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CHICAGO, Sept. 29, 2022 /PRNewswire/ -- Global leaders now overwhelmingly consider diversity, equity and inclusion (DE&I) a strategic business imperative as employees increasingly place value on equality advances in their work environment. A new report released today by Heidrick & Struggles (Nasdaq: HSII), a premier provider of global leadership advisory and on-demand talent solutions, finds that 93% of leaders view DE&I as more important now than three years ago.
The report, Employees at the Center: What It Takes to Lead on DE&I Now, reveals findings from 420 executives across eight countries. 58% of leaders say their companies currently engage in practices—such as clearly defining diversity, equity, and inclusion, and link them to strategy and business outcomes — considered to be 'leading edge' three years ago. Up from 20% in the initial 2019 study, the nearly 30 percentage point increase suggests a new bar for organizations. In addition, 52% of leaders say their diversity efforts contribute to their business success to a large extent, up from 22% three years ago.
"These findings should give all of us a moment of pause to reflect on the momentum gained in corporate DE&I efforts," said Jonathan McBride, global managing partner of Heidrick's Diversity, Equity, and Inclusion Practice. "The practices that made a company a leader three years ago, are now considered table stakes. Nearly every executive surveyed acknowledged a rise in importance of DE&I, which underscores the pace of change and highlights the risk of falling behind."
Understanding Employees' Centrality to Engagement on DE&I
The survey found that 43% of executives rank employees as the key reason for increased DE&I focus, placing them as priority over customers or managing through the COVID-19 pandemic. Additionally, executives believe DE&I initiatives improve business outcomes because they enhance employee engagement, corporate reputation, and business transformation.
The survey indicates that leaders consider engaged employees as more central to their corporate culture than ever, signaling that the enduring war for talent and the pandemic-induced hybrid workplace has prioritized employees' wishes.
Leaders cited employees as the critical connection between DE&I and realized business success. In addition to DE&I efforts as a compelling force for attracting and retaining top talent, employees are also being recognized as an engaged constituency – holding leaders and companies accountable over time. Consequently, more leaders are realizing in fresh ways that an inclusive culture is at the heart of a truly productive workforce.
"As workplace dynamics shift reflecting talent wars to a hybrid work environment, getting DE&I right is more important – and more complicated – than ever," continued McBride. "Across industries and geographies, CEOs are acknowledging that complexity. They're committing to DE&I because, for employees, it encourages different ways of thinking and promotes career development and, externally, better reflects a company's customers and constituencies."
Priorities for Future Progress at Best-in-Class Companies
Heidrick & Struggles' report identifies four actions best-in-class companies can take to enhance their DE&I efforts:
The findings of the report are based on a survey of executives from Australia, Brazil, Canada, France, Germany, Mexico, the United Kingdom and the United States.
About Heidrick & Struggles
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time.® www.heidrick.com
Heidrick & Struggles Media Contact:
Molly Coughlin
mcoughlin@heidrick.com
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SOURCE Heidrick & Struggles International, Inc.