Do You Have A Holistic, Multi-Year Strategic Plan to Reach Your I&D Goals?
From our experiences running the first Global D&I Office on Wall Street, leading People/HR organizations, and strategy consulting and management, there are five critical, interlocking components that drive success in the above efforts to tap the materially profitable upsides of diversity via inclusion (hence I&D):
1. Organizational Design, which weaves together three key strands: the Corporate Layer, Business Units, and Geographies, with respective governance and reporting structures, feedback loops, and autonomies
2. Functional Focus, which includes four primary roles: Talent Acquisition, Talent Development & Succession Planning, Engagement, and Assessment & Full Rewards Compensation
3. Resources, which consist of three key assets: human capital dedicated to the efforts per the Organizational Design, financial capital––where and how it is allocated––and executive commitments of time
4. Instilling the Business Case and Awareness, which must be consistently and comprehensively done throughout the organization. We have found these efforts are best performed by male executives/leaders
5. Taking the Long View, which requires executive commitment to multiple stages and KPIs/measurement, with the ultimate goal that these competencies become a sustainable part of both core human capital philosophies and practices