Diversity, Equity, and Inclusion: Bridging the gap

The devil lies in the detail.

According to a recent study Mercer Global survey 2020, around, 74% of companies globally are reporting an increased focus on DEI (Diversity Equity and Inclusion) with 57% of these implementing diversity metrics and programs. In the ever-changing business world, diversity is how people from different genders, nationalities, races, sexual orientations, and identities make up an entity while inclusion is how contributions and perspectives of all these diverse groups are accepted, valued, and integrated into the larger eco-system. Building an inclusive and welcoming culture is integral to people having a sense of belonging and doing their best work.

Why are we talking DEI?

Sundar Pichai, CEO Google & Alphabet says, “A diverse mix of voices leads to better discussions, decisions and outcomes for every person”

Diversity, key driver of innovation: diverse experiences, perspectives and backgrounds is crucial to new ideas and innovation

Attract and Retain top talent: Employees tend to stay longer when they are heard and their opinions valued

Employee Satisfaction: Generate higher engagement, collaboration, and productivity

Competitive Advantage: Gender-diverse companies are 15% more likely to have a competitive advantage over their peers and ethnically diverse companies are 35% more likely to do the same

Better Business Outcomes: Higher retention, engagement, and collaboration among employees leads to better business growth.

Laws in India promoting D&I:

Indian Constitution prohibits discrimination on the grounds of religion, race, caste, sex, or place of birth and promotes equal opportunity in public employment. As an extension, the government is proactively making new laws and improving the existing ones:

Prevention of Sexual Harassment Law (POSH 2013): Prevention and redressal of sexual harassment at the workplace
RPWD Act 2016 (Right for Persons with Disability): Enhancement in the disability list, Incentives for Public and Private sector to at least have 5% of the workforce comprised of disabled employees
Maternity Act 2017: Enhancement of maternity leave for women from 12 to 26 weeks, 12 weeks for women who adopt or have children through surrogacy. Daycare and crèche support for women returning to work
Decriminalization of Section 377, September 2018: Homosexuality got legal approval and recognition and hence the efforts to include LGBTQ in the workforce have increased.
Assisted Reproductive Technology ART (Regulation) Bill 2021: passed in Lok Sabha for regulation of ART clinics with emphasis on not excluding single parent and LGBTQ community from using this procedure. Government to give a final verdict

Regulator, Insurers, and D&I

COVID-19 proved that irrespective of race, religion, gender, and sexual orientation we are all equal. As the pandemic increased stress, anxiety, and affected mental health across, the insurance regulator and insurers became cognizant of having insurance contracts inclusive of mental health similar to physical health.

Effective October 2020, coverages for treatment for mental illness, stress, physiological disorders, neurodegenerative disorders, and behavioral and neurodevelopmental disorders is mandatory for all health insurance policies.

Shifting benefit strategies for inclusive workforce:

Wider family definition extending coverages to LGBTQ and their dependents, live-in partners from same or opposite sex, adopted children of LGBTQ
Coverage for gender reassignment surgeries
HIV/AIDS: Coverages for treatment
Fertility Management: Including surrogacy, infertility treatments, hormone treatment for both genders
Women supportive benefits: Pre-post-natal coverages, higher maternity benefits, daycare services, addressing the underrepresentation of women in top management
Paternity, surrogacy, and adoption leaves
Addressing needs of Specially abled employees: Including all disabilities as per RPWD Act 2016
Eliminating bias in evaluation and promotion processes
Building a multigenerational and multilingual workforce
Open dialogue about gender pay inequality
Flexible work program to attract and retain a diverse workforce

Driving real change - it's time to walk the tak in the post-COVID future of work:

Globalization of business has created a competitive environment and the best way to innovate is through a diverse and inclusive workforce. Creating a high-trust workplace experience for all where people feel they belong and are cared for, by their leaders and colleagues can be one additional yet impactful way to manage a diverse workforce and achieve maximum potential.

It is our turn now to take the baton forward to our employees when it comes to implementation and action. The first step could be actively listening to both data and diverse employee needs and experiences, thereby identifying underrepresentation. Ensuring equal opportunity, experience, and pay to help drive workforce representation. When equality diversity and inclusion are present in the workplace, businesses can reap the rewards.

Promoting openness and zero tolerance for discriminatory behaviors, bullying, or harassment in any form is another way to reach the masses. Building transparency and trust by communicating goals internally, sharing results, and building diversity goals in long-term workforce planning. Another area is Unconscious bias where acknowledging and effectively addressing it proactively, would go a long way.

What are you doing to bridge this gap?

References:

https://images.forbes.com/forbesinsights/StudyPDFs/Innovation_Through_Diversity.pdf

https://www.mercer.com/our-thinking/bridge-the-gap-diversity-and-inclusion.html

https://www.worldwideerc.org/news/in-india-diversity-and-inclusion-paints-a-picture-of-opportunity