Amidst a DEI Downturn, Factorial Shares 5 Best Practices for Creating & Measuring an Equitable Work Culture
Factorial HR reports and analytics tool allows access to track DEI metrics, KPIs, and generates automated reports
MIAMI, Sept. 26, 2023 /PRNewswire/ -- As businesses nationwide are cutting back on DEI initiatives, laying off individuals in DEI roles, and folding DEI departments, Factorial, a leading provider of human resources software solutions, is stepping in with a DEI reporting and analytics solution to ensure businesses stay on track.
In a recent webinar hosted by Factorial and Ama Agyapong Hooks, a DEI and senior HR Business Consultant at HR Knowledge Source, the pair discussed the importance of equity in the workplace, commonly faced challenges and misconceptions, as well as tips and best practices for fostering effective communication and sustaining an equitable culture. Additionally, Factorial highlighted the role of their HR reports and analytics tool in supporting DEI initiatives.
According to Factorial Co-Founder and CEO Jordi Romero, "We recognize DEI initiatives and a focus on employee wellbeing is declining, particularly in the technology industry. We feel it's our job to reinforce how important DEI is within company culture and offer a solution that helps these businesses track their own DEI efforts."
DEI initiatives and roles are declining across industries. According to a survey conducted by Glassdoor, access to DEI programs increased to 39 percent in 2020, peaked at 43 percent in 2021, and then fell to 41 percent in 2022. Additionally, LinkedIn reports that the hiring of chief diversity officers (CDOs) declined in 2022 after experiencing significant growth in 2020 and 2021. CDOs were the only C-suite positions to experience hiring declines in 2022.
Factorial and HR Knowledge Source shared 5 best practices for fostering and sustaining an equitable culture in its recent webinar:
- Ensure Leadership Commitment: Leadership commitment to DEI is foundational for its success within an organization. This commitment must be aligned with the larger organizational strategy. Leaders should clearly articulate how DEI initiatives contribute to the company's mission, values, and long-term goals. This ensures DEI is not viewed as a separate initiative but as an integral part of the overall strategy.
- Assess the Culture: Conducting a comprehensive assessment of the organizational culture is essential for understanding its current state. This involves inspecting existing policies, practices, and behaviors to identify areas where inclusivity can be enhanced. Through surveys, interviews, and audits, organizations can gather valuable insights from employees at all levels.
- Accountability and Reporting: Establishing accountability is crucial for driving progress in DEI efforts. This includes defining measurable, specific, goals and tracking key performance indicators related to DEI. Regular reporting of metrics demonstrates transparency and holds the organization accountable. Additionally, clear communication about the progress and challenges demonstrates a commitment to change.
- Upskill Leaders and Employees: Providing training and development opportunities on DEI principles is essential for building a more inclusive workplace. This includes comprehensive programs that address topics such as unconscious bias, cultural competence, and inclusive leadership. Additionally, leadership readiness training equips leaders with the skills and knowledge needed to effectively lead diverse teams and create an inclusive environment.
- Develop a Communications Strategy: A well-defined communication strategy is crucial for ensuring DEI efforts are effectively conveyed to all employees. This should include clear messaging about the purpose and goals of DEI initiatives. For example, it should also outline how and when information will be communicated to the team. It should establish feedback mechanisms that allow employees to share their perspectives and concerns. Additionally, it should provide guidance on how to have courageous conversations and interrupt bias to actively contribute to a more inclusive workplace.
Factorial's HR reports and analytics tool allow companies to streamline DEI strategies and track their progress. It facilitates the creation of a visual and user-friendly interface where companies can create custom dashboards to support DEI initiatives. Additionally, the tool allows companies to integrate their employee metrics with their DEI dashboard to automatically align data, keep track of demographics, and identify promotions, pay, and raise gaps.
About Factorial Founded in 2016, Factorial offers people-centric solutions for HR teams, automating processes so they have more time to dedicate to the people within their organization. With over 75,000 users across 65+ countries, Factorial serves clients such as KFC, Booking.com, and Whisbi. Factorial became Europe's newest Unicorn in 2022 following a Series C investment round. For more information, please visit https://factorialhr.com/.