Understanding the connection between concrete business outcomes and workplace equity is critical for boards of directors. However, a new report has revealed that most boards are unsatisfied with their workplace equity progress, despite committing to workplace equity goals.
Although an impressive 90% of companies set workplace equity goals, just 25% of leaders believe they possess the necessary budget and headcount to achieve those goals, according to a new report carried out by Syndio and Tapestry Networks.
The report, entitled Advancing Workplace Equity from the Boardroom, highlights the need for enhanced board commitment and maturity in overseeing workplace equity. While some organisations fully integrate workplace equity into their business strategy and operations, others lack clear targets, meaningful accountability, robust metrics, reporting structures, or effective alignment with business objectives.
As one Director (in the report) noted: “We can’t lose sight of the business aspect of this, because where a lot of companies fall short is that ‘this is a nice thing to do’ versus a business imperative that actually drives better results. How do you get to the place where, just as we look at profit-and-loss statements on a daily and a weekly basis and follow sales like a hawk, we create an environment where this is woven into the fabric of the discussions that we have on a daily basis?”
WORKPLACE EQUITY: A STRATEGIC ADVANTAGE
“Companies today are more conscious than ever of the importance of focusing on business moves that have direct impact on reputation, growth, and the bottom line,” said Maria Colacurcio, CEO of Syndio. “Workplace equity is a strategic advantage that organisations cannot afford to overlook.
“In Syndio’s experience, boards are often our strongest allies when we harness the promise of workplace equity with advanced analytics. It’s proof they can be a force driving adoption of workplace equity and the business benefits it accrues. Now is the perfect time to sharpen that trajectory.”
RECOMMENDATIONS TO ACHIEVE WORKPLACE EQUITY
Based on the extensive analysis of workplace data, Syndio recommends the following key metrics to guide board level action on workplace equity:
- Representation – analysing gender and race/ethnicity across departments or teams.
- Promotion – assessing the average time to promotion.
- Attrition – identifying and addressing retention gaps.
- Pay equity – examining unadjusted pay gaps.
- Benchmarking – determining the time and budget required to achieve workforce goals.
- The relationship of all of the above and the strength of the business in the near term and long term.
ALIGNING DIVERSITY, EQUITY & INCLUSION GOALS
“This report underscores boards’ commitment to the value of workplace equity, and also their discomfort with the pace of progress,” said Marsha Ershaghi Hames, Partner at Tapestry Networks. “Our study highlighted the need for equity, diversity and inclusion to be aligned with broader organisational objectives, rather than undertaken in isolation.”
Download the full report here.
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