Power Equipment Australasia

DIVERSITY • Start a whole-of-business conversation about diversity, equity and inclusion. • Define and communicate a shared purpose that reflects the enterprise “why.” • Allocate financial, human capital and support that are required of similarly significant initiatives in which success is aligned with and dependent on investment, resources and perseverance. 2. What gets measured gets changed Contrary to popular thinking, most HR functions don’t know much about the talent they’ve acquired. And what they don’t know is likely far more valuable. If difference matters and increasingly leaders’ stand by the mantra that people are their greatest asset, there are a lot of assets left on the table. While seventy-four percent of organisations have DEI initiatives, only thirty-two percent have metrics in place to measure the effectiveness of those initiatives according to the Society for Human Resource Management.2 Mercer3 asked a group of twenty-six global employers what data they collect for DEI purposes. A breakdown of the data collected by percentage: one-hundred percent gender, eighty-eight percent age, forty-six percent race and ethnicity, and thirty-nine percent language. a. C ollect granular talent data across the enterprise to identify and celebrate the self-identified individuality of everyone, and recognise and acknowledge the value of these differences. b. U se data to set evidence-based policies and develop informed change aspirations. c. M onitor data trends to provide insights and validate commercial and cultural outcomes. 3. When bad habits prevent good outcomes Bad habits embedded into institutional structures will inevitably reap bad outcomes. Until leaders acknowledge institutional systems, processes and practice inequities and their inherent bias only benefit a limited few, diversity outcomes stemming from equity and transparency are unlikely to flourish. A Harvard Business Review4 article on diversity and inclusion illustrated the impact of institutional structures on DEI outcomes noting that since 1955, out of 1,800 CEOs in Fortunate 500 companies, there have only been twenty-two Black chief executives. In 2022, there were only five Black CEOs in the Fortune 500. Similarly, in the legal profession where Black men and women lawyers remain underrepresented at the partnership level, representation resulting from institutional structures is at 1.36 percent and .86 percent, respectively.5 a. Conduct an external audit of institutional systems, processes and practices to measure and benchmark current equity, transparency and innovation against future diversity targets; b. A ssess and remove structures that obstruct equity, transparency and innovation; c. R ebuild systems, processes and practices to ensure diversity-based integrity. 4. Break up to make up a culture of inclusivity and belonging A culture of diversity and inclusion is defined as promoting a workplace in which no one is disadvantaged because of their gender, race, ethnicity, sexual orientation, religion, or nationality. But if enterprises aspire to become truly inclusive and belonging, they may need to break up with their current culture to transform into something completely different. Leaders must be willing to disrupt today’s business as usual to reshape the future in a new image to achieve diversity attraction, engagement and retention outcomes. Research conducted by WebMD6 found that nearly three-quarters of employees want to work for organisations who place a high value on diversity, equity, inclusion, and belonging. A Deloitte Global Human Capital Trends7 study highlighted a statistically significant relationship between diversity practices and employee engagement at work, for all employees. Deloitte’s research illustrates that employee perceptions of their organisation’s diversity practices are directly related to their levels of engagement. Seventy-six percent of millennials would leave an employer who did not offer DE&I initiatives according to a 2022 Ernst & Young US Generation Survey.8 a. Educate and credential those accountable for leading diversity initiatives to ensure capability and competence support culture and commercial goals and objectives. b. E ngage the whole of business in the diversity journey not only to confirm the current state, but also agree to own a part in reshaping its future. c. I mmerse the enterprise in multi-platform transformation initiatives including culture, talent acquisition, performance, digital classroom and communication. 5. There are no happy DEI accidents that return a performance dividend Successful diversity initiatives are purposeful, JANUARY - FEBRUARY 2024 | POWER EQUIPMENT AUSTRALASIA | 25

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