WTW is focused on championing diversity, equity and inclusion (DEI) in the workplace. And, according to a WTW report, research shows that diversity, equity and inclusion drive superior financial results.
So, it should come as no surprise that future-focused leaders are creating diverse and inclusive environments where employees are seen and respected with dignity. In fact, over 70 per cent of surveyed leaders report broader emphasis on diversity, equity and inclusion to support both attraction and retention, with 90 percent expecting actions to become permanent.
Are organization's efforts falling short?
As part of an article for World at Work, which looks at how DEI efforts are falling short and diverse leaders are leaving, WTW's Global DEI Solutions Leader, Rachael McCann Jones, discusses how the success of DEI initiatives hinge on a governance structure, leadership accountability, related investment, and agility to adjust as necessary.
Rachael added that when this is done well, which WTW has seen in particular with women, there is an intentionality of programs required. This comes in the form not only of the strategic review of career frameworks and enablement, but the tactical levers of leadership training, skilling and developmental opportunities that are paired with mentorship and sponsorship.
A business plan and roadmap are required
The WTW report also uncovered that for employees who say DEI is important and rank their employer’s effort as poor, 69 per cent are likely to leave for only a 5 per cent pay raise — as opposed to just 36 per cent who rank employer efforts as very good.
“Effectively, a business plan and roadmap are required, with accountability at each step,” Rachael commented. “This provides employees greater transparency that the words of commitment to greater representation at leadership are backed by action. And that improves trust and willingness to engage.”
Indeed, organizations with high-quality DEI practices also have stronger employee engagement and agility, with leaders four times more likely to understand and act on changing customer needs and perspectives.
Read the full article.
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Disclosure: Where Women Work researches and publishes insightful evidence about how its paid member organizations support women's equality.