As a business leader, diversity, equity and inclusion (DEI) are likely key priorities for you and your company. You want to walk the walk. But, hey, this is new ground. It’s OK to be a bit uncertain.
Whether you’re a DEI leader building new initiatives at your company or a fellow C-suite executive trying to learn, take this quiz to assess your understanding of DEI in the modern workplace.
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We all know that DEI stands for diversity, equity and inclusion. Some people also add a B to the mix. What does the B stand for?
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Inclusion is about helping people to feel valued and respected for who they are. Belonging is about people feeling that they are full members of a community. Believe it or not, inclusion doesn't automatically create belonging.
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DEI initiatives are important because:
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There's no shortage of good reasons for your company to invest in DEI initiatives. Stats from McKinsey show that companies with ethnic and cultural diversity are 33% more likely to outperform companies without it. Research from Adobe shows that customers expect diverse representation in companies. Indeed, 34% of people said they'd boycott a brand if their identity wasn't represented in that brand's ads. And according to data from Glassdoor, 76% of job seekers evaluate workplace diversity during their job hunt. Nearly one-third of prospective hires won't apply to a company that lacks workplace diversity. It’s even more important to underrepresented groups: 41% of people who identify as Black or LGBTQ+ won't apply to workplaces that lack diversity.
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What percentage of S&P 500 companies have a chief diversity officer?
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Just more than half of S&P 500 companies now have a chief diversity officer, up from 47% just four years ago, according to executive search and leadership advisory firm Russell Reynolds. Among companies that don't have a chief diversity officer, most task the HR department with any DEI efforts, says Talent Intelligence.
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Which of the following is the most critical early step in forming your company’s DEI strategy?
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Leaders often have different ideas about how to implement DEI, says Sahar Andrade, a diversity and cultural competence consultant. Working out a shared vision is the best way to ensure that everyone is pulling together.
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Which of the following statements is true about DEI training?
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DEI training works best when it is frequently reinforced via varying approaches. Consider including implicit bias training, identity-based training, cultural sensitivity training and more as you implement DEI training in your organization. No single type of training is necessarily better than another. A one-time-only DEI training effort will likely prove counterproductive, signaling a lack of commitment to genuine DEI progress.
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Smart ways to measure the impact of DEI initiatives at your company include:
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Establishing benchmarks and KPIs is essential for evaluating and improving your DEI efforts. DEI spending, diversity of hires and promotions, and the impact of DEI training are just three of many ways to measure the success of your DEI strategy.
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Among all the CEOs at Fortune 500 companies, how many are Black?
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Black people represent 12.5% of the total U.S. workforce, according to the U.S. Bureau of Labor Statistics. Yet only about 1% of Fortune 500 CEOs are Black. Yes, you can count the number of Black CEOs among Fortune 500 companies on one hand, and you won't even need all your fingers! The problem extends beyond the CEO’s seat: Only 3.2% of senior executives across the Fortune 500 are Black, according to Coqual, a nonprofit serving underrepresented populations in the workforce. If all your employees from underrepresented groups are in entry-level roles, your company isn’t getting it right. It's important to champion diversity at every level of your company, including senior leadership.
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Which of the following initiatives should companies expect to spend their DEI budget on?
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Budget for more than just DEI training. Allocate DEI resources to your hiring team and to a variety of employee resource groups. Oh yeah – also to that chief diversity officer that 48% of Fortune 500 companies still need to hire! And to a more diverse, inclusive benefits package.
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True or false? AI software can help diversify your hiring process.
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Yes, AI is a popular and effective way to diversify your workforce. It can help you remove biased interview questions, include more candidates from underrepresented groups and screen candidates based on their actions.
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How many S&P 500 companies tie executive compensation to DEI goals?
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At publicly traded companies, some executives have seen their compensation tied to DEI goals for several years now. The trend is accelerating, with 99 S&P 500 companies tying compensation and incentive programs to the achievement of DEI goals in 2021 – up from 51 just three years earlier, according to SHRM.
Links and Resources Related to This Quiz
(Note: links will open new tabs to preserve your work in the quiz above)
- Start Here: A Primer on Diversity and Inclusion (Harvard Business Publishing)
- Companies with ethnic and cultural diversity are 33% more likely to outperform companies without it. (McKinsey)
- Customers expect diverse representation in companies: Indeed, 34% of people say they will boycott a brand if their identity isn’t represented in that brand’s ads. (Adobe)
- 76% of job seekers evaluate workplace diversity during their job hunt. (Glassdoor)
- What Does a Chief Diversity Officer Do?
- 7 DEI Missteps to Avoid at Your Company
- 9 Ways to Measure the Success of Your DEI Strategy
- Counting the Number of Black CEOs Among Fortune 500 Companies (NPR)
- 4 Leading Software Solutions to Hire Diverse Candidates
