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Diversity, Equity, & Inclusion (DEI) strategies are only successful if an organization can both 1) attract a diverse talent pool and 2) retain a diverse workforce. Retention can be the more difficult challenge because there is no single activity, or set of activities, that can completely prevent attrition. However, we do know that employees (of all backgrounds) are more likely to leave a work environment where they feel excluded, unsupported, and undervalued. Without an equitable and inclusive culture, organizations are unable to reap the cultural, financial, and performance-related benefits that come from having a diverse workforce. This guide focuses on three key practices that foster an inclusive culture. However, creating an inclusive culture means embedding DEI into the fiber of every HR function and business process, culminating in an employee experience that is wholly welcoming.
It is not enough for organizations to hire from diverse talent pools. To unlock the full power of DEI, they must go further and cultivate work cultures that foster the retention and growth of a diverse workforce. According to Glass Door, 67% of job seekers say diversity is an important factor when considering a company. However, many organizations are struggling with high attrition amongst women, people of color, and other traditionally underrepresented groups. For example, a Bain and Company report found that Black workers who feel excluded are 4x more likely to leave a job than their white counterparts. Organizations are at risk of perpetuating a vicious cycle – employers who cannot retain diverse talent groups cannot attract job candidates who value DEI.
Establishing and determining distribution of financial incentives for both leadership and inputs into the DEI work efforts.
Identifying and leveraging the technology solutions that help reimagine DEI practices and processes at the organizational level.
Integrating DEI strategies into broader business strategies and relationships.