Unlocking Success: How DEI Drives Business Excellence
In this week's Hanover Talent Insights:
✨ Balancing DEI externally and internally
🌈 Benefits of a diverse talent pipeline
💼 People Risk - What is it and why is it important?
💻 FREE one hour masterclass - The Perfect Executive CV for Financial Services
DEI 2.0: Thinking through our internal and external impact
Over the last quarter, I have found myself engaging in conversations with a lot of clients about their Diversity, Equity & Inclusion agenda and ways to support their efforts. However, repeatedly, with the exception of some, there are shared challenges that present themselves:
“We don’t have a lot to spend on DEI”
“It sits with HR”
“Our leadership have delegated DEI to us to do something about”
I am not criticising the above because different people will argue that “best practice” for some is not “best practice” for others but what I have observed is a lack of understanding about what needs to be done to set organisations up for success when it comes to DEI.
You do need a budget and you do need to be prepared to invest in the agenda because it is part of your whole business
DEI is a whole business accountability, not something that sits with HR alone
Leadership has to role model and set the tone for the business to follow like they would do ordinarily. Why would this agenda be different?
That said, there is also one stark observation I have made. When serious about DEI, there are fantastic initiatives in abundance within organisations. The focus is entirely internal. I have to question why so many businesses are unintentionally only focusing on looking inwards and not looking outwards as well. This is clearly the next step for DEI and version 2.0.
Continue reading to find out how best to balance DEI internally and externally
Why do diverse talent pipelines enhance performance?
It’s simple: a diverse workplace culture attracts more talent and enhances the overall performance and adaptability of an organisation. But simply hiring external talent from underrepresented backgrounds isn’t enough. If that’s all you’re doing, you’re missing the diversity of talent you already have in your business.
For example, a recent diverse leadership programme we designed and delivered saw us increase confidence levels in participants by over 60% when it came to applying for more senior roles with a third of those getting promoted to date.
To drive real business success, you must implement robust succession planning and nurture the diversity you have to become your future leaders, as we did with the diverse leadership programme. This will help you create a culture that thrives on the richness of the varied perspectives, skills and experiences diversity brings.
When you prioritise a diverse talent pipeline, you lay the groundwork for financial success, enhanced innovation and better competitiveness.
So why, in 2024, are we still seeing a lack of diversity in senior positions?
People Risk - What is it and why is it important?
Managing people risk is crucial for safeguarding your organisation’s interests, fostering a positive work environment, and ensuring business continuity. It involves addressing workforce-related challenges, building trust, and promoting long-term success.
We recently surveyed multiple c-suite executives on people risk and the potential challenges stemming from workforce-related factors.
We asked about three key people risk areas that our clients consistently talk to us about: Employee Engagement | Diversity, Equity, and Inclusion | Working Arrangements.
Want to read our full report and learn how you can mitigate risks? – You can DOWNLOAD IT HERE
If you'd like to discuss this topic further or find out how Hanover can help you, then please contact either Brent Herman, Elle Robinson or Clinton Poore who will be happy to help.
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