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Finding even more inspiration to support DE&I initiatives.

Last year, we were impressed by the Global Parity Alliance, which in collaboration with McKinsey & Company, shared their “Diversity, Equity and Inclusion Lighthouses 2023 Insight Report”. In fact, we liked it so much we highlighted the findings in this post: Finding inspiration to support DE&I initiatives

Their goal was to identify initiatives that have resulted in significant, quantifiable, scalable and sustainable impact, and uncover what those initiatives have in common. The ultimate goal is to equip leaders with these insights, to allow and support DE&I to have a greater impact and spread more quickly across the global business community. 

They have published their sequel entitled, “Diversity, Equity and Inclusion Lighthouses 2024”. The report underscores the critical role of leadership in driving DE&I initiatives and the need for a systemic, integrated approach to DE&I, rather than isolated programs or initiatives. It also emphasizes the importance of data and transparency in tracking progress and creating accountability mechanisms for organizations and leaders to advance DEI outcomes.

Some interesting things shared in the report:

  1. More diverse leadership teams make higher quality, more fact-based decisions, and tend to be more innovative, developing products and solutions that reach a wider range of people. 
  2. Organizations with a more diverse workforce are more adaptable to change and thus more likely to lead transformations.
  3. Companies that prioritize equity and inclusion are also more likely to attract and retain top talent, resulting in a higher-performing workforce. Recent research suggests that organizations with inclusive cultures are 3.8 times more likely to harness the full potential of their employees, and to experience lower turnover rates as employee morale tends to be higher.
  4. And yet, 60% of chief diversity and inclusion officers (CDIOs) at S&P 500 companies left their positions between 2018 and 2021. 
  5. However, the business and economic rationale for DE&I remains strong, and diverse organizations increase their adaptability to change. This means a better likelihood of leading economic, technological, and societal transformation.

The report offers 8 "lighthouse cases" to show a global array of projects that have had an impact around the world supporting women, socioeconomically disadvantaged individuals, and neurodivergent communities. Highlights are from Banco Pichincha, HEINEKEN, Hong Kong Exchanges and Clearing Limited (HKEX), Ingka Group (IKEA), McKinsey & Company, PepsiCo, and Salesforce. Each example shares company stats, the details for the overall initiative and objective, highlights the impact, explains the learnings and next areas for focus. There are additional 6 examples from Baker Hughes, Culture Amp, Hitachi, Nagarro, SAP, and Tata Consulting Services that highlight successful work on gender, racial and ethnic inclusion and equity, and LGBTQ+ equity.

And if you're looking for even more direct connections between DE&I or DEIB and global mobility, try these other articles: 

Is DEIB a "thing" that mobility can support?

Considering your mobility program and autism

Considering Juneteenth, Talent Mobility and DEIB

Upward Mobility: A diversity internship program for the mobility industry!

How can mobility programs better support neurodiversity?

Taking Pride with your mobility program's Duty of Care (and some great resources!)

What can global mobility do about racial homeownership gaps?

This insight report provides an overview of the latest trends and emerging best practices in fostering diversity, equity and inclusion (DEI) in organizations worldwide. It highlights the importance of DEI both from a values and economic perspective and showcases “Lighthouse” initiatives that are leading the way as impactful DEI practices.

Tags

deib, de&i, insights, examples, inspire, motivate, measure, initiatives, diversity, transformation, adaptability, attract talent, talent retention, reduce turnover, global parity alliance, mckinsey & company, dei lighthouse programme, impact