Tax and Regulatory Partner at Deloitte Ghana, Gloria Boye-Doku, has pointed out that Diversity, Equity and Inclusion (DEI) are strategic imperatives that attract talents and investments toward the growth of businesses and not only a social imperative of being gender balance, having female representation or creating an inclusive world for all.
According to her, DEI represents fundamental values and principles that aim at creating fair, respectful, and inclusive environments for all individuals no matter their background.
She’s therefore calling for DEI that represents the fundamental values and principles aimed at creating fair, respectful, and inclusive environments for all individuals.
Speaking at the 2024 Annual National Internal Audit and Governance Conference in Accra recently, Mrs. Boye-Doku said great minds and talents are not only looking at investing for profit or getting a paid cheque in the current global economy or space but rather seeking to associate their brands with organizations whose vision and purpose aligns with their values of equity and inclusion.
Her submission was about the Deloitte Global 2022 Gen Z (90’s 2010) & Millennial (1980-90) Survey where 52% of Gen Zs and Millennials were not satisfied with their current organisation’s progress in creating a diverse and inclusive workplace. This meant that companies that want to attract the best talents would need to know how to appeal to the next generation of workers.
Why DEI?
She pointed out that employees deliver to their utmost best when they feel valued empowered and respected by their peers and employers.
“Science has proven that when people feel included and respected their bodies create hormones and healthy energy that raises their performance at work. In fact, Deloitte has done quite extensive research within the space of Diversity Equity and Inclusion for which the results are intriguing”, she stressed.
Deloitte 2015 research on Business Impact of High-performing companies suggested that companies embrace DEI in all aspects of their business, outperformed their peers.
Specifically, throughout the studied, it was found that these companies achieved 2.3 times higher cash flow per employee over three years compared to peers, leading to Improved performance. Again, these companies are 1.7 times more likely to be innovation leaders in their market, while 2.9 times more likely to identify and build leaders.
Future of DEI
For remote work and virtual inclusion, Mrs. Boye Doku said companies will have to deploy systems to ensure team bonding and connection with all staff members no matter their location.
Regarding AI and bias mitigation, she stressed the need for recruitment selection to be based on qualification and no room for stereotyping or feeding in human bias.
Other issues to be looked at are globalization and cultural competence, Data-driven insight and accountability and continued learning and adoption.
Below are some specific strategic reasons why companies must embrace DEI
- Business Performance: Diversity, equity, and inclusion can enhance business performance by fostering innovation, creativity, and problem-solving
- Talent Acquisition and Retention: Embracing DEI practices can attract top talent from diverse backgrounds and demographics
- Market Opportunities: Diversity in the workplace can help companies better understand and serve diverse customer demographics
- Innovation and Creativity: Inclusive workplaces foster an environment where employees feel empowered to share their ideas and perspectives openly
- Brand Reputation and Image: Companies that prioritize diversity, equity, and inclusion are viewed more favorably by consumers, investors, and other stakeholders
Implementing DEI
- Providing training and education to employees and hiring managers to recognize and mitigate unconscious biases in recruitment, hiring, and promotion processes.
- Implementing inclusive recruitment strategies to attract candidates from diverse backgrounds.
- Ensuring physical and digital accessibility for employees and customers with disabilities
- Pay Equity Analysis that is conducting regular pay equity analyses to identify and address disparities in compensation based on gender, race, ethnicity, or other protected characteristics.
- Establishing measurable goals and metrics to track progress on DEI initiatives and holding leaders and departments accountable for achieving results
- Offering ongoing training and education on diversity, equity, and inclusion topics to all employees, fostering awareness, understanding, and a culture of respect and inclusion
In summary, Gloria Boye-Doku said DEI is the way to go in this changing global economy.
As such, science has proven that when people feel included and respected their bodies create hormones and healthy energy that raise their performance at work.
- AI and bias mitigation – Recruitment selection to be based on qualification and no room for stereotyping or feeding in human bias.
- Virtual work mean sit at home and work – which will help open the door to having a lot more women who are constraint by home keeping and physically challenged brothers and sisters.
- Globalization and cultural competence
- Data driven insight and accountability.
- Continues learning and adoption
Pursuing Organizational Value through Diversity equity and inclusion
Good afternoon and thanks for having me!
Diversity, Equity, and Inclusion (DEI) represent fundamental values and principles that aim to create fair, respectful, and inclusive environments for all individuals.
Diversity encompasses the recognition and celebration of differences among people, including but not limited to race, gender, age, ethnicity, sexual orientation, religion, and abilities.
Equity focuses on ensuring equal opportunities, fairness, and justice for everyone, particularly those from historically marginalized or disadvantaged backgrounds.
Inclusion involves creating environments where diverse perspectives are valued, voices are heard, and all individuals feel welcomed, respected, and empowered to contribute their unique talents and experiences. Together, these principles promote a culture of belonging, respect, and collaboration that drives innovation, fosters growth, and strengthens communities
In a globally connect world where investor, great minds and talents are not only looking at investing for profit or getting a paid check at month but rather looking out to associate with organizations whose vision and purpose aligns with their personal values of equity and inclusion, DEI comes in handy.
According to a Deloitte Global 2022 Gen Z (90’s 2010)& Millennial (1980-90)Survey, 52% of Gen Zs and Millennials are not satisfied with their current organization’s progress in creating a diverse and inclusive workplace.
Which means that companies who want to attract the best talent in their respective industries will need to know how to appeal to the next generation of workers.
So DEI is not only a social imperative of being gender balance, having female representation or creating and inclusive world for all But also a strategic imperative to attract talents and investment toward the growth of your businesses
DEI – represent fundamental values and principles that aim to create fair, respectful, and inclusive environments for all individuals no matter the background.
I am excited about the topic and looking forward to engaging with all of you during the Q&A session.
Why DEI
People work best when they feel valued empowered and respected by their peers and employers.
Science has proven that when people feel included and respected their bodies create hormones and healthy energy that raises their performance at work.
In fact Deloitte has done quite an extensive research within the space of Diversity Equity and Inclusion for which the results are intriguing.
Deloitte 2015 research on Business Impact of High Performing companies
suggest that companies that embrace DEI in all aspects of their business, outperform their peers.
Specifically, over the period of the studied, it was found out that these companies achieved:
? 2.3 times higher cash flow per employee over a three-year period compared to mkt peers leading to Improved bus performance. Again these companies…..are
?
? 1.7 times more likely to be innovation leaders in their market
? 2.9 times more likely to identify and build leaders – Leadership Effectiveness.
? 3.8 times more likely to be able to coach people for improved performance, leading to talent Acquisition and Retention
Below are some specific strategic reasons why companies must embrace DEI.
- **Business Performance**: Diversity, equity, and inclusion can enhance business performance by fostering innovation, creativity, and problem-solving. Diverse teams bring different perspectives and ideas to the table, leading to more robust decision-making and better outcomes.
- **Talent Acquisition and Retention**: Embracing DEI practices can attract top talent from diverse backgrounds and demographics. Companies that prioritize diversity and inclusion are more likely to retain employees, reduce turnover costs, and create a positive work environment where everyone feels valued and respected.
- **Market Opportunities**: Diversity in the workplace can help companies better understand and serve diverse customer demographics. By reflecting the diversity of their customer base, companies can enhance their market competitiveness, increase customer loyalty, and drive revenue growth.
- **Innovation and Creativity**: Inclusive workplaces foster an environment where employees feel empowered to share their ideas and perspectives openly. This encourages innovation and creativity, leading to the development of new products, services, and solutions that meet the needs of diverse customer segments.
- **Brand Reputation and Image**: Companies that prioritize diversity, equity, and inclusion are viewed more favorably by consumers, investors, and other stakeholders. A strong commitment to DEI can enhance brand reputation, attract socially conscious investors, and differentiate companies in the marketplace.
- **Employee Engagement and Productivity**: Inclusive workplaces are associated with higher levels of employee engagement, satisfaction, and productivity. When employees feel valued, respected, and included, they are more likely to be motivated to perform at their best and contribute to the company’s success.
- **Risk Management and Compliance**: Embracing diversity and inclusion can mitigate legal and reputational risks for companies. By adhering to anti-discrimination laws and promoting a culture of fairness and equality, companies can minimize the risk of costly lawsuits and regulatory penalties.
- **Leadership Effectiveness**: Diverse leadership teams are better equipped to navigate complex challenges and make informed decisions. By incorporating diverse perspectives and experiences into leadership discussions and decision-making processes, companies can improve their strategic planning and organizational effectiveness.
- **Supplier and Partner Relationships**: Companies that prioritize diversity and inclusion in their supplier and partner relationships can strengthen their supply chain resilience and foster collaboration with diverse suppliers and partners. This can lead to cost savings, improved product quality, and enhanced innovation.
- **Corporate Social Responsibility (CSR)**: Embracing diversity, equity, and inclusion aligns with corporate social responsibility (CSR) principles and demonstrates a commitment to ethical business practices. Companies that invest in DEI initiatives can positively impact their communities, build trust with stakeholders, and contribute to social progress.
These areas highlight the multifaceted value that diversity, equity, and inclusion bring to corporate organizations, ranging from improved business performance and talent acquisition to enhanced brand reputation and social responsibility. By prioritizing DEI initiatives, companies can create a more inclusive and equitable workplace culture that benefits employees, customers, and society as a whole.
How to implement DEI
- Providing training and education to employees and hiring managers to recognize and mitigate unconscious biases in recruitment, hiring, and promotion processes.
- By Implementing inclusive recruitment strategies to attract candidates from diverse backgrounds.
- Ensuring physical and digital accessibility for employees and customers with disabilities,
- Pay Equity Analysis**: Conducting regular pay equity analyses to identify and address disparities in compensation based on gender, race, ethnicity, or other protected characteristics.
- Establishing measurable goals and metrics to track progress on DEI initiatives and holding leaders and departments accountable for achieving results.
- Offering ongoing training and education on diversity, equity, and inclusion topics to all employees, fostering awareness, understanding, and a culture of respect and inclusion.
- **Diverse Recruitment and Hiring Practices**: Implementing inclusive recruitment strategies to attract candidates from diverse backgrounds, including targeted outreach, diverse job postings, and partnerships with diversity-focused organizations.
- **Implicit Bias Training**: Providing training and education to employees and hiring managers to recognize and mitigate unconscious biases in recruitment, hiring, and promotion processes.
- **Diverse Leadership Development Programs**: Creating leadership development programs that prioritize diversity and inclusion, providing opportunities for underrepresented employees to advance into leadership roles.
- **Employee Resource Groups (ERGs)**: Establishing ERGs to support and empower employees from diverse backgrounds, providing networking opportunities, mentorship, and advocacy within the organization.
- **Inclusive Workforce Policies**: Reviewing and updating policies and procedures to ensure they are inclusive and equitable, including flexible work arrangements, parental leave policies, and anti-discrimination measures.
- **Diversity Training and Education**: Offering ongoing training and education on diversity, equity, and inclusion topics to all employees, fostering awareness, understanding, and a culture of respect and inclusion.
- **Supplier Diversity Initiatives**: Implementing supplier diversity programs to increase the representation of minority-owned, women-owned, and other underrepresented businesses in the company’s supply chain.
- **Pay Equity Analysis**: Conducting regular pay equity analyses to identify and address disparities in compensation based on gender, race, ethnicity, or other protected characteristics.
- **Promotion of Inclusive Leadership**: Encouraging leaders at all levels to model inclusive behaviors, lead by example, and prioritize diversity and inclusion in decision-making processes.
- **Employee Feedback and Engagement**: Soliciting feedback from employees on diversity, equity, and inclusion initiatives, and incorporating their input into decision-making and program development.
- **Community Engagement and Partnerships**: Engaging with local communities and partnering with diversity-focused organizations to support initiatives that promote equity and inclusion both internally and externally.
- **Representation in Marketing and Branding**: Ensuring diversity and inclusion in marketing campaigns, branding, and advertising materials to reflect the diversity of customers and stakeholders.
- **Cultural Competency Training**: Providing training on cultural competency and sensitivity to help employees understand and navigate differences in backgrounds, perspectives, and communication styles.
- **Metrics and Accountability**: Establishing measurable goals and metrics to track progress on diversity, equity, and inclusion initiatives, and holding leaders and departments accountable for achieving results.
- **Accessibility and Accommodations**: Ensuring physical and digital accessibility for employees and customers with disabilities, and providing accommodations as needed to support inclusion and participation.
- **Employee Wellbeing and Support**: Offering resources and support services to employees facing discrimination, harassment, or other challenges related to diversity and inclusion, and fostering a culture of support and empathy.
- **Culturally Inclusive Benefits and Perks**: Reviewing and updating employee benefits and perks to ensure they are inclusive and accessible to employees from diverse backgrounds, including language support, family-friendly policies, and religious accommodations.
- **Cross-Cultural Training and Development**: Providing opportunities for cross-cultural training and development to help employees build cultural competency, communication skills, and intercultural understanding.
- **Diverse Board Representation**: Increasing diversity on the company’s board of directors and executive leadership team to bring diverse perspectives and experiences into decision-making processes.
- **Continuous Improvement and Learning**: Committing to continuous improvement and learning in the area of diversity, equity, and inclusion, and adapting strategies and practices based on feedback, research, and best practices.
By focusing on these areas, companies can pursue organizational value through diversity, equity, and inclusion, fostering a culture of belonging, innovation, and success for all employees and stakeholders.
Challenges of implementing DEI
- **Resistance to Change**: Challenge: Some employees, leaders, or stakeholders may resist DEI initiatives due to fear of change, discomfort with addressing sensitive topics, or skepticism about the benefits of diversity and inclusion.
Solution: Foster a culture of openness, transparency, and communication to address resistance to change. Provide education and awareness training on the importance and benefits of DEI, highlighting the business case for diversity and inclusion. Engage stakeholders in dialogue and collaboration to build buy-in and support for DEI initiatives, and address concerns or misconceptions proactively.
- **Unconscious Bias and Discrimination**: Challenge: Unconscious bias and discrimination can undermine DEI efforts, leading to biased decision-making, unequal opportunities, and microaggressions in the workplace.
Solution: Implement training and education programs to raise awareness of unconscious bias and its impact on decision-making processes. Provide tools and strategies for recognizing and mitigating bias in recruitment, hiring, promotion, and performance evaluation processes. Foster a culture of accountability and zero tolerance for discrimination, and establish clear reporting mechanisms for addressing incidents of bias or discrimination.
- **Lack of Leadership Commitment and Accountability**: Challenge: DEI initiatives require strong leadership commitment and accountability to drive meaningful change and ensure the allocation of resources and support.
Solution: Engage senior leaders and executives as champions and advocates for DEI, emphasizing the strategic importance of diversity and inclusion to the organization’s success. Hold leaders accountable for advancing DEI goals through performance evaluations, incentives, and recognition programs. Establish diversity councils or task forces with cross-functional representation to provide oversight, guidance, and accountability for DEI initiatives.
- **Limited Resources and Capacity**: Challenge: Limited resources, budget constraints, and competing priorities can hinder the implementation of comprehensive DEI initiatives.
Solution: Prioritize DEI initiatives and allocate sufficient resources, budget, and staffing to support implementation and sustainability. Leverage internal and external partnerships, networks, and resources to maximize impact and reach. Seek creative funding opportunities, grants, or sponsorships to support specific DEI programs or initiatives. Invest in technology and data analytics to streamline DEI efforts and measure impact effectively.
- **Resistance to Addressing Systemic Inequities**: Challenge: Addressing systemic inequities and structural barriers to diversity and inclusion may require challenging entrenched norms, policies, and practices.
Solution: Conduct a thorough assessment of organizational systems, policies, and practices to identify and address systemic inequities and barriers to DEI. Engage stakeholders in courageous conversations about privilege, power dynamics, and structural inequalities, and commit to systemic change and reform. Establish diversity task forces or working groups to develop and implement action plans for addressing systemic inequities and promoting inclusivity.
- **Retention and Engagement of Diverse Talent**: Challenge: Retaining and engaging diverse talent can be challenging, particularly if employees feel marginalized, undervalued, or excluded.
Solution: Create a culture of belonging and inclusion where all employees feel valued, respected, and supported in their careers. Provide opportunities for career development, mentorship, and advancement for employees from diverse backgrounds. Establish affinity groups, employee resource groups, or diversity councils to provide support, networking, and advocacy for underrepresented employees. Conduct regular employee surveys and feedback sessions to assess satisfaction, engagement, and retention among diverse talent and take action to address concerns or gaps proactively.
By addressing these challenges with strategic planning, proactive measures, and a commitment to continuous improvement, organizations can overcome barriers to DEI implementation and create more inclusive, equitable, and thriving workplaces for all employees.
Success stories
- Attract talent and investors –
- Supplier and partner retention –
- Corporate social responsibility – empowerment and job creation -A neighbor’s daughter who physically challenged
- Brand reputation and image – Gender balanced
- Risk compliance and management
Future of DEI
- Remote work and virtual inclusion – Companies will have to deploy systems to ensure team bonding and connection with all staff members no matter their location.
- AI and bias mitigation – Recruitment selection to be based on qualification and no room for stereotyping or feeding in human bias.
- Virtual work mean sit at home and work – which will help open the door to having a lot more women who are constraint by home keeping and physically challenged brothers and sisters.
- Globalization and cultural competence
- Data driven insight and accountability.
- Continues learning and adoption
The post Diversity, Equity, and Inclusion are strategic imperatives to attract talents, investments – Deloitte Tax Partner first appeared on 3News.
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