When it comes to diversity initiatives, we all want the numbers to be high and the performance higher. In order for your company or company-sponsored initiative to succeed, you have to have a plan for evaluation and measurement. The key? Taking steps toward achieving measurable goals.
What Does Data Mean For Your DEI?
Simply put, data is information including information about facts, statistics, or numerical quantities. Remember that this is a measurement and not an evaluation. Mathematics is involved in gathering the necessary data; however, these are tools you will use to analyze your data and present the information it provides in the most effective way possible. So, where do you start? Here are some tips to help you determine what aspects of your DEI strategy you should be measuring and how to use the data you obtain to good effect.
Distinguish Goals From Metrics
So, how do you figure out what data to measure? Before you can determine how to measure, you must first establish what your goals are and determine which information will contribute most toward achieving your goal set. For example, if the goal is to increase the percentage of women hired at your organization, you will want to examine the number of women in leadership and how many women are promoted from within. This information, in combination with information on retention rates (i.e. how many people leave once they are hired), can help you decide what kind of data analysis you need to perform in order to appropriately measure your goals and evaluate your performance.
Work Out Where Your Baselines Are
To fully understand your performance, you need to have a baseline in order to determine what your current performance is. So what is a baseline? It is the typical or usual level of some process, level of achievement, or the like. By establishing baselines for key data points and tracking these over time, you can measure your progress.
Choose The Right KPIs For Your DEI Goals
What are key performance indicators (KPIs)? They are indicators that show you how well things are going toward achieving your goal. A good KPI tells you what is important, relevant, and useful for the organization. So how do you choose the right KPI for your goals? Start by identifying the most important objectives you want to achieve in terms of effectiveness and efficiency regarding your DEI. Then, identify which of these objectives can be measured. Next, determine whether each measure has a direct impact on achieving your goal.
Define Your Performance Goals For DEI
Once you have determined your goal and set the metrics you will use to measure the level of performance, it is time to make sure everyone involved in the project understands what is required of them. Make sure that these goals are clearly defined and understood by all parties, including department heads, managers, and staff members. This will ensure a more consistent approach to measuring DEI performance throughout your organization.
Data impacts DEI's effectiveness and success because it is a way to tell you what is working and what may not be working. In order for your DEI to be successful, data play a key role in helping you accurately measure and evaluate performance. Make sure to follow the above-mentioned tips when gathering data in order for your DEI strategy to be successful. Reach out to Network ESC professionals today to learn more!