How To Measure Diversity & Inclusion for Maximum Impact
Measuring your effectiveness in D&I is essential to determine if you are hitting intended objectives and to assess where calibrations should be made going forward.
How to Measure Diversity & Inclusion for Maximum Impact
Companies measure and keep track of crucial factors to achieve strategic goals. However, the elements that often touted as key to business success are diversity and inclusion (D&I). These two factors help in attracting, retaining and developing the best talent in the workplace and potential customers in the marketplace by being more responsive to varying needs. So, measuring D&I will help an employer in determining if you are hitting intended objectives. It also gives a clear picture of where calibrations need to be made. Inclusion plays a crucial role in making diversity effective. So, instilling diversity and inclusion throughout the business units is one of the best practices to enrich the workforce and expand the market.
Measuring diversity and inclusion
A well-developed D&I strategy should first determine the strategic goals that align with organisational outcomes. Crafting a strategic D&I measurement plan that covers the organisational goals is the first step in creating a diversity strategy. After creating a diversity statement and setting the goals of the organisation, employers should start to compare the current and desired state related to diversity and inclusion. Obtaining the demographic data, soliciting input from others, determining the ROI and turnover rates are some of the crucial steps in measuring diversity and inclusion.
Steps to follow
- Track D&I as part of employee engagement
- Conduct return-on-investment calculations on all key D&I initiatives
- Assess year-over-year progress of adding more diverse senior leaders
- Examine turnover rates from a D&I perspective
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