Why benchmarking your EDI practice is the key to success
When I hear of a UK, “Where you (everyone) can go to work and know you will be treated with dignity and respect,” I’m excited. Our new government proclaims this and also says it will “introduce a landmark Race Equality Act,” designed to root out all inequalities and, “enshrine in law the full right for equal pay for all ethnic minorities.” I’m greatly encouraged! Add to this its aim to greatly reduce the gender pay gap and introduce disability and ethnicity pay gap reporting for large employers and I feel we really are moving forwards with a sense of clarity and momentum towards workplaces which are truly equitable.
Cold Reality
But then present-day reality kicks in and my sense of excitement starts to fade. The pledges all sound great, and I’m certain that Labour will push to be true to their word. But how are companies and organisations going to be able to make the necessary progress in this area? We know, all too well, that many have had to cut EDI budgets – so how do they get back on track? And, indeed for some, how do they even know where to start?
Benchmarking is the Answer
For organisations to understand the value that diverse and inclusive workplace culture can bring, it is key for employers to set meaningful, data driven Diversity and Inclusion metrics to identify risk factors, prioritise initiatives, set targets, programme goals, assign accountability and measure the impact of initiatives. The start point is to benchmark where you are and understand what you’re doing well and what you can do better.
Where to Start
Having such data driven metrics is not achieved overnight. It does require investment of people, time and money. But the investment will give you clear answers. And Inclusive Companies will assist you in making your organisation inclusive and equitable as well as establishing the tools with which to measure your progress.
IT50
The Inclusive Top 50 (IT50) Report is an annual benchmark of the current state of EDI in UK workplaces. This extensive report is based on responses that reflect over 750,000 members of the UK workforce from new junior joiners to those on executive boards. Furthermore, the organisations which take part cover a diverse range of public, private and charity sectors.
It does create a ‘Top 50’ List but, and I’m going to stress this very clearly, its aim is not a competition. Its role is to serve as a learning process for all who enter…even the organisation who attains top spot!
It is a good place to start to measure where you are in terms of EDI. Your organisation may not be able to answer all the questions asked of it; many organisations face this situation. But it makes you realise what you need to do and helps steer you to find support.
Learning from one another
Companies who place highly on the IT50 share good practice whilst also being very open to learning from others. The Labour government’s aims will require organisations to work with them in supplying data and being able to show how the initiatives each organisation is deploying are having the effect of reaching the goal of equity. Soon, such data collection and sharing will be a ‘must do’ not a ‘nice to do’. It’s important that organisations embark on this journey.
Stand Up and be Counted
By submitting your organisation’s data for the IT50, you will immediately learn where you stand. Your organisation will be given a review and offered further guidance to start improve your metrics and progress to a position of strength and understanding.
Whether you’re already confident in your EDI work or are just starting out, I urge you to benchmark where you are today. Knowing where you stand now will help you know what’s next to do and, importantly, help you see when you’ve made headway.
As I said, the IT50 isn’t a competition and there’s no shame in not making the Top 50 at your first attempt. Most companies use the process to identify what’s next for them to do and return the following year to track how they’re doing.
Progress starts with acknowledging there is work to be done, understanding what needs to be done and then getting it done. Are you ready to stand up and be counted? If so, you have until August 14th 2024 to enter this year’s IT50. Take a look HERE.
