Still another decade has passed, and we find ourselves entering the 2020s. To be certain, it is a world that is different than it was. With all the time accelerating shifts have happened in a brief amount of time.
One of those shifts has been an increase in organizations focusing on equity diversity and inclusion. In accordance with the “2019 Diversity Value Index Benchmarking Report,” compiled by Human Capital Media’s Research and Advisory Group, organizations are devoting more funds than ever to diversity plans, whether through enhanced funding or staff numbers.
The”2019 Diversity Value Index Benchmarking Report” combines the results of the 2019″Diversity State of the Business” survey with demographics advice from our Talent Tracker data service.
According to the report, approximately 70 percent of surveyed organizations possess a diversity feature, if centralized (33 percent), cross-functional (22 percent), ad hoc or casual (11 percent), or decentralized (5%). Seventeen percent have no diversity purpose and no plans to create one, although the remaining 13 percent don’t have one currently but are either developing or planning to develop one in the next 12 to 18 weeks.
The questions in previous surveys were asked differently enough that tendencies in this field are hard to compare although the DVI has appeared since 2012. But in Deloitte Insights’ “2017 Global Human Capital Trends” report, 69 percent of respondents rated D&I a significant problem, up from 59% in 2014. Also, the proportion of executives that cited inclusion as a top priority rose compared with the 2014 survey. And at the latest 2018 and 2019″International Human Capital Trends” reports, Deloitte has focused on the rise of the social enterprise. In reality, if CEOs were asked to rate their most important measures of success in 2019, the top problem they cited was “effect on society, such as income inequality, diversity, and the environment” (Figure 2).
Presently, most organizations recognize their job is cut out for them. They are figuring out how to estimate the effect of their D&I programs and determine what success looks like. One reason that may be, according to the white paper, is that D&I work is never truly finished — “Profession diversity” is an ongoing process that doesn’t stop at worker parity.
Research can enhance functionality and innovation and has demonstrated that having diversity at all levels of an organization is financially beneficial to business. This information is not new. And the 2019 DVI report creates a powerful argument for D&I as a good contributor to business performance. But based on the study of Deloitte, it appears that focusing on improving D&I efforts and having a diversity purpose would also be part of a bigger picture effort by organizations to boost connection and their impact.
The following decade will undoubtedly bring unforeseen changes. But one thing appears clear: we can look forward to more focus on the human component As we move ahead.