Businesses that commit to and implement diversity policies are more likely to retain a committed and satisfied workforce resulting in greater profitability. DCA draws on the leading research and thinking to give you a run down on developing an effective diversity strategy.
Many businesses in Australia have diversity compliance and reporting responsibilities as part of their requirements to anti-discrimination legislation. But having an effective diversity and inclusion strategy and policy is not just about compliance.
Effective policies can help protect businesses from costly litigation and compensation claims, potential reputational damage as well as unwanted staff turnover.
Research carried out for the ASX Corporate Governance Council shows that companies with diversity policies report improved corporate image as well as improvements to the bottom line, access to a broader talent pool and a better environment for generating ideas.
A reputation for having a diverse and inclusive workplace enhances your business: talented employees are attracted and want to stay and a broader range of customers and suppliers opens up new markets and opportunities.
Is your organisation just getting started on diversity or developing your first diversity and inclusion strategy? Or perhaps you need to update your current diversity policy?
For the best results, here are the top ten things you need to consider when writing or updating your diversity policy or strategy.
Top ten tips for writing a diversity policy or strategy
- Consult with your employees
- Include an objective or purpose statement
- Explain what you mean by diversity & inclusion
- Explain why diversity is important to your business
- Specify who the policy applies to & who is responsible for its implementation
- Identify the legal framework
- Detail your strategies for delivering diversity
- Ensure that your diversity & inclusion policy is linked to other relevant policies
- Identify key outcomes
- Identify how you will communicate, monitor & report your performance.
For more information about how you can become a member of DCA, visit www.dca.org.au or call us on (02) 9322 5197.