Each year, new and reoccurring social issues captivate the country, sparking long-overdue conversations and inspiring calls to action. Because of this, DEI leaders are expected to be poised to adapt their strategies to best support their teams in real time. As the social impact landscape continuously evolves, it's fundamental that we are receptive and welcoming of the progressive changes that lie ahead. With 2023 well underway, there are a handful of prominent topics that will likely lead the DEI conversation.
Environmental, social and governance (ESG) considerations may have a significant impact on an organization’s reputation and ability to attract both employees and customers. This makes it an important area of focus for business success in 2023. At Momentive, we conducted a study that found younger consumers are especially invested in the social aspect, with nearly half of the respondents aged 18 to 34 citing it as their top concern in ESG.
Companies that support social and environmental causes are more appealing to current and potential employees. It's now become the expectation that leaders bring social issues to the head of the table. The 2021 Workforce Happiness Index found that 78% of workers want employers that value DEI. Therefore, DEI strategies and initiatives are more important than ever for organizations that want and need to stand out in increasingly competitive markets.
While corporate social responsibility (CSR) has become a standard metric for companies, social impact is not always the primary goal. Addressing this properly begins at the structural level. DEI leaders must equip their managers with the necessary tools to create an inclusive environment, as well as encourage them to build teams that consciously, systemically and sustainably serve local and global needs.
CSR may not seem like it would have a direct impact on employees, but a white paper from CR Strategies found that it's the third most important driver of employee engagement. This in turn improves retention. Giving employees a platform to have open discussions about the issues most important to them will allow engagement and enthusiasm to skyrocket.
The dialogue around diversity and gender identity is broad and expanding, and it will continue to change throughout 2023 and beyond. The words and labels that we use to define ourselves matter, which is why it's vital that organizations understand how to engage with them. Leaders must keep a steady pulse on how their workforce talks about gender diversity.
A 2022 SurveyMonkey study found that, as overall awareness of gender diversity continues to rise, surveys that present more than two gender options have increased from 16.4% to 64% in the last 10 years. The options are getting more specific as well, replacing the initial option of "Other" with "Nonbinary."
This is a relevant reminder that when it comes to gender and gender diversity conversations, leading with understanding and respect is critical. While our language may change, our core value to elevate, respect and honor all voices within our organization will not.
Leaders must be intentional about how they create their DEI strategy in 2023, and a key component is realizing the value of data. While many organizations already have the foundational data required to create a concrete strategy, it's commonly underutilized. Data is an extremely powerful tool that can be used to understand the systemic impact that employees have on experiences through their life cycle. It can also be used from a social impact perspective to identify opportunities for volunteer work, philanthropic efforts and sustainability.
To achieve and surpass HR, DEI and social impact goals, leaders need to regularly review the insights they have access to. For example, encourage colleagues to educate themselves on your company’s history to better identify how previous wins and roadblocks might affect future success. Ask them to assess strategies on a healthy cadence, such as monthly, quarterly and year over year.
As new social and societal issues rise to the surface, and older ones continue marching forward, keeping a close pulse on these trends and how they'll shape the DEI conversation will be critical. Organizations must make sure they're equipped to handle these topics with skill and empathy. That's the way we all succeed.
Credit: Forbes - Article published on March 7 2023