03 Jul 2023
Three Steps to a Successful Diversity and Inclusion Journey: A Data-Driven Solution for Business-Focused DEI
Actively promoting diversity, equity, and inclusion (DEI) not only expands an organisation’s talent pool but also significantly enhances its brand and improves employee retention rates. Employers that prioritise diversity and inclusion in the workplace experience remarkable benefits.
According to Nicole Robinson, Associate Partner at McKinsey & Company, their research demonstrates that racially diverse companies are 35% more likely to outperform their less diverse counterparts. Moreover, companies with strong female representation are 25% more likely to outperform their peers from a gender standpoint.
In the United Kingdom, the ONS UK Labour Market Bulletin reported that between February and April 2023, 72.3% (approximately 15 million) of women aged 16 and over were employed. Additionally, the March 2023 breakdown of the working population in England and Wales by ethnicity, published by gov.uk, revealed that 80.7% (30.2 million) were white, 10.1% (3.7 million) were Asian, 4.4% (1.6 million) were Black, 2.5% (0.9 million) had mixed ethnicity, and 2.3% (0.8 million) belonged to other ethnic groups.
These statistics indicate a substantial talent pool comprising millions of workers who are either female, have an ethnic background, or both. It represents an opportunity to diversify industries and promote DEI within organisations. Here’s how:
Step 1: Data-Driven Hiring
The first crucial step towards promoting DEI is integrating diversity and inclusion into the hiring process. Companies need to ensure that diversity and inclusion are core considerations when recruiting new talent. By leveraging the power of big data and proprietary business intelligence, companies can effectively implement this step. The mnAi platform offers algorithms that assign gender values to all UK companies, officers, and shareholders in real-time. This allows businesses to track and measure the impact of disadvantaged or minority groups. Additionally, ethnicity values are attributed at a company level and regularly updated, providing insights for identifying and supporting female and ethnic minority-led founders and companies.
Step 2: DEI-Aware Investments and Deal-Making
Simultaneously, companies must ensure that they engage with other EDI-aware businesses. This step involves fostering partnerships, collaborations, and investments with organisations that share a commitment to diversity, equity, and inclusion. Through the use of data-driven insights and platforms like mnAi, businesses can actively identify and engage diverse-led companies, leaders, and founders. By integrating DEI considerations into their investment and deal-making processes, organisations can contribute to a more inclusive business ecosystem and promote diversity across industries.
Step 3: Meaningful Mentorship
The third step in implementing a meaningful DEI policy involves establishing mentorship programs. Mentorships play a crucial role in supporting employees from diverse backgrounds and promoting their professional growth and development. In this step, the data provided by the mnAi platform becomes instrumental. Leveraging mnAi’s insights and data on diversity within organisations, including gender and ethnicity values assigned to UK companies, officers, and shareholders in real-time, organisations can identify potential mentors and mentees from underrepresented groups. This ensures inclusive mentorship programs that address the specific needs and experiences of diverse employees. By utilising mnAi’s data, organizations can connect mentors who are committed to diversity and inclusion with mentees from diverse backgrounds, fostering a supportive and empowering environment.
These initial steps towards DEI success not only offer clear benefits but also foster a focused and enthusiastic workforce that embraces diversity and inclusion as its core values.
To experience a personalised, interactive demonstration of how the mnAi platform can help your business achieve its DEI ambitions, please call us at 020 3151 6624 or email our team at email@example.com.