This past year has been a tumultuous one for diversity, equity and inclusion roles. Thousands of DEI specialists have been laid off, and chief diversity officers at some of the largest companies have been let go according to The Wall Street Journal.
While companies may argue that the current economic climate forced their hand, to Victoria Price, director of DE&I and talent at Fusion Risk Management, this sudden about-face signals that leaders still see DEI as a check-box exercise — one that should yield immediate results.
“As organizations begin to act, there is a propensity to prove they’ve ‘done’ DEI and can move on,” said Price. “However, the impact of strategies may take years to be realized.”
Price sees DEI as a continuous journey, one she’s been on since joining the risk management software company in 2019. She developed and launched Fusion’s first employee resource groups — she leads the Black and African American Resource Group — and mentorship program per Crain’s Chicago.
Along with taking the long view, staying on top of the latest trends is crucial to finding success with DEI. Price shared her strategies for doing just that along with the DEI trend she expects to enter the limelight in 2024.
Fusion Risk Management provides cloud-based continuity risk management software, contingency planning solutions and consulting services.
What are the DEI trends you expect to take center stage in 2024?
Inclusive hiring practices will continue to be a focus. It will be imperative for organizations to implement inclusive hiring practices as digital transformation and talent shortages decrease the number of qualified applicants.
Recruiters should post job descriptions free of biased language, use diverse sources to find qualified candidates, showcase the importance of DEI to the organization and have diverse interview panels that include people from different genders, ethnicities, departments and more. Finally, candidate selection should be based on experience and skills, removing subjectivity and bias wherever possible.
It will be imperative for organizations to implement inclusive hiring practices as digital transformation and talent shortages decrease the number of qualified applicants.”
How will you keep a pulse on these trends, and how will they shape your DEI strategy?
Keeping a pulse on DEI trends is essential to my commitment of promoting a more inclusive and equitable work environment. Some of the strategies that I will use to stay informed include reading relevant publications and journals, attending conferences and webinars, joining professional associations, networking and engaging in online DEI communities, and staying updated on relevant laws and regulations.
My strategy will keep me aware of employees’ evolving needs and preferences and the challenges they face. This knowledge will allow me to proactively adjust Fusion’s DEI strategy to ensure that it effectively meets our team’s needs and keeps them engaged.
What is one piece of advice you’d give to leaders rethinking their DEI strategy for 2024?
Remember that DEI should be approached as a continuous journey and not a race. Change doesn’t happen overnight — there is no end to DEI. In addition, leaders should ensure there is a long-term commitment to DEI and that it’s a top priority. It must be embedded into the organization’s business strategy, core values and culture. Commitment entails support, participation, time and financial resources, to name a few.
Leaders should also set realistic DEI goals, those that are challenging but attainable. Leaders can break larger goals into smaller, more manageable ones to ensure steady progress toward the larger goal. As part of this, incremental improvement should be embraced and celebrated. Recognizing achievements boosts motivation and engagement. Finally, be thoughtful and considerate as you determine the changes to your organization’s DEI strategy.
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