If we look at the work of intentional diversity, equity, and inclusion (DEI), we can actually use DEI to directly affect risk management capabilities. Many people see DEI as a “good thing” that promotes moral and social awareness within Future Business Ideas. However, this is indeed a strong and vital way to reduce risk in the market, especially through the lens of credibility, a biased process, evaluation and testing and learning experiences, and the continuous development of DEI strategy.
1. Reputation error
If you don’t address DEI issues directly or intentionally, reputational factors can be at stake. This is especially true in the current political, commercial, and social context. We’ve seen in recent months how not addressing DEI or sharing your views on inequality in society can affect public perception and the bottom line of business.
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On the other hand, small businesses – especially small women or minority entrepreneurs – have to work very thin. This means that you may not have large systems and complex processes. The benefit of this is that even though you are small, it does not mean that you have to act and think like a small business. We can reduce the risk in different ways.
When businesses innovate, build their brand and strive to grow, it requires a strong reputation for reliability and quality product service.
From a consumer perspective, if you make a mistake in the DEI space, people can actually criticize and investigate the business’s efforts. Brands may not miss a mark until their homework assignment to understand something is not offensive or tasteless.
Sometimes there is a notion that people are only interested in ‘Big Box’ brands or corporations. However, the same thing applies even to a small business that may not have a brand history in its brand. The last thing you want is for something to happen because you just didn’t pay attention through the DEI lens and you went into an area where the brand is very insulting or damaging.
From another angle, it’s difficult to get the best talent at the moment. Talented employees have employer options and want to work for a reputed brand where everyone is fair, inclusive and practices preaching.
In short, for many companies and organizations, the entry point to DEI is for personality reasons. They want to be on the right side of the conversation. This not only creates value for humankind but also value for business and reputation.
2. Systems and processes
To resolve DEI, you need to look at systems, procedures, policies, and culture. Another way to solve business risk is to resolve process bias. We don’t talk much about “process prejudice” because we are used to resolving “human prejudice”.
Through DEI lenses, you can operate various business processes such as how to hire employees, how to secure suppliers, how to hire, and how to market.
Take the time to audit the process to see what’s missing about DEI.
As an example, I’ve noticed that the hiring process is often biased. Some companies consider it sufficient to post job listings on their website or on some job sites such as Indeed and Monster. And their idea was to do it, and they now put it out there for fair public consumption.
In fact, that perspective is biased. It takes much more deliberate effort and strategic planning to bring about a diverse offering of candidates. You need to take the time to build partnerships with diverse organizations, leaders, and communities that are underserved and accessible to undervalued people.
You want to make sure that the lens is guided by DEI considerations, no matter what your business process is. It’s a good idea to have a checklist of important considerations when considering the various processes, including:
Is this a solution to cast a wide net and ensure that it accommodates a wide variety of components?
Is there any way to be accountable even before I take this position?
Are you confident that your recruiting manager has done due diligence to create a diverse pool of applicants?
Does this process evaluate fairness and resolve existing unconscious biases?
By assessing process bias, you can better recognize and fix problems and better integrate DEI practices.
3. Utilization of evaluation and audit
By leveraging assessments and audits across your business or organization across processes, you can identify where dangerous DEI behavior can occur in your business and modify your course.
These assessments can be done in a variety of ways. This includes employee engagement surveys, stay interviews or one-on-one conversations with various business leaders and employees. You need to collect specific data about employee satisfaction and use it to plan strategic decisions.
Even in the startup world, one of the key elements is a stay interview. People often do “leave interviews”, but why not include a stay interview to help ensure that people stay in your business?
- For a stay interview, you can ask the following questions:
- What is the reason for continuing to work here?
- What is drawing you into our culture?
- Do people feel psychologically safe?
- Do you have any special accommodation that you think you need?
- Do you think we can do it differently in order to reach our goals and be able to do it at a higher level?
- What are you looking forward to when you come back every day?
- What do you change about your job?
- What will make your job more satisfying?
- What talent do you want to use in your current position?
- What can I do to best support you?
- Do you feel that you are seen and supported as an individual?
- If your culture and environment are vulnerable to people and are willing to share some of their challenges, this can be a problem for both employee productivity and well-being, and your relationship with the company. May bring.
For example, if an employee has special accommodation (perhaps a parent of a special needs child who needs to see a lot of doctors), such as an invisible disability or display problem, then it is a team or Some people hesitate to share with their employer. Because they are afraid that the employer may not be committed.
We want to create a culture and environment where people can feel at their best and genuine. If people are obscuring part of themselves, they are not manifesting themselves as perfect.
Asking these questions on a daily basis can create a more comprehensive culture and experience for team members. Also, if you encounter a problem, you can raise the issue and fix it. The goal is to open communication for people to share what their needs are, what their potential barriers are, and how they best support them. Leaders can then try to meet those needs.
4. Continuous strategic DEI learning and development experience
People can understand the structure and purpose of DEI if they can continue to provide opportunities for strategic learning and development. This reduces the risk of non-comprehensive perceptions, reputations, and common business practices.
We encourage you to create a multicultural engagement strategy. Without a multicultural engagement strategy, there is no growth strategy. People are more likely to use their thinking, knowledge, and skills in the work they do within their organization when they feel they are seen, heard and valued.
Through continuous learning and development, you can connect the elements of accountability. Without coercion, it is not enough to say, “This is DEI’s expectation.” When talking about training, awareness, and exposure, you can actually see these actions and ideas come to fruition through some form of continuous accountability.
Continued learning and development experience can also help support your infrastructure. Infrastructure is a big part of DEI work. Part of managing business risk is to be thoughtful and deliberate about the types of actions that build the right infrastructure within your business.
Don’t just grab the product manager and say, “Hey, can you pay attention to DEI?” Make sure you have the right resources and framing to succeed at DEI, whether you hire a consultant or coach. As a wise business person, don’t assume that you know how to strategically integrate DEI into your organizational culture.
You need the right human capital, the right financial capital, and the right infrastructure.
DEI is suitable for business
America is changing faces. We will soon find ourselves without a racial majority. Unless people now find a way to attract and appeal to a multicultural audience, they will not have a workforce in the future. DEI is a strategic advantage and we must consider it appropriate to have a deliberate understanding of multicultural strategy as part of our growth strategy.
This means developing systems, processes, and practices wherever multicultural people develop a culture of belonging.
Nowadays, not navigating the business through the DEI lens is a business risk. You need to ensure that your processes, procedures, reviews, and infrastructure is in place to ensure that you meet the diverse and multicultural markets. Second, reduce risk and be successful in the coming years.
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