Kavitha Sivasubramaniam: Reaping the rewards of a diverse workforce

As our to Diversity, Equity and Inclusion Week, in association with Aon, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.

The Black Lives Matter movement and the mandatory reporting of gender pay data, not to mention the debates around ethnicity and disability pay gap reporting, is pushing the issue of diversity higher up the agenda for employers.

In order to address this, organisations must ensure their reward strategies are aligned with DEI policies and a formal framework should be put in place. Regular pay and employee benefits audits can enable employers to ensure their practices are fair. They can also help identify any new provisions that could be introduced to improve DE&I at the organisation, but it is important to remember that cultural changes will need to be made as well.

DEI is a journey that needs to be measured and tracked. It should be weaved into the fabric of an organisation and part of everything it does, rather than considered an additional duty. Although the pandemic may have created more challenges for employers trying to tackle DEI at work – for example, not allowing them the time to consider the impact of pay freezes, cuts and furloughing on minority groups - they must take steps now to mitigate against inequality.

With diversity now more important than ever for businesses, employers are recognising that the benefits are far-reaching. Those that recruit a diverse, equal and multicultural workforce will be able to reap the rewards and flourish in the long term.

Whatever stage you are at and however you implement diversity strategies in your organisation, this week was designed to help take this to the next level through exclusive insights and opinions uncovering best practice in this area. These included:

• How can reward and benefits drive an employer’s diversity, equity and inclusion agenda?
• What are the most effective ways of addressing pay gaps?
• How can employer build a formal diversity, equity and inclusion (DE&I) framework?
• Juggle Jobs offers choice around benefits to help drive diversity, equity and inclusivity
• One and All addresses pay equity with a culture of fairness
• Employee networks help to strengthen Stagecoach's DE&I framework
• Elaine Bremner: Benefitting from an inclusive culture
• Avneet Kaur: How to focus on health equity and improve employee resilience
• Sophi Berridge: Equality and inclusion in the workplace leads to a more equal society
• Infographic: Diversity, Equity and Inclusion in numbers

Kavitha SivasubramaniamEditorTweet: @kavithasiva_EB