Comfort is the enemy of progress: What is DEIB and how can it lead to your company’s growth?
If you haven’t heard of ‘DEIB’ before, it’s time you got familiar. This new acronym is used to describe Diversity, Equality, Inclusivity and Belonging in all aspects of life, but most importantly, in a place where we spend most of our time, the workplace. Not only is it the right thing to do, but various studies show that ‘DEIB’ can have an important effect on your business’s all round performance. Research has shown that companies who employ a diverse team are more likely to meet the needs of a diverse customer base, making them 2.3 times more profitable than companies with a homogeneous workforce.
As the world we live in keeps progressing, it is vital for us to promote a safe working environment for everyone. Recently, it was also noted by Anne-Marie Duguid, leadership expert and co-creator of The World Education Summit, of the importance of equity. She states that ‘‘Equality and equity are not the same, we need to really grapple with a shared understanding of the language we use. Society needs to search for ways to embrace and not exclude marginalised groups to enable equity of access and a search for social justice”. This essentially means that equality suggests equal opportunities, and that everybody should be treated with the same respect, but it does not take into account that certain groups might need a little extra support to reach their goals. This is equity.
DEIB shouldn’t just be considered a ‘trend’. It should be implemented by all businesses in order to dismantle the systemic structures that have led our society all these years. So how do we make sure to achieve equity within the structure of our organization? What tools can we use? And how can we be more conscious of the changing times? Here are some of the ways to tackle the disparities in the foundation and support all diversity initiatives:
Start with the recruitment process
When putting out job opportunities, make it clear who you are as a brand and what you stand for, as people want to work for companies that resonate with their values. Using technology to reach potential candidates, eg. social media, advertising, organising networking events etc. will also allow you to reach an extensive and diverse group of people, increasing DEIB. Finally, when shortlisting and eventually, hiring, make sure to stay unbiased in the process. Assess candidates in a way that doesn’t exclude or favour any individual, to ensure that you hire the best fit for both your company and them.
Stay true to your word
After the recruitment process, it’s important to follow up on your promises to stay conscious of DEIB. You need to align your business goals with DEIB objectives and make everybody aware so you can efficiently work towards that common goal. Ensure that you as a leader as well as your employees know what the benefits of working together are so you can stay motivated and grow your organisation together. Smart HR tools like TeamEQ make this easier for you by monitoring the most important KPIs in your team to promote a harmonious, aligned and healthier working environment.
As humans, we are bound to make mistakes. What’s important is how we rectify them. DEIB should be a key factor to consider at every strategic process within the company. Consider using tools like TeamEQ to measure your progress and monitor whether everybody feels free and comfortable to share their thoughts. Always remember to be transparent and listen to feedback so you can be proactive in your next steps. Take note of which minority groups may need more attention and take into account what you could do to always be a better version of yourself and your company. And of course, always remember to celebrate the wins!
Aim for equity
Equity comes naturally once an organisation has reached all points of DEIB. Everyone in the workplace must feel empowered and be able to share what’s important to them. Tools that promote active participation and transparent communication, such as TeamEQ, can help you achieve this through their commitment towards the SDG goals from Agenda 2030. This doesn’t only have to be about equal pay or gender opportunities, but also about learning or upskilling opportunities within their work. It is worth thinking about adding other benefits to the job other than what’s expected from it, so that your team feels recognised and valued.
Innovative HR platforms such as TeamEQ’s can be implemented in every organisation for any user. The carefully thought out surveys are always unbiased and team focused, being consciously inclusive of all individuals. TeamEQ has been recognised for its implementation of ‘DEIB’, winning the Hack_D_Gap award at #MWC17, a global competition organized by 4YFN and by Women4Tech within the Mobile World Congress in 2017. Organisations like TeamEQ truly value these principals, which is why they keep growing and can help your business grow and evolve too.
Making a difference is hard work, and it takes a lot of determination, risk taking and a lot of effort. This is not about adding a task onto your business to-do list, it’s about shifting your mindset towards achieving an entirely new organisational and societal structure. As PT Barnum once said: “Comfort is the enemy of progress”. If all we do is stick to what we know, we will never know where taking a risk might lead us. There is so much potential to unlock and opportunities to discover that come with having a wider perspective of the world and embracing ‘DEIB’.
Now, it’s up to you to find out what those are by asking for a demo with TeamEQ today!