As we reach springtime, many companies are making headway in their new year’s resolutions when it comes to prioritizing, retaining and developing their underrepresented talent.

But it seems that not all companies understand the value of DEI, as many of them are jumping on the bandwagon and quietly quitting their duty of creating a more inclusive workplace; Learning and development programs are being downsized, DEI budgets are being cut, DEI job postings have disappeared and big names are retreating on the commitments they made during the pandemic.

Some companies are even re-branding DEI to the term “culture” on their company survey, creating a real nuance around what diversity, equity and inclusion means today and leaving us worried about the state of the global workforce.

Nuance might be what they’re after but hoping that we can forget about DEI and focus on the “quick wins” and work “culture” is unrealistic, not to mention unprofitable.

According to 2019 data from Mckinsey, companies in the top quartile for gender diversity in their executive teams are 25% more likely to have above average profitability than companies in the fourth quartile, and companies with the most ethnically/culturally diverse executive teams are 36% more likely to outperform on profitability.

In other words, the penalty for neglecting DEI is only growing.

So, what can we do to be the change-makers while also getting a return on our DEI investments?

• Mitigate bias in the hiring process to give critical leadership roles to underrepresented talent
• Reassess the company’s missions and values to strengthen the commitment to DEI practices and make sure that leaders take accountability
• Offer equal opportunities for employees to develop and ensure fairness in the workplace
• Monitor employees on well-designed KPIs
• Be transparent and promote a culture of openness and belonging

Although it might be uncomfortable to turn what we’ve always done on its head, these changes can afford us tangible, long-lasting wins.

Having a more diverse, equal and inclusive workforce has been proven seven times over to inspire innovative ideas, successful decision-making, supportive and trustworthy working environments, and a higher employee engagement.

So think twice before changing your focus from DEI to “culture”, because the end goal is still and will always be diversity, equity, and inclusion.