The new fancy acronym that has taken the job landscape by storm is DEI. Not a day goes by without it being discussed in both electronic and print media, but what is DEI? Why does it matter? And what are some of the ways to better implement it? Also, what are some best tools to assist in facilitating DEI at the workplace? These and more would be discuss in the subsequent paragraphs.
DEI is an acronym for Diversity, Equity, and Inclusion. DEI For Employee came as a result of discrimination and unfair treatment against certain groups, particularly minorities, at the workplace. In the past, employers and employees failed to recognize the differences in race, religion, psychological, physical, cultural, abilities, disabilities, sexual orientations, etc, even though they existed. This led to the marginalization at the workplace of employees who thought and behaved differently from other employees. It adversely affected the victims of such discrimination and their productivity which in turn affected the organizations as well. Therefore, a policy, known as DEI, was introduce to acknowledge the individual strengths and weaknesses of each employee and to harness them towards the growth of both the employees and the organizations. Initially, it used to be DI which was Diversity and Inclusion, but it was quickly realized that though it was a great idea, it lacked an essential ingredient. This is because employees were not satisfied and employers were not getting maximum output from their workforce. So, after research, it was discover that there was a large disparity between the salaries of people of different genders, orientations, and races though they performe similar tasks. Therefore, a third force was introduce which was equity and that was how DEI was born.
‘D’ in DEI stands for diversity which seeks to recognize all the diverse beliefs, cultures, races, ethnicities, abilities, disabilities, sexual orientations, religions, etc. that can exist at a workplace. Diversity can also include people with or without kids, people of different ages, or even people with different sports preferences. These people may have differences of opinion and may have strong disagreements, but diversity ensures that all their voices are heard and recognized. Diversity in DEI ensures that these differences are acknowledge in the formulating of company policies, products, and services. Once people feel their voices are heard and differences recognized and included in decision-making, they are invigorate and energize to contribute their best to the welfare of their organizations. Diversity in the Workplace improves the productivity as well as the fortunes of the organization.
However, diversity does not magically happen. It takes a conscious effort as humans are naturally biased and will tend to align with people with whom they share something in common. Thus, organizations need to put a lot of effort and some money into the promotion of diversity within DEI at the workplace.
To improve workforce diversity and management the following steps can be implemented, albeit in no particular order.
Diversity in DEI ensures that minorities are not marginalize. But are recognize and given a voice in the running of the organization.
The ‘E’ in DEI stands for Equity. People of diverse backgrounds have unequal opportunities and an unequal playing field. It is therefore unfair if they are given the same treatment at the workplace. For example, someone who studied in an Ivy League school has an advantage when it comes to the same employment opportunity, over others who went to less privileged institutions. DEI recognizes such inequalities and encourages employers to inculcate such diverse backgrounds into their recruitment process to ensure fairness. According to WHO, though women form the majority of health workers (70%) only a handful are found in leadership positions due to various bottlenecks that impede their progress up the ladder. Eliminating these bottlenecks can guarantee that more women are found in leadership positions where they can provide valuable insights into the smooth running and excellence of their workplaces. That is what equity in DEI represents. Equity considers the diversity at the workplace and tailors tasks and reward systems to suit everyone’s strengths and weaknesses.
Pay equity within DEI has also been champion in recent times. It was introduce to close the big gap between the salaries of employees who do the same work. However, pay equity is not enough because external factors can cause it to increase inequality at the workplace. This is because it doesn’t take into account other factors that affect communities of color. So, companies that are serious about pay equity within DEI. Need to go a step further by addressing all the external factors that affect communities of color. That is where our GuardianWealth all-in-personal finance app comes in. This app seeks to tackle all the barriers that hinder communities of color from building wealth thereby leveling the proverbial playing field. Thus, our app ensures that equity in DEI serves its true purpose of giving equal pay for equal work to whoever deserves it regardless of the employee’s race or gender. For the best experience when it comes to paying equity in DEI try our GuardianWealth all-in-personal finance app. However, pay equity alone cannot solve the problem of inequity in the workplace.
More often than not, people equate equality with equity. Equality is the provision of equal opportunities for every employer at the workplace. However, equality can create inequity because minorities such as people of color have barriers that inhibit them from fully accessing the equal opportunities provided. Equity in DEI, on the other hand, is removing the barriers that impede people of color and leveling the playing field so that no employee has an advantage over the other. For example, people of color have to pay twice the loans of white people. This means the economic impact on their salaries is not the same as the whites who then can easily build wealth while people of color struggle to even save, even if they take the same salary. This is where GuardianWealth’s all-in-one personal financial app comes in. We provide you with a digital personal finance guide that is accessible and at your fingertips. It has a highly customizable financial literacy program that will consider your peculiar needs and plan the perfect route to financial freedom. Our budget planner helps you to plan an effective budget while our savings plans help you to put some money aside for both investments and emergencies. Our various investment strategies help you build a diversified portfolio and maximize your returns while minimizing your losses.
The ‘I’ in DEI stands for inclusion. Inclusion follows naturally after recognizing the diverse backgrounds in the organization and having an equitable workplace. All workers, regardless of their positions and departments, should feel a part of the organization. Employees who are made to feel excluded tend to keep their opinions to themselves which might harm the interests of the organization. They also tend to become lackadaisical complainers who secretly hate their jobs and criticize management decisions. An organization that doesn’t implement DEI by excluding its employees in its running is a recipe for disaster. Employees would likely move to workplaces where their opinions are heard and diversity celebrated.
Organizations that have implemented DEI in the workplace have reaped a lot of benefits like employee satisfaction and retention. These organizations have experienced remarkable growth because their employees are happy with work. And give off their best to ensure the success of the organization. If you need help with implementing DEI at your workplace, then be sure to use our GuardianWealth all-in-personal finance app.