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Seven budgeting tips for your diversity, equity and inclusion strategy




There isn’t a one size fits all when it comes to a diversity, equity and inclusion strategy. The approach will vary depending on the size and focus of your organisation. It's essential to tailor your strategy to meet the needs of your organisation and the communities you serve in order to be effective.


This article looks at seven tips to help you budget for your diversity, equity, and inclusion strategy, to bring about lasting change.


Let's get right into it.


Why it’s essential to budget for diversity and inclusion.

The following are some of the top reasons why it is essential to have a budget for diversity and inclusion in the workplace:

  1. Having a separate budget for diversity and inclusion is a way of showing your organisation’s commitment to diversity and inclusion.

  2. It sends a clear message about the importance of diversity and inclusion to employees, customers, partners and other stakeholders.

  3. It can also help identify areas in which your company can improve its diversity and inclusion practices.

  4. Having a diversity and inclusion budget can help with the allocation of resources to improve diversity and inclusion in your organisation.

  5. It can be used to help track progress against diversity and inclusion initiatives.

7 Tips to maximise your budget to get the best ROI

Now that we’ve covered the importance of having a diversity and inclusion budget, let's look at seven tips on how to make the most of it.


1. Start by assessing your diversity and inclusion needs

The first step in budgeting for your diversity, equity, and inclusion strategy is to assess your organisation's needs. This will help you identify where you need to focus your efforts and allocate your resources.


There are several ways to assess your diversity and inclusion needs, but some standard methods include: Conducting a diversity audit. A diversity audit is a comprehensive review of your organisation's policies, procedures, and practices related to diversity and inclusion. It can help you identify potential areas of improvement in your diversity and inclusion strategy.

  • Surveying employees. Employee surveys can be a valuable tool for assessing diversity and inclusion needs. You can use surveys to gauge employee satisfaction with diversity and inclusion initiatives, identify areas of concern, and collect suggestions for improvement.

  • Conducting focus groups. Focus groups can gather qualitative data about employees' experiences of diversity and inclusion in the workplace. They can also help explore perceptions and attitudes about diversity and inclusion, identifying potential areas for improvement.

  • Conducting focus groups. Focus groups can gather qualitative data about employees' experiences of diversity and inclusion in the workplace. They can also help explore perceptions and attitudes about diversity and inclusion, identifying potential areas for improvement.

Once you've assessed your diversity and inclusion needs, you'll be better placed to allocate resources to the initiatives that will have the biggest impact.

2. Allocate funds to diversity and inclusion initiatives that align with your goals


The next step is to allocate funds to diversity and inclusion initiatives that align with your organisation's goals. This will help ensure that your budget is being spent on initiatives that are most likely to lead to lasting change.


Some diversity and inclusion initiatives you may want to consider funding include:

  • Employee resource groups

  • Diversity and inclusion training

  • Unconscious bias training

  • Hiring a diversity and inclusion consultant

3. Avoid one-time diversity and inclusion spending

While one-time diversity and inclusion spending may feel like it's making a difference, it is often not enough to create lasting change. Instead, consider funding initiatives that will have a lasting impact such as those listed above.


4. Invest in diversity and inclusion data collection

Investing in diversity and inclusion data collection is a meaningful way to measure the success of your diversity and inclusion initiatives. It can help you set goals, track progress, and identify areas where more work is needed. The types of data you may want to collect include:

  • Employee satisfaction surveys. These provide critical feedback on diversity and inclusion initiatives from the people directly impacted by them. This data can help you identify what is working well and what needs improvement.

  • Retention rates. Tracking retention rates can help you gauge the effectiveness of your diversity and inclusion initiatives. If diversity and inclusion initiatives are successful, you should see an increase in retention rates for underrepresented groups.

  • Hiring data. This is another critical metric to track when evaluating diversity and inclusion initiatives. It can help you identify where your organisation is falling short in diversity and inclusion and what steps need to be taken to improve the situation.

5. Review your diversity and inclusion budget annually

Diversity and inclusion goals may change over time, so it’s essential to ensure that you are budgeting in accordance with your organisation’s current needs.

Regularly reviewing your diversity and inclusion budget will also help you identify any areas where you might be overspending or underspending. You can then adjust it accordingly to maximise the return on your investment.


6. Be aware of potential pitfalls when budgeting for diversity and inclusion initiatives

When budgeting for diversity and inclusion initiatives, there are a few potential pitfalls to be aware of, including underfunding initiatives.


While it may be tempting to save money by cutting back on spending in this area, underfunded diversity and inclusion initiatives are less likely to be successful and may cost your organisation more in the long run.


7. Allocate funds for training and development programs

Training and development programs are an essential part of successful diversity and inclusion initiatives. They help employees learn new skills, better understand diversity and inclusion, and build relationships with people from different backgrounds.


While they can be costly, they are an essential investment in your organisation's diversity and inclusion efforts.


Conclusion

Investing in the proper training and online courses can help you equip your employees with the knowledge and skills they need to create a more diverse, equitable and inclusive workplace.


By monitoring the right data points, you can track the progress of your diversity and inclusion strategy and make the necessary adjustments to ensure that you’re getting the maximum return on the investment.


If you’re looking for online courses to support your diversity, equity and inclusion strategy, check out our Inspired Human Online Courses.


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