As Canadian businesses recover from the pandemic’s effect on the economy and the workplace, many leaders are wrestling with implementing strategies that address and increase diverse representation. But most are employing misguided strategies to improve diversity, equity and inclusion (DEI), according to Matrix360, a premier Toronto-based talent management and workplace strategy firm.
Canadian businesses that are intentionally committed to examining their talent management strategies are more likely to create better processes and policies to succeed, according to Chandran Fernando, founder and managing partner of Matrix360. However, in most cases, businesses will either employ performative strategies that are ineffective or lack any solutions to minimize assumptions and biases. It is more than unconscious bias in training sessions; businesses need to examine the methods on how they recruit, retain, grow and advance all employees. Fernando believes organizations need to move away from thinking about underrepresentation and focus on overrepresentation.
“Without question, there have been strides made in certain areas of addressing representation,” Fernando said. “There are greater intentions to address representation within businesses. However, the methods are slow, inconsistent or have stalled. Many workplaces address diversity through performative means – such as Employee Resource Groups (ERGs), celebrating X months, whether it is Black History, Pride, or Women’s Months – and often employees are tokenised for their identities.”
Matrix360’s structured approach to developing inclusive workplace cultures is framed by the United Nations Sustainable Development Goals. The Matrix360 team focuses on guiding and building diversity and equity into the ESG (environmental social and governance) strategy for businesses. It is essential for business leaders to recognize that achieving diversity and equity is more than a human resources project; it is about business strategy.
Now, during a time that has come to be known as the “Great Resignation,” employee retention is a top priority for many Canadian businesses. In one recent Canadian study, 42% of respondents expressed that they were considering a job change in the next year, with inclusivity concerns being one of the major reasons for doing so.
Because employees are gravitating toward businesses that employ and promote DEI initiatives, it only makes sense for businesses to implement such programs strategically and thoughtfully. The Canadian Chamber of Commerce projected that improved participation in inclusivity initiatives could add 2.2 million workers to the labor force by 2040, including more women, Indigenous peoples, and persons with disabilities, while simultaneously growing the economy by $101 billion. In addition to the clear economic benefit, DEI initiatives also provide competitive advantages in the form of improved innovation, creative thinking ability, and problem-solving processes.
“In this post-COVID era with so many Canadians returning to work, it is a perfect opportunity for businesses to revise their DEI processes and ESG strategies, demonstrate genuine commitment for their employees, and accelerate employee engagement and performance in the office,” Fernando said.
To learn more about Matrix360’s approach to improving DEI initiatives, please visit https://matrix360.ca.
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