Tax and Regulatory Partner at Deloitte Ghana, Gloria Boye-Doku, has pointed out that Diversity, Equity and Inclusion (DEI) are strategic imperatives that attract talents and investments toward the growth of businesses and not only a social imperative of being gender balance, having female representation or creating an inclusive world for all.

According to her, DEI represents fundamental values and principles that aim at creating fair, respectful, and inclusive environments for all individuals no matter their background. 

She’s therefore calling for DEI that represents the fundamental values and principles aimed at creating fair, respectful, and inclusive environments for all individuals.

Speaking at the 2024 Annual National Internal Audit and Governance Conference in Accra recently, Mrs. Boye-Doku said great minds and talents are not only looking at investing for profit or getting a paid cheque in the current global economy or space but rather seeking to associate their brands with organizations whose vision and purpose aligns with their values of equity and inclusion.

Her submission was about the Deloitte Global 2022 Gen Z (90’s 2010) & Millennial (1980-90) Survey where 52% of Gen Zs and Millennials were not satisfied with their current organisation’s progress in creating a diverse and inclusive workplace. This meant that companies that want to attract the best talents would need to know how to appeal to the next generation of workers.

Why DEI?

She pointed out that employees deliver to their utmost best when they feel valued empowered and respected by their peers and employers.

“Science has proven that when people feel included and respected their bodies create hormones and healthy energy that raises their performance at work. In fact, Deloitte has done quite extensive research within the space of Diversity Equity and Inclusion for which the results are intriguing”, she stressed.

Deloitte 2015 research on Business Impact of High-performing companies suggested that companies embrace DEI in all aspects of their business, outperformed their peers.

Specifically, throughout the studied, it was found that these companies achieved 2.3 times higher cash flow per employee over three years compared to peers, leading to Improved performance. Again, these companies are 1.7 times more likely to be innovation leaders in their market, while 2.9 times more likely to identify and build leaders.

Future of DEI

For remote work and virtual inclusion, Mrs. Boye-Doku said companies will have to deploy systems to ensure team bonding and connection with all staff members no matter their location.

Regarding AI and bias mitigation, she stressed the need for recruitment selection to be based on qualification and no room for stereotyping or feeding in human bias.

Other issues to be looked at are globalization and cultural competence, Data-driven insight and accountability and continued learning and adoption.

Below are some specific strategic reasons why companies must embrace DEI

• Business Performance: Diversity, equity, and inclusion can enhance business performance by fostering innovation, creativity, and problem-solving

• Talent Acquisition and Retention: Embracing DEI practices can attract top talent from diverse backgrounds and demographics

• Market Opportunities: Diversity in the workplace can help companies better understand and serve diverse customer demographics

• Innovation and Creativity: Inclusive workplaces foster an environment where employees feel empowered to share their ideas and perspectives openly

• Brand Reputation and Image: Companies that prioritize diversity, equity, and inclusion are viewed more favorably by consumers, investors, and other stakeholders

Implementing DEI

• Providing training and education to employees and hiring managers to recognize and mitigate unconscious biases in recruitment, hiring, and promotion processes.

• Implementing inclusive recruitment strategies to attract candidates from diverse backgrounds.

• Ensuring physical and digital accessibility for employees and customers with disabilities

• Pay Equity Analysis that is conducting regular pay equity analyses to identify and address disparities in compensation based on gender, race, ethnicity, or other protected characteristics.

• Establishing measurable goals and metrics to track progress on DEI initiatives and holding leaders and departments accountable for achieving results

•  Offering ongoing training and education on diversity, equity, and inclusion topics to all employees, fostering awareness, understanding, and a culture of respect and inclusion

In summary, Gloria Boye-Doku said DEI is the way to go in this changing global economy.

As such, science has proven that when people feel included and respected their bodies create hormones and healthy energy that raise their performance at work.