during the crisis. According to the McKinsey research, such companies risk tarnishing their license to operate in the long term and will lose out on opportunities to innovate their business models and strengthen their recovery. If companies deprioritize DE&I, the impact will be felt not just on the bottom line but in people’s lives.

Companies need to seize this moment—both to protect the gains they have already made and to leverage DE&I to position themselves to prosper in the future.

?Why is diversity, equality & inclusion so important?

?There is ample evidence that diverse and inclusive companies are more likely to make better and bolder decisions—a critical capability in the crisis. For example,

• Diverse teams have been shown to be better able to radically innovate and anticipate shifts in consumer needs and consumption patterns.
• Moreover, the shift to technology-enabled remote working presents an opportunity for companies to accelerate building inclusive and agile cultures—further challenging existing management routines.
• Not least, a visible commitment to DE&I during the crisis is likely to strengthen companies’ global image and license to operate.

?However, it is still a challenge for many companies to drive gender equality, diversity, and inclusion work forward. It is especially difficult for companies with established patterns and strong structures to change.

But, change is possible!

To integrate gender equality into your company, you need to understand two things;

1)????the importance of a business case; what needs to be included in the business case, and

2)????how a strategy with an associated activity plan is designed.

In my last newsletter, I wrote about the business case, feel free to read the article here if you haven't had the chance.

Despite the strength of the business case, very few organizations can say they’re truly inclusive. It’s not that diversity, equity and inclusion are suffering from a lack of attention but it is suffering from a lack of results.

Why?....The intent is there. Leaders are making pledges to do better at building more inclusive organizations...

The challenge for many is knowing where to start and where to focus.

It’s not enough to just talk about change; we must act to change.

We must build inclusive organizations by design, not default.

Make decisions based on data and facts, not long-held bias.

And that is why we need a strategy!

?

A strategy is an action plan an organization creates to achieve one or more goal/s and bridge the gap between where it is and where it wants to be.

A strategy provides a blueprint for accountability against measurable objectives – outlining who will execute tasks and by when.

?′ A strategy helps to create specific project plans for initiatives, and it can provide detail about how to prioritize actions.

′ Without a strategy, it is very difficult to measure whether day-to-day activities and decisions are helping the organization effectively progress towards the desired end-goal.

?′ A DE&I strategy enables organizations to move beyond an ad-hoc approach and ensures investment is targeted.

?′ Having a shared understanding of the strategy increases commitment to the initiatives and enables all parts of the organization to work together towards the achievement of the objectives.

?When you have a DE&I strategy in place, what does it do?

• It outlines a DE&I vision for an organization
• It links to a business or organizational strategy
• It identifies practical goals
• It includes measurable objectives linked to goals
• It promotes active and inclusive leadership
• It is easy to communicate
• It holds an organization accountable for its gender equality progress
• It follows a transparent governance process
• It is integrated with all functions and levels of an organization.

?

a strategy is simply a plan that brings together critical information in one place.

But then what?

What do we do with the strategy?

Well, we need to hire and nurture inclusive leaders who can bring together diverse knowledge, perspectives, and experiences. To unite everyone behind one vision. Then support the right team mindset and behaviors with the right strategy, structure, and processes to make change happen.

If you are interested to know more about the topic and how to build a strategy, then join this free upcoming event, where Certified DE&I Change Leaders will share theirs knowledge and insights on how to "Walk the Talk" and drive change for diversity, equality, and inclusion in business and society. Thus creating more sustainable and profitable companies.

Eva Vati is a Business Strategist who helps executives, businesses, and entrepreneurs future-proof their companies.

She is the CEO and founder of VATI of Sweden, which is the first company in the world giving certification on integrating sustainability into business strategy. She has a loyal community of over 25,000 people who are committed to creating a better world by running businesses that promote sustainability, equality, and diversity.