<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*g1IHNdaGTWj0iIyPlbqYbA.jpeg"></figure>We have gotten far beyond the initial days of just speaking of diversity in isolation. Organizations know that representation without inclusion and equity is diversity that does not stick. But what exactly do these separate but interconnected concepts mean? One way to think about it, in Verna Myers’ words, is that “Diversity is being invited to the party” while inclusion is “being asked to dance”. The addition of equity can be thought of as ensuring everyone at the party is treated fairly and has an accessible way of travelling there and back.
Diversity
To start, diversity can be understood as representation: having individuals with different backgrounds present at the table to share their own unique perspectives. Different backgrounds are not limited to factors like race, ethnicity, or gender — they also include intersecting factors such as sexual orientation, socio-economic status, education, age, and physical abilities. What’s important to note is that diversity is not about maintaining set quotas of individuals across certain groups. Rather, diversity is about having access to diverse perspectives and ideas, while also preventing groupthink. In an increasingly diverse world, diverse teams are best suited to represent and serve the different needs and wants of customers.
Inclusion
Although achieving diversity is a great first step, teams need inclusion for diversity to stick. Not only do we need different voices to be present at the table, but these voices should be able to contribute and be heard. Inclusive organizations are ones where individuals of all backgrounds are able to bring their authentic selves at work, and feel secure, accepted and heard. In inclusive teams, employees from “non-dominant” groups are empowered to share ideas, and team members are open to different opinions and perspectives. Corporate leaders who set the tone from the top can aim to foster inclusive organizations by encouraging collaborative teamwork, respect and compassion, and an receptiveness to differences.
Equity
Last but not least, equity is about employees across the board having an equal opportunity to thrive and advance at their organization. One key component of equity is fair workplace management and culture. This includes implementing an employee feedback and review system that is fair, objective, and free from unconscious bias, ensuring all employees have access to career development resources just as mentors, and striving for a transparent workplace free of nepotism and favoritism. Beyond fair workplace culture, offering flexible work options is also a crucial component of equity. Flexible work options include supporting employees with different needs with programs for parental leave, mental health resources, and remote work options.
Ultimately, diversity, inclusion and equity are all essential components of a successful organization. Regardless of the specific industry, having diverse individuals included at work and treated equitably is not just the right thing to do, it also makes business sense. As BCG found after surveying 700 companies of varying sizes and geographies, diverse management teams are more innovative than less diverse teams. Along with diversity, inclusion and equity helps organizations think outside the box and thrive amidst challenges so they can reach their full potential.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
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<a href="https://medium.com/diversio-blog/what-separates-diversity-inclusion-and-equity-5d7037233ee8">What Separates Diversity, Inclusion and Equity?</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

What Separates Diversity, Inclusion and Equity?

<figure><img alt="" src="https://cdn-images-1.medium.com/max/967/1*qvgq0AHOKjXYhEfcFJy_2w.jpeg"></figure>Equity and equality are often used interchangeably when they actually mean very different things, especially in the context of an organization. While workplace equity is often associated with equal hiring practices and compensation, it definitely goes beyond just that. The short version is: equality and an inclusive workforce is the end goal, but equity is the means to get there.
Workplace Equality
Equality refers to giving all individuals fair treatment and equal rights to opportunities. In the workplace, it means that the same blanket of privileges, rules, and opportunities are applied to all employees. Although at first glance this may seem like a good inclusion strategy, companies must realize that not all employees start from the same starting point. By treating everyone the same, employee-specific needs are not taken into account. This aggregates inequality that is already present rather than eliminating unconscious bias and other biases and creating a company culture of inclusivity.
Workplace Equity
Equity on the other hand refers to fairness and equality in outcomes and not just support and resources. With workplace equity, companies look to identify and acknowledge specific needs related to demographics such as ethnicity, race, gender and gender identity, disabilities, and more. The needs and struggles faced by certain individuals are taken into account in decision-making relating to inclusion efforts and workplace diversity. In the state of equity, all employees are empowered to perform to their very best and they should feel that they are fully supported to succeed within an inclusive workplace.
Why it Matters
As mentioned above, equality is about giving everyone the exact same resources whereas equity is about distributing those resources based on individual needs. An example of an organization where equality may be present but equity is not is if the representation of women is equal to men but their empowerment and ability to reach higher ranks are lacking. From this, we see that the ability to listen and empathize with employees is more important than simply creating diverse teams and throwing the same blanket of resources over all employees. This of course is what makes building a culture of equity within a diverse workforce so much more complicated, as it requires c-suite executives to make better decisions that are thoughtful and intentional.
Steps to Transition from Equality to Equity
<ol><li>Look at the Data and Set Targets</li></ol>
The first step is to understand where your company stands before tackling inclusion initiatives and plans to achieve greater diversity. This involves taking a deep dive into your current state and collecting relevant diversity measures such as demographic data on ethnicity and race, national origin, gender diversity and sexual orientation, veteran status, and more. As D&amp;I is a complex and evolving space that can be difficult to measure, it is good to bring in external resources and tools ⎯ , especially when your senior leaders lack the resources and expertise to do so internally. There are tools developed by teams dedicated to improving diversity and inclusion in the workplace, which make use of advanced data analytics and artificial intelligence.
<a href="https://diversio.com/">Diversio, for example, has a variety of services</a> that track D&amp;I metrics and provide unique recommendations tailored to your company’s specific problem areas. These recommendations include detailed implementation plans and a roster of helpful resources to help you execute them. They are also able to <a href="https://diversio.com/products">benchmark your company against the rest of your industry</a> in various areas such as fair management, safe work environment, and inclusive culture.
2. Diversity in Leadership
This does not simply mean having your hiring managers hire diverse teams. It means having representation at the leadership and C-suite level. Change that happens from the top is essential for the best employee experience and profitability. Employees may feel that they aren’t represented and supported if leadership lacks people with similar backgrounds or characteristics as them. As such, a diverse leadership team is equitable, but beyond that, it also signals to employees that they have a viable career path into higher leadership positions in the organization and creates a sense of belonging.
3. Making a Space for Everyone
Simply having employee resource groups (ERGs) does not automatically make you an inclusive and diverse company. You need to actually support employees of different backgrounds so that they have an equal opportunity to succeed. The key to this lies in actively listening to employees and understanding their needs. Afterwards, it is about coming up with solutions and programs to address and accommodate those needs, whether through mentorship, continuing education opportunities, or policies that support diverse employee situations.
Although workplace equity is a challenging task to tackle, it is a worthwhile investment that leads to many benefits including increased innovation, employee engagement and retention, and financial performance, contributing to the bottom line. The catch is that, in order to reap the full benefits, companies cannot just be equitable on paper. They need to dedicate time and effort to understanding the needs and challenges of certain employee groups and work to bridge those gaps while aligning their business goals. Only then can companies creating an equitable and inclusive environment that attracts diverse talent and brings out the true potential in each employee.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
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<a href="https://medium.com/diversio-blog/understanding-workplace-equity-vs-equality-f2817f88ec90">Understanding Workplace Equity vs Equality</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Understanding Workplace Equity vs Equality

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*3cCMamCmyamgdYTNaloVyw.jpeg"></figure>As organizations across the globe strive to increase diversity and inclusion within the workplace, more pressure is being put on D&amp;I Leads and Chief Diversity and Inclusion Officers. The hard truth is, simply having a D&amp;I Lead does not solve the issues surrounding diversity and inclusion in an organization. Your role as a D&amp;I Lead should have a clear purpose backed with a concrete action plan to avoid being tokenized and providing no real value to the company. It is also essential to move fast with your decision-making. The golden time frame to lay the foundation for a successful diversity and inclusion strategy is often within the first 100 days.
In order to be successful as a D&amp;I Lead, there are crucial steps you should include in your 100-day DEI strategic plan.
Align on D&amp;I Vision
An effective D&amp;I strategy has high leadership buy-in. Thus, the key to success lies in ensuring everyone is aligned with the overall D&amp;I mission and vision. The first step is to meet with key stakeholders, including senior leadership and human resources, to build the vision and set the broad goals. This part of the process includes assessing your company’s DEI track record and company culture, then mapping out the road ahead accordingly. It is crucial that senior-level leadership is 100% on board with the D&amp;I strategy, as they are the ones who dictate how much time and effort will be put into improving DEI at the company.
Allocate a Team and Resources
Improving diversity and inclusion should not be the responsibility of a single person in an organization ⎯ an entire team of people should collaborate on the process. You should identify departments that are an important piece in your company’s D&amp;I strategy and work with specific people to spearhead certain initiatives. This will allow you to build a team and network of people within the company that is helping to drive diversity and inclusion. You should also dedicate a set budget towards D&amp;I initiatives that accounts for your company’s size, strategy, and goals. Areas the budget should cover include training and external resources, employee support and ERGs, staffing costs, and important partnerships. At the end of the day, you should ensure that you are allocating sufficient resources and staffing to the D&amp;I cause.
Identify and Address Pain Points
With the vision set and the team ready, the next step is to identify your company’s pain points. This involves taking a deep dive into the company’s current state and collecting relevant diversity measures such as data on ethnicity and race, national origin, gender identity and sexual orientation, veteran status, and more. As D&amp;I is a complex and evolving space that can be difficult to measure, it is good to bring in external resources and tools ⎯ , especially when your company lacks the resources and expertise to do so internally. There are tools developed by teams dedicated to improving diversity and inclusion in the workplace, which make use of advanced data analytics and artificial intelligence.
<a href="https://diversio.com/">Diversio, for example, has a variety of services</a> that track D&amp;I metrics and provide unique recommendations tailored to your company’s specific problem areas. These recommendations include detailed implementation plans and a roster of helpful resources to help you execute them. They are also able to benchmark your company against the rest of your industry in various areas such as fair management, safe work environment, and inclusive culture.
Educate and Normalize
While you, as the D&amp;I Lead, carry the main responsibility of spearheading the company’s D&amp;I strategy, every employee has a stake in the process at the end of the day. To truly onboard all parts of the company onto the D&amp;I plan, education and the normalization of inclusion beyond the moment are essential. You should set the tone for expectations and behaviour surrounding inclusion in the workplace and communicate this to employees so that everyone is on the same page. Additionally, verbalizing support for a diverse community and including employees in the conversation goes a long way in closing racial gaps and creating an inclusive workplace.
Build Credibility and Momentum
Now that you have set the tone and laid out the groundwork for diversity and inclusion expectations within the organization, you should not stop there. A trigger is often what brings a company’s attention to diversity and inclusion initiatives, while momentum and credibility are what will drive those initiatives forward. With the existence of a large number of studies and research on diversity and inclusion, it is essential that you build credibility into your company’s DEI strategy by basing initiatives on actual research and data. This will help ensure maximum effectiveness. As mentioned above, external tools like <a href="https://diversio.com/">Diversio</a> can significantly assist with incorporating credibility into your process and also keep the ball and momentum rolling.
The benefits of increasing diversity and inclusion in an organization are apparent, with higher employee engagement and retention and improved performance being just a few to name. However, your company’s ability to reap these benefits depends greatly on how you, as a D&amp;I Lead, execute the strategy. Your 100-day plan should be tangible, starting with the overarching goals but then moving to executable actions. It should also be comprehensive, covering all aspects, including vision, allocation, diagnosis, and culture. As a D&amp;I Lead, your actions in the first 100 days will be crucial in determining the tone and precedent set for the company’s future.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
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<a href="https://medium.com/diversio-blog/what-to-do-in-the-first-100-days-as-a-d-i-lead-a122a0e51b66">What To Do in the First 100 Days as a D&amp;I Lead</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

What To Do in the First 100 Days as a D&amp;I Lead

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*Fns3l_JVkTMtX6cO2wpSXA.jpeg"></figure>With diversity and inclusion becoming an increasingly prominent concern for investors, consumers, employees and corporate leaders, it’s no wonder that a number of companies have taken to hiring a diversity and inclusion lead. Also known as a Chief Diversity and Inclusion Officer (CDIO), a VP of Diversity and Inclusion, or a DEI Officer, these leaders are responsible for overseeing the development of a fair and equitable workplace, from the recruiting and hiring pipeline to employee experience and workplace culture. The role was popularized in the face of scandals from major technology companies like Uber and Google, where workplace harassment issues led employees to speak out against company leadership.
The Chief Diversity and Inclusion Officer role can be broken down into three key components: hiring and recruiting, employee experience and workplace culture, and stakeholder management. First, on the hiring side, the CDIO’s office is in charge of creating a fair application and interview process for future employees, sourcing a diverse variety of candidates — including those from underrepresented backgrounds, and ensuring the organization’s commitment to diversity and inclusion is represented throughout the hiring process.
When it comes down to employee experience and workplace culture, our team at Diversio identified a set of five key metrics which inclusive organizations scored well on. These metrics were identified using our internal data as well as public data on 20,000+ companies across 30 countries worldwide. In the CDIO role, managing these five key inclusion metrics is key. They are listed as follows, and can be explored in further detail in Diversio’s report, How to Measure Inclusion at Your Organization:
<ol>
<li>Inclusive culture: The openness of team environments to diverse opinions and perspectives.</li>
<li>Fair management: An employee feedback and review system that is fair, objective, and free from unconscious bias</li>
<li>Career development: A culture of mentorship and sponsorship that allows all employees to thrive, regardless of their background</li>
<li>Flex work: A workplace with an openness to flexible working arrangements, that does not inadvertently exclude diverse employees through rigid protocols.</li>
<li>Safe work: A workplace free from mental, physical, and sexual harassment</li>
</ol>
Finally, the CDIO has the responsibility to make sure the organization’s commitment to D&amp;I is communicated to prospective employees and the broader public community. In order to achieve this, the CDIO can use an array of strategies, including releasing an annual company-wide diversity and inclusion report, publicizing employee resources and affinity groups, and supporting diverse community events. This final step is a crucial part of stakeholder management, which helps organizations build a positive public brand image with consumers and investors, as well as prospective employees.
At the end of the day, an increasing number of businesses and organizations are embracing the CDIO role for good reason. In a world that is more diverse than ever, organizations need diversity and inclusion to succeed. While most companies may already have a Chief Human Resources Officer, hiring a designated CDIO with a direct reporting line to the CEO is a solid next step, especially for larger organizations with over 1000 employees. There is no easy end-all-be-all solution for D&amp;I, but having a designated CDIO ensures that organizations can strive for progress on the D&amp;I front.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
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<a href="https://medium.com/diversio-blog/what-is-a-chief-diversity-and-inclusion-officer-87097a149b3a">What is a Chief Diversity and Inclusion Officer?</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

What is a Chief Diversity and Inclusion Officer?

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*vtQiBReZC7PAqhv_gc7IgQ.jpeg"></figure>In a year unlike any other, companies have an opportunity and obligation to step up and create a better future for women at work. To celebrate International Women’s Day, our team at Diversio wants to help companies walk the talk, by sharing three key recommendations for building an equitable and inclusive workplace for women.
Working Women in the COVID-19 Era
With COVID-19 pushing the world ten years back in gender equality progress, the economic toll of the pandemic has disproportionately affected women, especially women of color. According to McKinsey, more than one third of working mothers are considering either exiting the workforce or downshifting their careers. Even in today’s world, the burden of childcare and housework tends to fall more heavily on the shoulders of women, and balancing all these acts alongside work is no small feat.
Furthermore, although economic recovery from COVID-19-fuelled job loss has been on the rise, minority women in particular have struggled to return to work. In Canada for one example, 80% of jobs which had been lost at the worst heights of the pandemic had been recouped by the end of 2020; however, the unemployment rate for minority women remained disproportionately high at 10.5% in November 2020. One reason for this is rooted in systematic disadvantages which minority women experience — ranging from a lack of network development to insufficient support systems.
At the management level, the socioeconomic consequences of COVID-19 on women may only exist to exasperate existing leadership gaps. In 2020, just 85 women were promoted to manager for every 100 men. With a number of women having to make career sacrifices due to the pandemic, career development will be a challenge moving forward. Not only is it more difficult to balance work alongside other commitments for many women, but it is even harder to network with peers during COVID-19.
How Can Companies Step Up and Help?
Despite these challenges, organizations have an opportunity to step up and craft a more equitable future for women at work. Making investments today will yield long-term benefits through creating an inclusive culture where all employees can thrive. Beyond ensuring that employees are satisfied, attention to gender equality at work enables organizations to tackle long-standing issues like leadership diversity gaps and diversity in recruiting pipelines.
To help strive towards gender equality at work, companies should first look into offering more flexible work options. Programs like a child care subsidy or a pandemic leave of absence can help ease the burden of the “second shift” that many working mothers face at home. From a mentorship and networking perspective, offering a support circles program — where women have a community to share their struggles and receive advice — can provide a much-needed support system. Finally, from an inclusive culture perspective, using anonymous employee surveys allows organizations to gauge how employees are feeling at work, and proactively identify any pain points for women.
Even before COVID-19, achieving gender equality across the globe was projected to take 100 years by the World Economic Forum. Although the pandemic has thrown a wrench in the works, it also serves as an important reminder that organizations everywhere have the power to contribute to a more equitable world. Within the challenges posed by the pandemic, there is ultimately an opportunity to invest in the future and help create a better one.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
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<a href="https://medium.com/diversio-blog/the-state-of-women-at-work-in-the-covid-19-era-e17f75cd4c71">The State of Women at Work in the COVID-19 Era</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

The State of Women at Work in the COVID-19 Era

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1023/1*G-7ASmP7rnAWPC8WRXsdmA.jpeg"></figure>In December 2020, Nasdaq released a new proposal requiring the majority of companies to have at least one woman and at least one person who identifies as either an underrepresented minority or LGBTQ on the board. The goal of the proposal, in the words of Nasdaq’s President and CEO Adena Friedman, was to help “champion inclusive growth and prosperity to power stronger economies”.
While garnering broad support from a number of industry groups, the proposal also sparked debate on <a href="https://www.linkedin.com/posts/fortune_pitting-black-people-against-the-lgbtq-community-activity-6765371004001816576-Lpuu/">pitting minorities against each other</a> and <a href="https://www.wsj.com/articles/the-woke-nasdaq-11606865986?mod=article_inline">virtue signaling</a>, with individuals questioning the proposal’s intentions and effectiveness. At the end of the day, while it is important to strive for greater diversity at the executive level, we should not lose focus on the real issue at hand: workplace inclusion.
The Case for Focusing on Inclusion
At Diversio, we use data analytics to analyze workplace inclusion and identify pain points. We applied these algorithms to online reviews of NASDAQ composite companies to assess how inclusive they are perceived to be by employees. This method allowed us to score each company on 27 “inclusion pain points”, looking at things like adequate resourcing, pay equity and mentorship. We then looked at three potential drivers of workplace inclusion: board diversity, executive diversity, and formal diversity policies.
The assumption behind NASDAQ’s proposal is that a diverse board is a key indicator of an inclusive workplace. But the data tells a different story: leadership diversity was only weakly correlated with the frequency of inclusion pain points at a company-wide level. Rather than just focusing on executive- or board-level diversity, the companies that were successful in creating an inclusive workplace were the ones which had gone above and beyond to develop strong policies focused on supporting culture, fair management, career development, flexible work and safe work.
For one example, although 51.0% of NASDAQ composite companies have both more than one woman and more than one racial or ethnic minority on their executive teams, these companies did not outperform their peers in maintaining a fairly managed workplace free of favoritism and biased management. For another example, companies in the top quartile for executive gender diversity did no better job at creating a workplace which supports career development than the rest of the NASDAQ composite companies. Similarly, companies in the top quartile for ethnic or racial minority executive diversity scored no differently from peers on their ability to create a safe and supportive work environment.
The takeaway? While diversity policies like a Board diversity quota can move the dial from zero to one, they are no silver bullet for achieving true workplace inclusion — where all individuals are respected, accepted and able to bring their whole selves to work.
Policies, Programs and Tools for an Inclusive Workplace
When it comes to addressing inclusion pain points within companies, there are ways to have a real and meaningful impact on diversity and inclusion (D&amp;I). Here are four ways to address these common challenges.
Use data to truly understand the issues. Beyond anecdotal evidence, town halls, and manager meetings, it’s easy not to have a firm grasp of the real issues. Surveys and other sources of data can provide the quantitative analysis that is necessary to dig deep into culture, employee morale and experience. With these insights, diversity programs and initiatives can have a more targeted, focused approach. For example, imagine spending millions of dollars on a female executive training program when most of your female employees are leaving at the junior level due to toxic leadership?
Cultivate a culture of self-learning and self-reflection: Research shows that the positive effects of diversity training rarely last beyond a day or two, and a number of studies suggest that they can actually activate bias or spark backlash. While people don’t respond well to mandatory trainings, letting employees choose how they learn about diversity and discrimination–reading books, viewing documentaries or speaking to friends and colleagues — makes them accountable and evokes a better response.
Ongoing and consistent training is key: Lack of program consistency is another obstacle in solving diversity and inclusion challenges. Programs are typically reactive, but a better approach is to offer consistent and ongoing training. Some companies have found success with linking D&amp;I efforts to compensation, further incentivizing employees to do their part in fighting discrimination.
Create sponsorship programs that motivate: Frequently, underrepresented employees have a lack of clear career paths to advancement. While trainings help address and avoid bias toward underrepresented groups, it is also important to put sponsorship programs in place — whether formal or informal — to help them advance within the company.
Socialize the company’s ROI: Return on Inclusion: Underrepresented employees say they don’t have enough interaction with senior personnel, and leadership is often the last to buy in to D&amp;I programs. This is likely because leadership is focused on other parts of the business that they believe impact the bottom line. To show them the importance of diversity, reassure them that according to McKinsey, diverse companies are more likely to financially outperform their peers.
Moving the Dial Beyond One
As we look to move the dial further beyond one on the D&amp;I front, it has become clear that board diversity is only one piece of the puzzle. For a truly inclusive future, companies need to think critically about the employee experience, and implement specific, data-driven recommendations which tackle any pain points. Ultimately, the Nasdaq proposal offers a starting point to achieve greater diversity, but companies need inclusion to allow diversity to thrive.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
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<a href="https://medium.com/diversio-blog/is-nasdaqs-board-diversity-proposal-a-silver-bullet-for-workplace-inclusion-9fb75ffcd3e7">Is Nasdaq’s Board Diversity Proposal a Silver Bullet for Workplace Inclusion?</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Is Nasdaq’s Board Diversity Proposal a Silver Bullet for Workplace Inclusion?

This post draws heavily on the research of Jasmine Ali and Samiha Sharif, who created Diversio’s Black Lives Matter (BLM) toolkits.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*Z9DHCapgNetZdzN9piw2Xg.jpeg"></figure>It’s no secret that customers are increasingly looking to support ethical, anti-racist businesses. With 87% of consumers expecting businesses to address racial inequality, and 73% reporting they will stop purchasing from those that do not, taking a stance has become the standard. However, symbolic gestures are insufficient as 76% of millennials conduct follow up research to confirm whether a business is authentic in its commitments.
More importantly however, creating an anti-racist culture is the right thing to do. At Diversio, data analytics are used to help organizations measure, track and improve diversity and inclusion. The findings indicate that Black employees are 2.6X times less likely to feel like they are valued by their teams, and 2.7X times more likely than white employees to encounter harassment in the workplace. For Black women in particular, network development is a pain point, with 48% stating that they do not feel like they are receiving investment in their career growth at work. There are numerous important steps that can be taken at both the organizational and individual level to help foster a culture of allyship and reverse these trends for Black employees in the workplace.
How Organizations and Individual Employees Can Be Allies
It is a problematic misconception that creating an anti-racist culture should primarily be a job for BIPOC employees. Rather, employees of all backgrounds can commit themselves to becoming an ally. An ally is someone who is dedicated to eliminating anti-Black racism by consistently advocating on behalf of the Black community, helping to close the opportunity and pay gaps experienced by Black colleagues, and educating others in both personal and professional settings. At the organizational level, corporate allyship means clearly communicating a commitment against anti-Black racism, listening to the concerns of Black employees, and critically examining potential workplace pain points.
For employees, the steps to allyship can be broken down into three key themes: 1. learn, 2. take action and 3. acknowledge. First, it’s essential not to place the burden of educating individuals on Black employees. Allyship requires openness to learning about realities that one may not be aware of, and unlearning beliefs and practices that cause harm. Second, after educating oneself, individuals should take an action-oriented approach to address anti-Black racism and advocating for change. Not only does being action-oriented mean standing up for Black colleagues in the face of microaggressions, bullying, or harassment, but also proactively advocating for internal culture changes. Third, throughout the process of learning and taking action, acknowledging mistakes is also key. Given the existence of implicit and explicit biases, openness to feedback and taking responsibility for any previous conduct is the best way to make progress.
Beyond employees, organizations also have a responsibility to foster corporate allyship. To achieve this, organizations should first make diversity and inclusion (D&amp;I) strategy a CEO priority and hold themselves publicly accountable. Internally, organizations should conduct regular reviews of D&amp;I policies, and revise policies where necessary based on feedback. On public channels like social media, businesses can post annual D&amp;I reports and investor reports to highlight progress. Taking these actions in tandem demonstrates to shareholders and customers a clear commitment to improving and iterating on their approach to D&amp;I.
As the expression goes “what gets measured gets done”, and accordingly, organizations should also take a data-driven approach to D&amp;I. Data is key to tracking workplace goals and identifying pain points for Black employees. For example, Diversio uses anonymous surveys and artificial intelligence to identify barriers faced by Black employees and other underrepresented groups on metrics like Culture, Bias and Harassment. Based on these barriers, it is then possible to identify and remove barriers from work allocation, managerial reviews, and promotional practices. Ultimately, using the data collected, organizations can develop specific, measurable interventions, such as adopting more equitable hiring and recruiting practices.
Finally, organizations should work to facilitate an open dialogue surrounding race and racism in the workplace. This includes both supporting existing conversations and starting new ones about race. It’s about listening to employees to understand different perspectives on improving workplace inclusivity. Simultaneously, it is imperative to encourage employees to reflect on how they can personally drive change to make the workplace anti-racist. Throughout this process executives need to establish an equitable, anti-retaliatory accountability process to ensure employees feel heard and valued.
Paving a Pathway to an Anti-Racist Future
Now more than ever, consumers expect companies to take a stand for racial equality and confront anti-Black racism and biases in their organizations. With an increasing number of organizations pledging to commit to diversity and inclusion, how companies proceed in this environment can have a substantial impact on the future of business. There is a general consensus that to be silent is to be complicit; however, merely expressing solidarity with the Black community is not enough as consumers now expect businesses to make tangible contributions. Above all, doing the right thing is the best course of action from both a moral and economic standpoint.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>.</h3>
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=ba06b4af837a" width="1" height="1" alt=""><hr>
<a href="https://medium.com/diversio-blog/corporate-allyship-for-black-lives-matter-ba06b4af837a">Corporate Allyship for Black Lives Matter</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Corporate Allyship for Black Lives Matter

<h3>Best D&amp;I Practices for Venture Capital and Private Equity</h3>
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*2Z0blvPN2MBtG2uR3bRS-Q.jpeg"></figure>The future is inclusive, but investment managers are lagging behind
In 2020, only 13% of senior people on UK investment teams were women. To make matters worse, 48% of investment teams had no women at all. At the same time, less than 1% of UK venture funding went to all-female teams and less than 2% went to teams where every founder is part of an ethnic minority.
To help drive diversity and inclusion (D&amp;I) in asset management, Diversio and Diversity VC worked with the Rose Review to create actionable D&amp;I recommendations for investors. Our recommendations focus on everything from investment talent acquisition to unconscious investment bias. Ultimately, as the world moves towards a future that is more diverse than ever before, it’s time that investors step up to foster diversity and inclusion in VC and PE.
Four key considerations to close the D&amp;I gap
1. Talent acquisition, retention and development
It is only when diverse perspectives are included at the discussion table that teams can overcome group-think, make better decisions, and ultimately maximize profits. However, the challenge of talent management goes beyond hiring. It requires us to think about how to succeed with retaining and developing diverse individuals.
At the talent acquisition level, increasing access to strong underrepresented talent is necessary to create a pipeline of diverse talent. One tactic that investors can use to mitigate the impact of unconscious bias is applying systems and training to clarify evaluation criteria and increase objectivity in decision making.
On the retention side, it is important to recognize that diverse individuals have different needs. Flexible work policies such as a work-from-home program, or policies that allow employees to adapt working hours around commitments, help ensure everyone’s needs are met. In addition to meeting diverse needs, employees also need to feel like they are treated fairly to achieve high retention rates. Conducting analytical studies, such as equal pay analysis, allows funds to proactively identify and tackle potential gaps.
Finally, when it comes to development, the key is to think long-term about talent strategy and create a multi-year plan to achieve measurable outcomes. Initiatives like diverse mentorship programs, where senior-level investors and emerging professionals are paired together, can ensure that diverse individuals feel supported in their roles and have an ear to turn to during any challenges.
2. Internal education, culture and policy
Creating a truly diverse and inclusive culture is a firm-wide endeavour that requires clear guidelines, policies and training for employees at all levels. Starting with leadership and going all the way to entry-level analysts, it is critical that funds enact internal education initiatives to walk the talk.
From an education perspective, offering different kinds of training helps make sure that employees know how to contribute to a welcoming environment. For firm leaders, training in anti-oppression, accountability and inclusive culture is important to align key values. Beyond leadership, offering cultural competency and anti-harassment training to all employees helps individuals become more aware of their actions and provides insight on how to act as empowered bystanders.
When it comes to policy and organizational culture, accountability is key to achieving D&amp;I outcomes. Bringing on a Chief Equity, Diversity and Inclusion Officer and committing to a public pledge are two strong ways to create accountability towards achieving greater D&amp;I. Internally, organizational culture surveys that assess attitudes and perspectives around culture serve as a measurable way to track progress.
3. Outreach, access to deal flow, and unconscious investment bias
Beyond striving for more D&amp;I within teams, it is also essential to tackle biases that prevent funds from accessing diverse investment opportunities. At the sourcing level, funds need to invest in outreach and expand their deal flow pipeline to effectively reach diverse investment opportunities. During the investment decision-making process, unconscious biases, which tend to make individuals favour those with shared traits, need to be carefully evaluated and mitigated against.
To start, tracking and reporting demographics is a powerful way to understand diversity gaps in deal flow. Analytical tools like Diversio can help break down diversity among applicants, assessments and portfolio investments. With these analytical tools, funds can compare their current demographics to industry peers as they strive for greater progress.
After taking note of any gaps, programs like a diversity referral program, where scouts receive bonuses to refer underrepresented founders, ensure that team members are incentivized to tackle their diversity gaps. Additionally, proactive outreach programs, such as partnerships with organizations for female entrepreneurs, allow funds to build strong relationships with communities of diverse founders. These foundational relationships will ultimately improve access to diverse deal flow and provide new investment opportunities.
4. Influence, external guidance and portfolio management
To optimize returns and performance, investment funds should look to foster diverse and inclusive cultures within portfolio companies. In the words of proSapient co-founder Margo Polishchuk, “a high-performance culture…comes hand in hand with a working culture that is rich in diversity, equal opportunities and inclusion”. Helping portfolio companies achieve D&amp;I means setting them up for long-term financial success.
Given that what gets measured gets done, funds can use data to measure and track diversity and inclusion in their portfolios. From a data perspective, encouraging companies to collect diversity and employee engagement data identifies bias and barriers on an ongoing basis. Using this data, it is then possible to implement targeted interventions to support portfolio companies. One tool that funds can leverage is Diversio’s Portfolio Inclusion Assessment, which measures a given portfolio’s D&amp;I against industry standards and uncovers data-driven best practices.
As a role model for portfolio companies, investment funds should also look to provide resources for improving workplace culture. These resources include a standardized code of conduct or templates for mental health policies. For diverse employees in emerging startups, funds can also dedicate themselves to hosting employee engagement events, like an International Women’s Day celebration. With these resources and initiatives, investors can support portfolio companies in their pursuit of a sustainable, high-performance culture.
The first step for greater D&amp;I
The very first step investors can take to improve D&amp;I is getting certified under the <a href="https://www.diversity.vc/the-diversity-vc-standard/">Diversity VC Standard</a>. The standard provides investors with the tools and recommended practices they need to open their networks to underrepresented founders, as well as the resources needed to cultivate an environment where founders and colleagues from all backgrounds feel that they belong. The standard provides guidance both for investors who are beginning their D&amp;I journey, as well as those who are further down the process.
<h3>
To read the full Rose Review report, please click <a href="https://diversio.com/assets/Rose_Review_Report.pdf">here</a>. To learn more about how you can make your workplace more inclusive, visit our website: <a href="http://www.diversio.com/">www.diversio.com</a>
</h3>
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=ee8373010f80" width="1" height="1" alt=""><hr>
<a href="https://medium.com/diversio-blog/best-d-i-practices-for-venture-capital-and-private-equity-ee8373010f80">Best D&amp;I practices for venture capital and private equity</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Best D&amp;I practices for venture capital and private equity

<h3>How to Spend Your D&amp;I Budget?</h3>
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*q_HwlsLFxaqmTN4ZrVD3TA.jpeg"></figure>Diversity and inclusion practices look different for every organization. At some companies, diversity and inclusion fall under the human resources department’s scope, while at others, the company creates an independent department to manage the scope of D&amp;I efforts by hiring a Chief Diversity Officer.
According to Workforce Management, companies in the US spent approx. US$8bn on D&amp;I. For example, in 2016, Intel set aside US$300mm to support diversity and inclusion in the workplace. Glassdoor states that 35% of hiring decision-makers expect to spend more on diversity and inclusion programs than they have in years prior. This illustrates the increasing capital allocation with respect to D&amp;I initiatives among companies.
The size and budget of a company ultimately dictate what specific D&amp;I practices will look like. Companies must assess D&amp;I responsibilities and desired outcomes for their unique organization and determine the appropriate budget.
Little to Show for Surface Level Efforts
Forbes recently reported the downfall of current D&amp;I initiatives rolled out by many firms. <a href="https://hbr.org/2016/07/why-diversity-programs-fail">Organizations spend upwards of $8 billion and have little to show for their efforts</a>. Why is this?
Recent research shows that traditional diversity programs do not alleviate the issues faced in the workplace but actually enable them. That training has been seen to reinforce negative stereotypes and commentary, effectively reducing diverse representation in the workplace and counteracting the correct mindsets employed by supervisors.
The crux is that effective D&amp;I spending requires more effort than what organizations have exerted. So, the surface level commitment to D&amp;I not only fails to generate impact, but it fails to resonate with employees. The article by LinkedIn summarizes this perfectly: <a href="https://www.linkedin.com/pulse/di-lesson-from-trenches-organizations-spend-8-billion-maureen-frank/">“Doing ‘stuff’ for the sake of doing ‘stuff’ is really obviously unauthentic for the people who work for you.”</a>
Before you open your chequebook and spend large sums of money for the sake of doing so, read this article and follow the best practices outlined. More importantly, however, ensure that you are in the right place to begin the long journey which is associated with a cultural change.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/624/1*6_cWTnBt78SKsKHLyZgl2w.png"></figure>Setting Goals and Objectives to Determine Budget
Diversity and inclusion initiatives differ significantly in companies based on different goals and objectives.
Your organization may wish to facilitate business development activities (such as workshops), holiday and culture celebrations, exploring new markets to benefit a core diverse customer segment, improve communications related to diversity, improve supplier diversity and source from minority-owned businesses, philanthropy, and many more. The list of practices that a company can engage in to address diversity and inclusion is lengthy and highly actionable.
Ask yourself what goals or objectives the company has. Does your company wish to improve diversity among employees after looking at your own statistics? Alternatively, does your company wish to benefit society by sponsoring or donating to diversity and inclusion related initiatives in the community? Maybe your company wishes to increase community appeal and organize several social gatherings and cultural diversity celebrations.
When considering the funding towards a specified D&amp;I initiative or program, your organization should look at the business case for diversity in its corporate environment. There are many reasons for creating a culture of inclusion and promoting diversity, outlined by <a href="https://diversio.com/">Diversio</a>. For example, a more diversified workforce is proven to lead to high employee productivity and retention, as inclusion is placed first and foremost among the management team.
Leaders at companies with established workplace programs related to diversity and inclusion need to support such initiatives by communicating them as top priorities to employees and the business community and by budgeting for diversity and inclusion recruitment and retention initiatives.
A study by the Society of Human Resources Management (SHRM) states that diversity-department budgets at Fortune 1000 companies average around US$1.5mm per year. The range for diversity department budgets was US$30,000 to $5.1mm.
Distributing Your Budget
Research by Catalyst states that 82% of its member companies have a specific budget for diversity programs and activities. These budgets range broadly from $10,000 to $216mm, with a median budget of $1.2mm. Almost half of the respondents reported allocating the most significant percentage of their overall diversity budget to diversity and inclusion training programs and general administrative costs.
The distribution of your organization’s D&amp;I budget is dependent on your goals, as outlined above. Distribution of the budget can be targeted to areas within workplace functions (such as by department, employee age, etc.) or by business activity (such as training, marketing, recruitment, philanthropy, etc.).
Research shows that out of 1000 companies, funds for outreach and recruiting (45% of companies) was also a large portion of the budget. 39% of companies reported that more than 25% of their diversity budget went towards general administrative costs (such as staffing and payroll for D&amp;I related staff), and 25% of companies reported that diversity marketing accounts for more than 25% of their budget.
Recruitment, Staffing, and Hiring
As mentioned prior, the D&amp;I scope and department responsibility look different for every company. Large companies may choose to hire a Chief Diversity Officer who reports directly to the CEO and oversees all D&amp;I related activities. Smaller companies tend to depend on the human resources department to the forefront of all D&amp;I initiatives.
Generally, the salaries and recruitment budget for D&amp;I purposes is dependent on the budget. The larger the budget equates to the more attributable for hiring in-house employees to promote D&amp;I related activities.
Non-Financial Expenditure is the First Step
Often, the best way to spend on D&amp;I is without even opening your wallet. Aubrey Blanche, the Global Head of Diversity and Belonging at Atlassian, reinforces the idea of raising standards, stating that “a lack of diversity is the first indication that a company isn’t a meritocracy”. Under her leadership, Atlassian <a href="https://firstround.com/review/eight-ways-to-make-your-dandi-efforts-less-talk-and-more-walk/">boosted its female technical hires by 80%, with 13.1% of all technical employees</a> identifying as members of underrepresented groups.
Blanche believes that before you even spend enormous sums of money into workshops and training, you must understand why you are doing what you are doing. You have only completed the first step once you are able to look inwards, recognize the problems, create goals, and infuse them into your company’s flesh. Only then are you able to generate the right path for your company to follow.
That path will definitely include training, but not the kind that many companies have wasted resources on. Atlassian has implemented and encouraged action-oriented training. Instead of simply informing recruiters and managers on biases that they may encounter, action-oriented training provides them with specific unconscious bias sessions that are designed to give behavioural strategies that they could use to become more objective evaluators. While many evaluation processes, if not all, are subjective, this training enables evaluators to be more conscious of that and actively look to mitigate their biases.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/624/1*vuW3CQ9dI7edDkT0ZR8W9w.png"></figure>One Diversio Recommendation to Consider
Similar to the discussion above regarding training for evaluators, consider implementing a policy for unbiased feedback training. This recommendation will teach evaluators specific measures as to how to mitigate their personal, unconscious biases. Overall, it will create a more fair and objective evaluation process.
<h3>To learn more about how you can make your workplace more inclusive, visit our website: <a href="https://diversio.com/">www.diversio.com</a>
</h3>
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=a0669d0fd424" width="1" height="1" alt=""><hr>
<a href="https://medium.com/diversio-blog/how-to-spend-your-d-i-budget-a0669d0fd424">How to spend your D&amp;I budget?</a> was originally published in <a href="https://medium.com/diversio-blog">Diversio</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

The future is inclusive.

Are you?

The future is inclusive. Are you?