Although many executives understand the importance of prioritising diversity initiatives, many don’t simply have the data they need to measure progress and take action, new global research has revealed.
The study carried out by Workday Inc and Sapio Research found that many global organisations either do not have data, or are not effectively using available data, to drive their strategies and business impact, despite the fact that the majority are now investing diversity, equity, and inclusion (DEI). In fact, only one in five organisations worldwide measure the business impact and value of DEI initiatives.
Interviews with 3,100 HR professionals and C-level business leaders with responsibility for diversity initiatives within their organisation, spanning 23 countries, revealed that although positive DEI progress has been made, companies still have a long way to go measure the business impact and use data to track DEI progress more effectively.
INCREASE IN DEDICATED DEI ROLES
The research found that despite the current global economic climate, the majority of executives saw an increase in dedicated DEI roles within their organisations, alongside an increase (35%) or maintaining (45%) the current investment levels for DEI initiatives in the next financial year.
However, while the majority of organisations now have some form of strategic approach for DEI, 39% of respondents globally said that no strategic approach currently exists, making it difficult to go from goal-setting to goal-getting. This is particularly prevalent in Asia Pacific Japan where 52% of respondents reported that they had a low or emerging strategic approach to DEI, compared to Australia, New Zealand (35%), Europe (39%) North America (34%) and South Africa (22%), respectively. Almost a third globally (32%) also stated that their company needs leadership and commitment at the top of the organisation to move forward in DEI.
STRONG DEI INVESTMENT
One of the other key reasons cited for the lack of strategic approach was the data and reporting on DEI efforts, with only 20% of respondents measuring the business impact and value of DEI initiatives. Approximately 60% also commented that tracking progress was challenging and required new systems and software, to fully support DEI strategy and implementation.
Key findings showed that investments in DEI remain strong, with:
- More than three in four organisations (76%) sharing that they have a budget for DEI initiatives.
- Over half (59%) have seen an increase in investment in official DEI roles within their organisation compared to the previous year, with 35% planning to increase DEI investment in the next financial year and 45% planning to maintain it.
CELEBRATING DIVERSITY
The study also revealed that more needed to be done to celebrate diversity. Overall, more than a third (36%) of respondents stated that diversity is recognised, valued and celebrated in their organisations. However, 18% said that it was trivialised and there wasn’t enough focus on recognising the differences that exist.
“At Workday, we believe in building a great place to work for all, which means being intentional about our commitment to Value Inclusion, Belonging, and Equity (VIBE) and creating a workplace where all our employees are valued for their unique perspectives, respected as equal and integral, and are given fair access to opportunity,” shared Carin Taylor, Chief Diversity Officer of Workday. “As part of this, we regularly assess and reflect on our own belonging and diversity efforts and continue to refine our strategy so we can continue to make progress.”
CLEAR DEI VISION & STRATEGY
Taylor believes that having a clear DEI vision and strategy, driven by dedicated and engaged leaders from across the organisation, “enhances a company’s ability to accelerate DEI awareness and drive adoption and accountability”. “Since our 2021 survey, many organisations have started on their unique DEI journeys, but increasingly employees expect a stronger focus on creating lasting change,” explained Taylor. “Technology is a powerful tool in helping us to not only understand the different groups that make up our workforce but also to understand how a DEI strategy drives business outcomes.”
It’s “encouraging to see how companies worldwide continue to make DEI a priority”, added Jonny Briggs, Diversity, Inclusion & Resourcing Director at Workday customer, Aviva. “I found it telling to learn from the report that many companies struggle with managing their DEI data, and state that better systems are needed for that. For us, having DEI data available at our fingertips is key to enabling better decisions and moving towards an even more equitable workplace. It also shows us that our employees trust us with their sensitive data, highlighting that we are moving in the right direction.”
Click here to download a copy of the report.
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