Actions Speak Louder Than Words in DEI

In their most recent research publication, Corporate Transparency in DEI Reporting Brief, Women Business Collaborative (WBC) analyzed public data from company websites and DEI, ESG and EEO-1 reports from 553 companies including Fortune 500 and other public and private companies. Overall, WBC found that approximately 90% of companies shared some data around gender diversity in their workforce proving that DEI is, and will continue to be, a strategic business priority going forward. 

Data analysis by WBC shows evidence to remain optimistic:

• Companies are holding themselves accountable through transparency and benchmarking

• More and more underserved populations are being recognized

• Companies are focusing on attracting, retaining and promoting their women

• More CEOs are supporting DEI initiatives creating a company-wide trickle down effect

Great strides are being made in transparency as stakeholders, investors, consumers and employees alike are demanding accountability with equity and inclusivity. But, transparency also exposes the work that still needs to be done. WBC shares 10 ways actions can speak louder than words when it comes to DEI best practices: 

• Commitment from the top: CEOs should continue making public commitments to DEI through data transparency and company wide goals and targets.

• Ongoing measurement and goal setting: Companies have added new ways for employees to self-identify and are measuring representation and growth of underrepresented groups. 

• Pay Equity: Companies should conduct third-party annual reviews and make adjustments to ensure a living wage and close the gap for pay discrepancies. 

• Career/Leadership Development: 58% of companies surveyed have networks for women, such as ERGs and/or mentoring to encourage inclusion and development. This means that 42% are not offering these support networks.

• Employee Benefits: Companies are prioritizing well-being, work-life balance and flexibility, however “only 5% publicly share that they will support reproductive and/or gender-affirming healthcare.” 

• Transparency on Recruitment, Retention and Promotion: Top companies are promoting from within as well as expanding the ways in which they source talent to include underrepresented groups.

• Employee Engagement: Companies need to seek continuous feedback through pulse surveys and annual engagement surveys and implement programs designed to increase employee belonging and engagement.

• Supplier Diversity: Companies should strive to spend their dollars with underrepresented and diverse suppliers and publicly share their growing spending targets with women and minority owned businesses. 

• Community Engagement and Investment: The best companies focus on initiatives that make the greatest community impact.

• Advocacy: Companies should protect the health, safety and rights of employees and the communities they serve.

To download the full report, visit: https://www.wbcollaborative.org/wbc-dei-snapshot/ 

Sources:

https://www.wbcollaborative.org/dei-snapshot-executive-summary/#detailedfindings