What Does DEI Strategy Mean in the Workplace?

DEI stands for diversity, equity, and inclusion, which have become vital indicators for identifying progressive and supportive organizations. Most leaders have started incorporating and embracing the principles of DEI in their strategy to increase employee satisfaction and achieve better performance in the organization. Studies even indicate that more than 40% of employees turn down an offer because of a lack of inclusion and diversity in the workplace. Let us understand what DEI strategy means in the workplace and how you can implement DEI in the workplace.  

DEI in the Workplace  

Let us first understand the meanings of these terminologies to better understand the context of DEI.  

Diversity  

Diversity refers to the presence of different opinions and environments in any given setting. Having a diverse background means including people from different perspectives and backgrounds irrespective of their race, sexual orientation, gender, socio-economic status, age, language, religion, physical ability, and other statuses. It is often inferred that diverse teams may have perspectives and a range of ideas that can be fruitful for an organization’s overall success.  

Equity  

In DEI strategy, equity is the process that may help ensure and create a sense of belonging among the people. It promotes justice and fairness and aims to ensure that every employee feels equal. Equity is one of the critical factors that may encourage employees to give equal results, irrespective of power differences.  

Inclusion

Inclusion in the workplace refers to building a culture of people from different backgrounds and communities. Inclusion in the workplace aims to create a welcoming environment so every employee can communicate or participate effectively. An inclusive work environment will focus on eradicating all kinds of barriers and discrimination in the workplace. Create an open space and encourage employees to share their viewpoints in the workplace.  

Diversity, Equity, and Inclusion are integral to any company’s growth. All three factors reinforce each other, and companies that implement a DEI strategy can benefit in multiple ways. It is not just a training module or a strategy to create new policies. DEI strategy and programs can create an impact on the overall functioning of an organization. Here are some of the ways organizations with strong DEI initiatives can benefit.  

• Eradicate Prejudice: Implementing a DEI strategy can be an effective way to reduce and eradicate any kind of discrimination from the workplace. When organizations work towards inclusivity and diversity, it leaves an effective impression, and they feel more valued. As a result, there are lesser chances of facing discrimination in the workplace.
• Enhanced Creativity: Having employees from diverse backgrounds and cultures may help increase diversity and innovation in the workplace. They will have an understanding of different cultures and ideas, which will expand the way team members think.   
• Employee Engagement and Retention: Most candidates consider inclusiveness and diversity as important factors to determine whether the company values employees from different perspectives. When employees feel included, they are likely to stay in the organization.  
• Improved Profitability: Implementing a DEI strategy can even benefit companies in fulfilling their financial targets. It is likely that the employees and stakeholders will be more interested and work more productively.  
• Improved Reputation: Diversity and inclusivity have always been challenging to achieve. These are issues in general and are not limited to the professional world only. When an organization takes initiatives toward this, it may help improve the company’s reputation. Companies with a DEI strategy may attract more clients and become ideal companies for investors. Besides, this may even help create a positive impact in the mind of the customers and help build customer loyalty. Foster diversity and inclusion in the workplace to cater to a broader demographic and improve the company's overall reputation.  
• Enhanced Brand Recognition: Implementing a DEI strategy may even help make your brand noticed by potential customers and investors. It may contribute towards the betterment of the brand image. While implementing these strategies, make sure your company genuinely cares about the employees. Show empathy and put effort into creating a difference in the lives of your employees.  

It is Hard to Implement DEI  

While it may sound exciting and easy, you should be aware that implementing a DEI strategy can be extremely difficult. The fact is that people may have different ideologies and perspectives. They may not understand the concept with a similar thought process. There are chances of disputes and offending the other person while attempting to create open conversations around DEI in the workplace. Besides this, change is a constant but can be uncomfortable for many to accept. You must first take time to understand the ideologies and patterns of the employees before incorporating the DEI strategy in the workplace.

How to Implement DEI Strategy?

Here are some of the steps you must follow to implement DEI in the workplace.  

• Understand the data and employees. Start by learning more about the demographics of the organization.
• Set measurable and attainable goals that you wish to accomplish.  
• Consider DEI strategies from the beginning of the process, such as hiring and onboarding.  
• Reframe the role of coaches and mentors in the organization.  
• Prioritize open communication and encourage employees to communicate more often.  
• Be open to constructive feedback and learn from your employees.
• Be transparent about the company initiatives and culture.  

Take the help of senior leaders and experts to implement the DEI strategy in real-time. Keep evaluating the performance of the initiatives you have implemented to see the growth patterns. Implementing DEI in the workplace could be an effective way to retain candidates and acquire the right talent. Make sure you incorporate this into your business strategy.