• FWX Mar qtr 2024  78.3
  • FWX yr-o-yr  3.66
  • FWX qtr-o-qtr  2
  • ASX 200 Boards years to equality  5.6
  • Underemployment years to equality  19.9
  • Superannuation years to equality  17.7
  • Gender pay gap years to equality  23.3
  • Employment years to equality  25.6
  • Unpaid work years to equality  45.5
  • Education years to equality  389

Progressive actions by companies on DEI

Financy shares some of the more progressive, yet simple actions that global companies are taking on diversity, equity and inclusion.
Financy
July 8, 2024

In recent years, globally progressive companies have been at the forefront of implementing meaningful Diversity, Equity, and Inclusion (DEI) actions.  It’s time to share some of the strategies they are using.

1. Comprehensive DEI Training Programs

Leading companies are implementing comprehensive DEI training programs to educate employees at all levels about unconscious bias, cultural competence, and inclusive leadership. For example, Google and Microsoft offer extensive DEI training that includes modules on bias awareness, allyship, and creating inclusive environments.

2. Inclusive Recruitment Practices

Progressive companies are overhauling their recruitment processes to ensure they attract a diverse talent pool. Salesforce and Intel have committed to increasing representation of underrepresented groups by setting specific hiring targets and using diverse interview panels. Additionally, they have implemented blind recruitment processes to minimize bias.

3. Employee Resource Groups (ERGs)

ERGs are becoming increasingly more common because they play a crucial role in fostering an inclusive culture. Companies like Procter & Gamble and Johnson & Johnson support numerous ERGs, which provide a platform for employees to connect, share experiences, and drive DEI initiatives. Many ERGs meet monthly and often focus on areas such as race, gender, LGBTQ+ identities, and disabilities.

4. Pay Equity and Transparency

Ensuring pay equity is a significant step toward fostering an inclusive workplace. Adobe and Salesforce have conducted company-wide audits to address pay disparities and ensure transparency. These audits help to identify and correct any inequities in compensation, ensuring fair pay for all employees.

5. Leadership Accountability

Top companies are holding their leaders accountable for DEI outcomes. Apple and Coca-Cola have tied executive compensation to the achievement of DEI goals, ensuring that leaders prioritse and deliver on these commitments. This accountability ensures that DEI is embedded in the company’s strategic objectives.

6. Inclusive Product Development

Creating products that cater to diverse customer needs is another area where companies are making strides. Google and Microsoft have developed products with built-in accessibility features, ensuring that people with disabilities can use their technologies effectively. This inclusive approach extends to marketing, ensuring diverse representation in advertising and media.

7. Support for Mental Health and Wellbeing

Progressive companies are prioritising the mental health and wellbeing of their employees. This is becoming increasingly more important in Australia in light of relatively new Workplace Health and Safety requirements around psychosocial hazzards. Unilever and Deloitte have introduced comprehensive mental health programs that provide support through counseling, mental health days, and wellness initiatives. These programs are crucial in creating a supportive and inclusive workplace environment.

8. Community Engagement and Social Responsibility

Engaging with the community and supporting social justice initiatives is a hallmark of progressive companies. Ben & Jerry’s and Patagonia are known for their activism and support for social justice causes. These companies not only advocate for DEI within their organizations but also in the broader society.

9. Data-Driven DEI Strategies

Using data to drive DEI strategies helps companies to measure progress and identify areas for improvement. IBM and Accenture use sophisticated analytics to track their DEI metrics, which include employee demographics, retention rates, and engagement levels.  This data-driven approach allows them to make informed decisions and continuously improve their DEI efforts.

 

Financy covers gender finance, diversity, inclusion and ESG issues. We advocate for gender equity change through the Women’s Index report and help businesses take action on DEI through tech solutions like IMPACTER.

 

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Financy
July 8, 2024
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