Diversity, Equity, and Inclusion (DEI) Can Be an Invaluable DIY Project
For directors seeking to promote DEI in their organizations, it’s a good idea to start at the top. The April issue of Tone at the Top, “Diversity: An Accepted Business Value,” provides strong evidence that promoting diversity is a worthwhile effort because a diversified organization offers numerous business benefits — from additional skills and measurable performance improvements to broadened perspectives and connections. The percentages are poignant and the data is a driving force behind a number of regulators and stakeholders setting new DEI rules or expectations for organizations.
The good news? There are a few guidelines that boards can follow in their efforts to enhance diversity.
A Quick DEI DIY Checklist:
- Have a conversation
- Don’t overlook the risks
- Carefully consider your definition of diversity
- Ask the right questions
- Measure effectiveness
- Don’t just check a box
- Don’t add diversity then stifle it
Keep in mind that internal audit can provide value throughout the process as the sole source of independent assurance within the company by performing holistic and objective reviews of the board and organization’s DEI efforts and their effectiveness.
Download the April issue of Tone at the Top, share it with your organization’s board, audit committee, and senior management, and review some of the key lessons learned from the research and renewed expectations cited in the “External Expectations” section.