Building Your Business Case for DEI
While there is a lot of research detailing the benefits that come from investing in DEI initiatives, it can be overwhelming to figure out which ones make the most sense for your organization to go after. Here is a step-by-step guide to help you get started.
To start, remember there are many financial benefits to investing in DEI, including those captured here:
Then, think about the impact you're looking to have. Do you have a small group of individuals you want to focus on, or are you looking to impact your whole organization? Do you need to have a financial return from this work, or is that less important? This sample matrix shows how you can think about the trade-offs between different types of initiatives:
Next, look at the different ways you can measure the elements of DEI. Remember, DEI has both internal AND external benefits! Think about both quantitative and qualitative benefits - both are important:
Finally, bring it all together starting with your desired outcome. Start with something that can be tightly defined with an easily measured impact. Utilize research available online from sources like McKinsey, Bain, The Bureau of Labor Statistics and Gartner to give you benchmarks and industry insights. Report out on your progress regularly to leadership and to the broader organization to build momentum and excitement.
Here are three examples:
At the end of the day, what is most important is that you craft a DEI business case specific to your organization's culture and business model. Round this out with a handful of metrics to track, and then use data to tell the story of the goal you want to achieve, why you want to go after it, the progress you're making and how everyone can help the organization achieve its goals. You'll be in great shape for 2024!
We LOVE to help our clients define their DEI goals and business cases! Contact us anytime at hello@equity-at-work.com.
Sign up to receive our newsletter in your inbox and get DEI insights from Equity At Work first.