4 ways to improve company diversity initiatives

May 5, 2023 11:55 AM

Employers celebrate when their diversity, equity and inclusion efforts make an impact — but those corporate pats on the back may be short-sighted.

It's expected that employers will spend $15.4 billion on DEI efforts by 2026, nearly double the $7.5 billion spent in 2020, according to McKinsey. Yet employees are still being overlooked when it comes to the benefits that best support them, and even the work environment that could accommodate their needs.

In this week's top stories, experts from Fidelity and Morgan Stanley at Work explain the persistent challenges facing BIPOC employees on their journey toward retirement. Lower wages, a lack of retirement benefits, and other societal barriers have driven a wedge between employees of color and their white colleagues — and it's beyond time for employers to close those gaps.

One way to do this is to retain talented employees and provide them with opportunities within your organization. Digital learning platform HMH offers an 18-month rotation program, where top talent is given leadership opportunities within the company, and often stay in these new roles long-term.

Check out more areas where your DEI efforts could use some careful review:

Improve access to retirement benefits

Read:

Retirement's race problem: How employers can bridge the gap

White Americans have seven times more accumulated wealth than Black individuals, and in retirement, that translates to shocking differences in savings. To bridge these gaps, employers need to address both financial and cultural divides within their workplace. Two experts from Morgan Stanley at Work and Fidelity share why this gap persists, and how benefits and effective communication can help to improve the financial well-being of BIPOC employees.

Be inclusive to employees of all sizes

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How to make office spaces more inclusive to plus-sized talent

While more than half of individuals in the workforce are classified as overweight, according to the CDC, almost 60% said they experienced stigma from colleagues due to their weight. From a lack of promotion opportunities, to receiving less pay, plus-sized employees face direct and indirect discrimination that has no place in today's workplace. An advocate and author shares how employers can become aware of their bias and work to change the culture and environment at work.

Provide internal ups killing opportunities

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Untapped talent shines in employee-led rotation program

As part of digital learning platform HMH's LEAD Connected program, managers send their best talent to other departments for an 18-month internal learning rotation program — and in most cases, they do not get them back. The program, which is listed under HMH's overall diversity efforts, made sure its leadership was made up of people from various demographics. HMH's chief people officer walks through the program and shares its impact.

Protect employee rights

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What Florida's 'Don't Say Gay' laws mean for the next generation of workers

Florida's Parental Rights in Education law, better known as the "Don't Say Gay" law, has been expanded since its passing in March 2022. Originally, the legislation banned public schools from teaching about gender or sexual orientation from kindergarten through third grade. The new provision extends this ban through the 12th grade, effectively eliminating any discussion of identities that deviate from heteronormativity. The law has broad implications for kids, parents and the future workforce — a healthcare platform director shares the short-and long-term implications of restrictive legislation.