On 13th January, the Centre for the New Economy and Society Global Parity Alliance of the World Economic Forum published the Diversity, Equity, and Inclusion Lighthouses 2023 Insight Report in collaboration with McKinsey & Company.
The Global Parity Alliance launched the DEI Lighthouse Program to identify initiatives that have resulted in meaningful and long-term DEI impact. The report pulls out 5 common factors which are instrumental to a company’s DEI success. It brings into focus what works in having an impact.
Here we explore the key findings from the report, and how they can be applied to SocialMarks.
Understanding of root causes
Root causes of issues in DEI are specific to different sectors, different companies, and different stakeholders. By understanding root causes in your company, you can then understand the DEI areas that need to be addressed. This starts with analysis into the organization through data analysis to identify problems and their causes. Different issues may be identified, and it is important to prioritize which need immediate action.
SocialMarks can help – we see where you currently rank and what data you publish. With this, we can help you to identify the areas that need to be addressed.
Meaningful definition of success
After prioritizing an area to work on, clear goals must be defined, for both the short and long term. It is important to highlight the driving force behind particular goals and align these with what motivates employees to support these goals.
In our SocialMarks database, 40% of companies report any diversity targets – including employees of color, LGBTQIA+, employees who are veterans, and employees with a disability. Companies receive recognition for having diversity targets which are quantifiable strategies to increase the number of employees or improve the working experience of employees in these groups. Companies with targets tend to have more diverse teams and this leads to benefits such as stronger business results, improved performance, new and different perspectives, and increased employee engagement.
Accountable and invested business leaders
To be successful, initiatives and goals need the support of executive management. This can be achieved by making DEI goals a business priority and allocating resource accordingly. It also creates a sense of accountability to achieve targets. If those at the top have a vested interest in DEI issues, it encourages people at all levels to prioritize in a similar way.
Solutions designed for context
Here, creating solutions to address the identified issues comes in. Solutions must integrate with current ways of working. Employees should be included in the process so that they are aware of any changes and can contribute to meaningful change.
We see SocialMarks as the solution. SocialMarks is at the forefront of combining data, technology, insight, and benchmarking for clients to ultimately help them improve. DEI is an integral part of the ‘S’ within ESG and by providing solutions to improving DEI, we can help to make meaningful change.
Rigorous tracking and course correction
Measuring progress is crucial to seeing how effective solutions are and then altering them accordingly. This involves defining KPIs and tracking progress at regular intervals.
This is what we do at SocialMarks. SocialMarks data is live – which makes it easy to see where you currently sit and as you progress, you can track this against your competitive set.
Read the full Diversity, Equity, and Inclusion Lighthouses 2023 Insight Report here: https://www.weforum.org/reports/global-parity-alliance-diversity-equity-and-inclusion-lighthouses-2023
Contact us at SocialMarks today: https://www.socialmarks.com/ to book a demo.