Often lost in the discussion around workforce diversity is its economic benefit.
A study by McKinsey Global Institute (MGI) predicts that narrowing the gender gap by doubling women’s contribution to the global labor market could add up to $12 trillion or 11% to global GDP by 2025.
That’s no small number. And the effort to boost inclusion and equality requires an equally large effort.
Data is key to assessing your diversity efforts.
In order to measure improvement, various data points are required, such as gender and ethnicity makeup, pay equity, diversity of the executive management team, as well as other factors. This data not only lets leaders know where your company stands when it comes to promoting equity but can also help your organization model new scenarios for promotion, recruitment, and talent development.
But to be impactful, this data must be understood and accepted by all members of your leadership.
That’s where an effective organizational management platform can help.
Telling the truth
We like to call effective organizational management systems “single-source-of-truth” platforms, because they provide a centralized source of indisputable information that HR professionals can gather and share with stakeholders.
The best single-source-of-truth platforms are highly flexible, and empower the HR team to:
- Create dashboards to share with executives
- Build visualization and storyboard templates for presentations
- Provide real-time sharing to all levels of your management so everyone is on the same page
- Implement plans and monitor metrics within one platform to measure progress around diversity
Working in conjunction with the core HCM system, a comprehensive organizational analytics platform can provide granular and aggregated visibility into all of the key diversity metrics across the whole organization.
With every member of your team on the same page with the same information, your organization will be better enabled to identify successes, and more importantly, address challenges surrounding these complex topics.
Are you fully equipped with the tools to properly assess, plan and power your diversity initiatives?