2022 was a big blow for diversity, equity and inclusion (DEI). The economic downturn and subsequent cost of living crisis compounded existing inequalities and the primary concern now is not that progress has halted, it’s progress is sliding back. 

Unquestionably, employers are facing a really challenging time. But the reality is, those that reinforce and confirm their commitment to DEI and draw on the power of a diverse workforce, are best positioned to not just survive, but thrive in the crisis.

Walk-the-walk on diversity and inclusion and not only will you be helping to shape a fairer society that represents us all, you’ll also reap the rewards of the new ROI: the Return on Inclusion. Here’s how:

1 Respond to the cost of living crisis and its impact on social mobility
Employers need to be conscious of the pressures their employees are facing as a result of the cost-of-living crisis and understand how this builds in from all angles.

Ask yourself: Does our recruitment process inhibit those from lower socioeconomic groups or those struggling financially? For example, do you ask people to spend money on travel to get to an interview?

Are we thinking about the heating and energy costs facing employees who work-from-home over winter and the pressure this could be putting on their families?

Have we considered the impact of the cost-of-living on social mobility? 

Look at your job specifications and check if you are creating barriers for those from lower socioeconomic backgrounds who may not be able to afford university, especially as a result of the financial crisis. In 2023, no one should be offering an unpaid internship. 

Easing the pressures of the cost-of-living crisis on your employees and prospective employees will lead to greater diversity in your organisation. 

2 Prioritise inclusion and belonging in hybrid teams
We must remember that hybrid working is still an elusive concept and poorly planned working models have the potential to isolate employee groups and create an unequal playing field, posing a risk to DEI.

The best employers have become really proactive in creating a sense of team and cohesion for hybrid teams. Ensuring this is a priority at the start of the employee lifecycle can have a big impact. Think of your onboarding process in a more methodical way to ensure team cohesion, spend quality time with new and returning employees and introduce a work buddy or a coach right from the start.

Plus, think about how you brief your team on engaging with a new employee. In busy times, unless you’re physically in a workplace with a colleague, it’s natural they fall to the back of your mind. Encourage team members to reach out to new starters and informally check-in.

3 Ensure there’s an intersectional lens on employee well-being
To create well-being solutions that really work, it’s imperative you better understand the multilayers of bias employees face and how this impacts them. This can show up in the well-being solutions you’re providing. 

Employers spanning global markets should be mindful of their expectations and assumptions when talking about well-being and implementing strategies.

4 Build a diverse talent pipeline at mid and senior-level
The most successful organisations are not just working to retain diverse employees at junior levels, they are focusing on moving them through the leadership pipeline, too.

Work with effective recruitment partners to ensure they understand what you’re trying to achieve. Ensure there is a diverse shortlist of mid-level and senior talent. There’s no doubt that a diverse talent pool is there – don’t let recruiters tell you otherwise.

Commit to a greater level of analysis in your recruitment process to identify which groups of diverse applicants drop off and when in the process they do. This will help you to assess where the barriers and bias exists. 

5 Protect the DEI budget
When financial uncertainty strikes, the first pot on the chopping block is usually DEI. I’m here to tell you that cutting your DEI budget is a short-sighted and ill-thought out move that could leave you with lasting consequences.

When commitments to inclusion feel flakey and tokenistic, and employees feel their difference is not embraced, it’s highly likely team morale will drop, diverse talent will walk out the door and, as a result, you’ll need to spend more to attract new talent.

In addition, at times of instability, people tend to become more risk averse and are much more likely to lean into affinity bias and hire people who look, sound and act like them into leadership roles.

The reality is, diversity is what you need to survive and thrive in a time of change and uncertainty. Embedding it into your organisation’s culture will ensure it’s not the first thing out the door when financial uncertainty hits.