Don't let concerns about an economic downturn stall your company's diversity, equity, and inclusion (DEI) progress. As the global economy faces a downturn, some companies may be tempted to scale back their DEI commitment. However, cutting back on DEI hurts your organization's ability to thrive.
Many are aware of research findings that diverse and inclusive workplaces lead to increased innovation, better talent retention, and higher revenue growth. Deloitte Insights found that even during the Recession of 2007-2009, companies with inclusive workplaces outperformed those without by nearly four times. When a company is known for having a diverse and inclusive workforce, it is preferred by job seekers -- with 76% of candidates saying they prefer to join a diverse workforce.
DEI actions to prioritize:
- Tie DEI goals to leaders' performance reviews to create accountability.
- Create or strengthen employee resource groups (ERGs) to foster community and inclusivity across the various dimensions of identity.
- Incorporate DEI into recruitment and retention strategies.
- Increase representation of diverse individuals in leadership positions.
- Recognize that DEI is a continuous process that requires ongoing commitment, not a one-time event. Candidates and employees want to know that a company's actions are authentic rather than performative.
DEI initiatives are a strategic business advantage; read more in the attached article from Forbes.