Tech is essential to D,E&I success
According to Workday.
Why You Should Care
76% of businesses have funds budgeted for D,E&I initiatives, according to Workday.
But current D,E&I strategies are lacking.
Here's why technology plays a significant role in enabling and improving D,E&I.
Amid the ‘Great Resignation’, which has created a need for businesses to prioritize retention, diversity, equity and inclusion (D,E&I) is at the forefront of employer and employee concerns.
In this context, Workday surveyed over 3,100 global HR professionals and C-level business leaders, and shared some advice on where organizations should invest around D,E&I.
41% of respondents stated the main business case for D,E&I is employee wellbeing, followed by attracting and developing talent (40%), and improving employee engagement (38%).
With Workday’s GVP Northern Europe and South Africa, Michael Douroux telling UNLEASH: “The report highlights how businesses are recognizing that attracting, hiring, promoting, and retaining diverse talent not only fosters inclusivity, but also aids productivity and boosts business outcomes.”
That said, 39% claim there is no existing strategic approach for diversity, equity, inclusion and belonging. So, how do companies proceed and improve going forward?
Address today’s D,E&I landscape
When it comes to age, gender, sexuality, race and ethnicity, socio-economic backgrounds, and accessibility needs, 36% of respondents told Workday that diversity is recognized, valued and celebrated within their organization. Whereas 18% state there is not enough focus on D,E&I in their organization.
From Workday’s findings, it’s evident that companies are making funds available to invest in D,E&I, with 76% already having a budget for D,E&I initiatives, and 35% expecting to increase in D,E&I investment over the coming financial year.
The report suggests that funds aren’t organization’s main D,E&I challenge, data is (60% of respondents noted this to Workday). There also seems to be a lack of trust regarding the DEI data that is currently being produced.
The top three reasons for lack of trust in D,E&I data are data privacy and regulatory compliance issues (39%), lack of relevant technology (33%) and ineffective internal employee communication (30%).
Meaning the real obstacle is businesses failing to measure the impact and perceived business value of D,E&I. Workday concluded data must be complete, actionable and reliable.
In order to produce D,E&I goals that are measurable, new systems are required. As Douroux puts it to UNLEASH: “More than half of businesses and HR leaders surveyed say that they need new systems and software in order to effectively measure the impact of their DE&I strategy.”
Ultimately, the answer to organization’s problems is technology. According to Workday, what’s needed is D,E&I-focused technological solutions for monitoring, tracking, and reporting on progress.
As Douroux concludes: “It’s essential that companies invest in the right technologies in order to meet the rapidly changing demands of businesses where D,E&I is concerned.”
For a look at our exciting line-up, check out the talent speaking at UNLEASH America 2023.
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Staff writer, UNLEASH
Matt’s HR roots run deep, as he spent 15 years working for the NHS, in roles across payroll, HR and finance.
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