Diversity, Equity, Inclusion, and Belonging (DEIB) is good for organisations on all levels. Not only is it human-centric at its core, but it also drives innovation and profitability. McKinsey research has found that gender-diverse companies are 21% more likely to achieve above-average profitability, with those having over 30% female executives outperforming others. McKinsey has also concluded that the most diverse companies are more likely to outperform less diverse peers on profitability.
The reasons for this are manifold and well-documented. Diverse teams bring unique perspectives and experiences, fostering creative problem-solving and innovation. They challenge conventional thinking, leading to groundbreaking solutions and growth. Moreover, diverse teams excel in handling complex problems by leveraging diverse perspectives. And, inclusive workplaces promote a sense of belonging, where employees feel valued and free to express innovative ideas without fear of discrimination. This in turn fosters the development of new products and processes, providing a competitive advantage. Doing good really is good for business.
Looking to the future
For DEIB to be effective, it must incorporate elements designed to create an enabling environment to invest in young women.
We have adopted a gender-neutral approach to our talent acquisition and retention. This has paid rich dividends. Currently, about 70% of our 850+ employees are female â 60% in senior management, 68% in middle management, 69% in junior management, and 65% in non-managerial roles.
Companies across industry sectors therefore need to consider the broader impact that investing in all talent will have on business outcomes for the future. Clear interventions must be in place especially as it relates to fair considerations for both male and female talent when recruiting internally and externally.
Skills and development are also essential to provide an enabling environment for young women joining the workforce. But beyond the traditional academic sponsorships, companies should also consider absorbing more female learners from their learnership programme into the business.
For example, TransUnion GCC Africaâs learnership programme is targeted at South Africans aged 28 and younger. Between 2022 and 2023, we had 100 learners in the business. We absorbed 50% of them into permanent roles and 75% of them were female. Today, we have over 50 active learners in the business with 20% having already been absorbed into permanent roles.
Importance of continued development
Investing in young women shouldnât be seen as a once-off activity. It requires continued commitment by organisations and reflects broader industry efforts to transform Diversity, Equity and Inclusion (DEI) in the country. In addition to appointing more women, companies must invest in their existing female talent through interventions such as mentorship programmes, leadership training, and flexible work arrangements. Setting these talented individuals up for success is crucial for business growth.
To this end, companies should consider using learning and development as an intervention to encompass employee-led knowledge shares, coaching, mentoring, and formal training (short courses, diplomas and bachelorâs up to PhD degrees).
Another tactical intervention is that of providing employees with access to sponsored education regardless of the level they are in the business. Leadership should also remain mindful of offering employees an improved view of available learning and mentorship opportunities so they can make the best possible decisions regarding their learning path in the business.
Taking ownership
Investing in young women can only be considered a success if ownership sits with every employee who is a part of this journey.
Our leadership team, which is 86% female, works closely with the different functions to ensure that interventions are taking place. Most of this work is also incorporated into KPIs of the leadership teamsâ different functions from operations, finance, HR, Talent Acquisition, and IT to marketing communications, thereby making these interventions a part of everyday work, not a once-off exercise.
Ultimately, the goal for any organisation must be to drive inclusion for women in a way that is authentic, sustainable, and impactful. We have seen women get promoted while some young women who came in as learners have transitioned into permanent employees with specialised roles. This is a direct result of the active, engaged and holistic way in which we approach our learnerships.
Make, measure, then pivot
As society evolves, people learn and grow, and their needs change. Therefore, a companyâs DEI strategy needs to be responsive. It is only through continuous improvement that organisationsâ DEI strategies will remain aligned with the needs of their employees.
Tracking key metrics like staff retention and external recognition can provide valuable insights. Internal sentiment and qualitative feedback in areas like employee participation and satisfaction can also be significant enablers in assessing the effectiveness of your strategy, seeing where youâre winning and identifying areas that need more focus. However, it is important to remember that each number represents real people with real identities, lived experiences, and aspirations, who come together to deliver on your organisationâs purpose.
Looking ahead, we must all recognise that DEIB is not an end goal. Rather, it is a continuous journey. As we navigate the ever-evolving landscape of business in Africa, we must all become steadfast in our pursuit of a future where inclusion is a lived reality for all. How you support every one of your employees matters. Investing in young women is non-negotiable as we pursue a truly transformed environment.
