Simple Road Map to Building Sustainable & Effective DEI Strategy

By: Mary L Bennett, CEC, CIA, MBA

The accounting, consulting and legal professions, as well as many other financial services professions, have  been working on diversity, equity and inclusion (DEI) challenges and opportunities for decades.  Many organizations led the way beginning with a focus on improving gender diversity. Increasingly organizations have moved or are moving to a broader definition of diversity and inclusion defined by gender, ethnicity, age, generation, sexual orientation, neurodiversity, and many more aspects of our differences and similarities as human beings.  The business focus on inclusion is driven by the perfect storm of increased demand for Talent which is outpacing the supply.  Societal shifts are also pushing DEI change, even in the face of Potential legal risks which are effectively dealt with using appropriate DEI strategy.    Below are Some reasons for the gap in the supply and demand of professional talent:

1-Unprecedented retirement numbers 
2-High turnover and a shortage of talent in the marketplace 
3-Changing demographics not mirrored in these profession; increasing risks of irrelevance of these professions
4-Ambiguity or outright lack of attractiveness of traditional long term career paths in these professions
5-Societal shifts relative to the pandemic such as quality of life and desire for remote work options

What are the firms of the future doing to address talent and leadership shortages through their diversity, equity and inclusion (DEI)  strategies?

1- Effective firms deeply understand, document and communicate their firm's customized business case for investing resources in the attraction, retention and advancement of those who bring elements of diversity to the firm. All levels of the firm should be considered, especially the leadership ranks. A more inclusive culture includes diversity of thought at the leadership level in order to accomplish truly effective sustainable business strategy into the future.

2-Successful firms use their customized business case as a starting point to accurately diagnose their firm and its evolution toward building a more diverse, equitable, and inclusive organization.  Getting clear on commonly used terms and definitions is often one component in the diagnostic process.  Understanding the desired future state and why creates a sight line for guidance and course correction.

Diversity is a reflection of the actual ranks of the organization along the dimensions of diversity such as gender, ethnicity, age, social identity, etc.  Equity is about ensuring everyone has equitable access to opportunity within the culture; equity is not accomplished by treating everyone the same.  Inclusiveness is the degree to which the organization successfully integrates and leverages the uniqueness of its employees, hearing all voices, tapping into the diversity of thought they bring.  Inclusiveness is also measured by a sense of belonging and the perception of equitable access among ALL employees.  Diversity, Equity and Inclusion strategies must include everyone in the organization; majority group members and those from UNDERREPRESENTED groups.  This is about all of our similarities and differences and how we HARNESS these to succeed together.

​Understanding where the organization is in terms of maturity, and therefore readiness for strategy implementation, is essential to avoid significant mis steps.  A common example of such a mis step is the attempted implementation of educational programming before the business case and strategic context is solidly in place.  In this situation, it is very difficult to obtain buy in from the leadership level and down through the entire organization.  The firm may be moving towards outcomes that are not in alignment with where they most need to go from an DEI perspective.  Organizations may quickly get confused about why they are undertaking various activities. Understanding where you want to go, why you want to go there and where you are starting from is essential.  

3-Firms effective in building greater diversity, equity and inclusion have a defined a targeted set of strategies that align with the evolutionary readiness of their organization.   This always begin with effective business case formation, communication plans and tangible diagnostic preparedness.  There are many strategies that can be employed, the firm must understand the foundational elements noted above before selecting strategies.  This is not a one size fits all strategy.  Nuances and specifics matter.  Also, There are always resource challenges. it is critical to engage in the strategies that will most effectively move the firm towards it's vision of success relative to business strategy overall.  The diagnostic process will help to avoid pitfalls that can take years to recover from, while moving the firm towards tangible progress.  Doing the right things, for your organization at the right time in it's evolution. 

Do not hesitate to contact us at mlbennettconsulting.com for more information.