DE&I Policies Are Key To Growth

Why having key strategic policies around equity, empowerment, diversity, inclusion, values, and culture makes your businesses more attractive and geared for growth. By Itumeleng Mogaki.

In this era of globalisation, diversity, equity and inclusion (DE&I) in the workplace is more than gender, race and ethnicity, says Pat Semenya, CEO of The Institute of Risk Management South Africa (IRMSA). “Our policies now need to consider diverse religious and political beliefs, education, socioeconomic backgrounds, sexual orientation, cultures and disabilities.”

Companies, she adds, are discovering that by supporting and promoting a diverse and inclusive workplace, they gain benefits that go beyond the different identities. “The case for setting up a truly diverse workforce at all organisational levels grows more compelling each year. A diverse and inclusive work environment creates a sense of belonging for employees.

“The moral argument is weighty enough, but the financial impact as proven by multiple workplace sociocultural studies makes this a no-brainer.”

Seipati Mokhuoa, founder and executive chairperson of Strategic African Women In Leadership (SAWIL), adds that according to McKinsey’s Diversity wins: How inclusion matters 2020 report, companies with more than 30 per cent women executives were more likely to outperform companies where this percentage ranged from 10 to 30.

“It’s clear from this statistic that the most diverse companies tend to outperform their less diverse peers on profitability. If this does not encourage more businesses to make gender diversity and ethnic and cultural diversity in corporate leadership a priority, I don’t know what will. Moreso in the South African context, where the country’s demographic segmentation is so vast, diverse, and complex,” says Mokhuoa.

Talking about how diversity and inclusion can help rebrand the business to strengthen resilience, Semenya emphasises that diversity is a given and inclusion is a choice. “In the current climate of uncertainty and a looming global recession, diversity and inclusion could be the solution to stability and growth in the potentially tough times ahead.

“Many South African companies are catching on to the fact that young people entering the workforce care more about social issues than their predecessors did.” In light of this, Semenya adds, to attract talent “more companies are becoming vocal about their diversity stance and social justice efforts, earning themselves a deeper trust and more commitment from their employees”.

Implementing DE&I

Unapologetic about demystifying the myths and excuses surrounding the promotion of women in the workplace, Mokhuoa says she and her organisation breathe and live DE&I with a clear focus on empowering women and youth. “Leadership transformation is at the core of what we do as an organisation, and these three pillars, coupled with researched methods and practical strategies, not only focus on the success of the woman leader in a corporate setting, but also of the companies they work for.”

Giving tips on what a progressive company should do to ensure inclusion and diversity, Mokhuoa says: “First, have a clear strategy based on your organisation’s needs, followed by an understanding of the demographics of the country in which you operate as a business. Second, do it for the right reasons, not because you want to open the boardroom for more people of colour because of government policies, trends and peer pressure, but because it is a business-imperative decision.

“At SAWIL, we have honed impactful and meaningful strategies backed by research to help companies with proper business analyses that will aid in putting suitable measures in place to meet their diversity and inclusion needs without jeopardising their current flow and reputation.”

Semenya adds that forward-thinking companies should be looking for ways to employ and empower more women at work, not just as a moral obligation, but also as a sound business strategy to build a diverse C-suite pipeline.