With the continuous demand for talent acquisition, DEI (Diversity, Equity, and Inclusion) has been the driving force for increased sales revenue, customer base, and profits. DEI goes beyond mere checkboxes and goal setting. 2023 is witnessing a quantifiable, scalable, and sustainable impact of DEI on business houses. Leaders are in strict need to include more sustainable business practices in their everyday routines.
Progressing at a slow pace, DEI is slowly bringing up a positive intent on companies and institutions. Going by the data, the year 2020 saw the global market for DEI extensive expenses on augmenting DEI efforts such as the ERGs (Employee Resource Groups) was estimated at $7.5 billion and is expected to more than double to approximately $15.4 billion by 2026. Still, it would take more than a century to nullify the global economic gender gaps at each level. This study and the initiatives towards this would help leaders analyse what will work and what will not in the journey of sustainable change.
A keynote mention to the Global Parity Alliance - a cross-industry group dedicated to advancing DEI has set in motion the DEI Lighthouse Program to recognize initiatives that have helped in augmenting the scalability and sustainability of a business. This program is devised to ignite leaders on the best working practices to scale the global business community and the ecosystems surrounding it. And as a result of the thorough research conducted, there are five such factors that are common to the end goal. They are: