The State of Diversity, Equity and Inclusion Programs

Are corporate DEI efforts gaining ground –

or losing steam?

The State of Diversity, Equity and Inclusion Programs

Each year, we face new and reoccurring social issues, but are companies doing enough to support DEI progress?

According to global leadership consulting firm DDI, C-suite endorsement of companywide DEI efforts has decreased 18% in the past two years. During times of economic downturn, DEI programs tend to be the next to go when leaders need to think of cutting costs, second only to company events and bonuses. In fact, the data shows that since 2020 the number of companies that didn’t offer DEI programs increased from 15% to 20%. DEI efforts will most likely remain at risk through 2023 as the health of the economy remains in question.

Yet, scaling back or cutting DEI programs will likely prove to be a short-sighted move – having a direct negative impact on talent retention as well as the ability to meet customer needs and their own business success. Now, more than ever it is crucial to keep these programs alive.

In a survey conducted by Monster, only 5% of recruiters said that DEI efforts were on their list of top three priorities, but 40% of recruiters stated that “more than ever” candidates are asking about employers’ DEI initiatives. Stephanie Neil, director of DDI’s Center for Analytics and Behavioral Research stated, “If companies don’t act now to rekindle and reinvest in their DEI programs, the loss of talent will have a profound impact on future business success,” putting emphasis on women and people from minority racial and ethnical backgrounds questioning their company and role.

DEI efforts have decreased 18% in the past two years

40% of recruiters stated that “more than ever” candidates are asking about employers’ DEI initiatives

DEI Is What Job Seekers Want

As the social global landscape continues to evolve, staying progressive and adaptive towards DEI initiatives will be imperative. Current job seekers are increasingly more interested in DEI when vetting potential employers. Black ethnic groups as well as people who identify as LGBTQ+ are the largest population of workers who believe DEI is a factor to success in business. According to Harvard Business Review, companies that embrace DEI are 70% more likely to capture new markets and 75% more likely to see their ideas come to life. These efforts not only retain talent but are crucial to creating business success.

As you continue to evaluate and evolve your DEI efforts, here are a few takeaways to keep in mind:

1. Address social issues. Doing so may significantly impact your organization’s reputation and ability to attract new talent. The 2021 Workforce Happiness Index found that 78% of workers want to work for employers that value DEI.

2. Prioritize corporate social responsibility (CSR) efforts even amidst a recession. A white paper from CR Strategies found that CSR is the third most important driver for employee engagement.

3. Look to the data. Data will be a key differentiator and help you strategize the best DEI efforts for your company. By reviewing your history, you can identify gaps, roadblocks and key wins that may affect future initiatives and successes.

Sources: HR Dive, Forbes, Business Insider, Harvard Business Review, Burning Glass Institute, General Assembly

Hear from DEI Impact Players in the Workforce

The Mom Project: An estimated 43% of women leave the workforce after becoming mothers. With over 500,000 women seeking employment through The Mom Project, this organization helps bridge the gap, so women don’t have to choose between their families and a successful career.

Hear from Chief Equity and Impact Officer Rocki Howard

Getting Hired: According to Monster, 86% of job seekers find DEI to be an important factor when considering an employer. Inclusivity will also be key to attract the emerging Gen Z generation entering the workforce, as this is the first majority-minority generation. Leveraging Getting Hired provides bias-free job opportunities to BIPOC (Black, Indigenous, People of Color), people with disabilities, veterans and the LGBTQ+ communities. Not only can Getting Hired help you find top diverse candidates, but it can also provide content on DEI programs to attract and retain your talent pools.

Hear from Head of Getting Hired Amanda Burke

Consciously Unbiased: According to a PwC survey, developing a more inclusive workplace is becoming the standard across industries, with 75% of organizations investing in DEIB (diversity, equity, inclusion and belonging) programs. However, according to the same survey, only 4% of organizations are successful in key aspects of effective DEIB programming. Consciously Unbiased is helping organizations move from intent to action by providing DEI training, workshops, content, and resources that amplify inclusion in the workplace and beyond.

Hear from Consciously Unbiased Cofounder Ashish Kaushal