“Diversity and inclusion merit the same urgency as climate change. It’s time we started acting like it”. Ilham Kadri, CEO of Solvay, said it at the World Economic Forum Annual Meeting 2022 and we couldn’t agree more.
Diversity, equity and inclusion (DEI) are more than just a hot topic in the business world. As stakeholder demands grow – from investors all the way to consumers – and Gen Z takes the world of work by storm, DEI are truly becoming an integral part of business success.
In 2023, organisations need to move the needle by making one-shot diversity training a thing of the past and approach DEI as a cross-cutting strategic area.
Why are some companies still neglecting DEI?
Some organisations still struggle with DEI hurdles such as: executive leadership buy-in, budget constraints (particularly in current times marked by a war in Europa and economic instability), data availability, and lack of readiness to design a solid strategy. Many companies do not know how to tackle DEI and overcome these obstacles.
However, the cost of not ingraining DEI into the business strategy is growing higher as the business case for DEI grows stronger. Research shows links between diverse & inclusive teams and increased employee motivation, innovation, and performance leading to probability of higher profits for the company.
Plus, in a world marked by a pandemic, employees are reviewing their work-life balance and priorities and pushing for remote work and more flexibility. If companies do not address these concerns preemptively they stand at risk of losing their employees to the competition or facing quiet quitting and declining performance. Certainly a scenario to avoid.
As we kick-off 2023, we want to help you internally build the case for diversity, equity, & inclusion and develop a solid strategy that actually pays off. Thus, we’re sharing top trends for DEI in 2023 that will truly make a difference for your organisation.
Trend #3: DEI across the value chain
Diversity and inclusion aren’t just an HR or CSR affair anymore. Determining how well a company is doing with DEI involves factoring in internal and external practices. Focusing on DEI across the value chain means ingraining your business plan with these principles to impact all stakeholders including investors, outreach partners, suppliers, employees, and also customers.
Companies can do so by providing inclusive options to consumers and hiring diverse suppliers. By using a business model that has diversity and inclusion in its core, the company will be able to cater to a much wider customer base and show a conscious effort to support historically marginalised groups and extend your business impact beyond employment.
The transversality of DEI becomes increasingly noticeable as demands for inclusive purchasing and inclusive communication grow. Today, the internal focus on DEI is just a step towards a more diverse and inclusive company and considering all the stages of the value chain is mandatory.
You can find these and more trends on our free ebook. Download it for a deep dive into what will mark the world of DEI in 2023.