In recent years, the global labor market has faced a challenging mix of health crises, economic turbulence, and geopolitical uncertainties, with vulnerable populations most severely affected. In response, companies are taking on greater roles in supporting vulnerable groups while championing diversity, equity, and inclusion (DEI). The surge in companies adopting DEI programs underscores the growing recognition of DEI as a strategic imperative and a driver for improving work performance.

DEI is a framework that promotes fair treatment and equal opportunities for all employees across a spectrum of protected characteristics, including age, race, religion, gender, and more. The three components of DEI are deeply intertwined (see Figure 1). Each plays a role in establishing workplaces where all employees can thrive. They cannot be addressed as stand-alone criteria, requiring a collective approach to create a truly inclusive and equitable workplace.

The significant value and impact of DEI in various aspects of work make it a moral imperative and an essential strategic requirement that businesses must not underestimate or overlook.

For instance, the “2022 Global Inclusion and Diversity Transparency Report” by intelligent power management company Eaton emphasized the success of its Stretch Assignment Marketplace (SAM), where diverse teams of employees handled 86 business challenges across multiple areas. Employees can select projects that interest them, with up to six people per team allowed six months to finish each challenge. Notably, the company saw an 18% increase in the number of projects submitted compared to the previous year. One of Eaton’s notable achievements is its inclusion in Newsweek’s 2023 Top 100 Global Most Loved Workplaces® list and certification by Great Place to Work® in 2023.

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This is an excerpt from the cover story of Performance Magazine Issue No. 28 – Employee Performance Edition titled ”From good intentions to great results: developing initiatives and metrics for DEI success.” To read the full article, download a free digital copy of the magazine via TKI Marketplace or purchase a printed copy from Amazon.