"The opportunity is vast – and the time is now."
- Sandy Downs, Head of DEI at Teamspirit
Of those surveyed (301), 72% of businesses in the UK believe their approach to Diversity, Equity & Inclusion (DEI) has become more important to current employees, and prospective ones (71%). Only 21% thought there’d be no change (23% for prospective employees) and one in twenty felt it had become less important (6% & 5% respectively).
Similar trends were seen amongst existing clients & customers, with 70% of businesses viewing DEI as becoming more important versus just 7% who thought it’d become less so – 22% thought it’d remain stable. In terms of prospective clients, 67% of those surveyed said DEI has become more important to the procurement process – potentially driven by rising ESG considerations within the RFP process.
Notably, 65% of businesses believe that DEI will shift higher up the board agenda within the next 2-3 years – this includes 58% of c-suite executives. These findings were published in Teamspirit’s ‘Marketing Inclusion’ Report, shining a light on DEI communication challenges.
“DEI skyrocketed up the corporate agenda in 2020, following the murder of George Floyd and reignition of Black Lives Matter. But the last few years have been tough. COVID-19, and its implications on society’s mental health. The climate crisis. Brexit,” explained Sandy Downs, Head of DEI at Teamspirit.
She said: “All of these have battled for space on the c-suite agenda, and for many, DEI has been deprioritised. We’ve seen this play out in the attrition rates for DEI roles and a reduction in corporate communications during the likes of Pride and Black History Month.
“But the tide is changing. Businesses know it – there’s a grassroots demand from employees and prospective recruits for better DEI practices in the corporate world. There is also a top-down push, from both the regulator and the new Labour Government. The Financial Conduct Authority (FCA) is pushing for greater DEI in Financial Services; the revisions to the Corporate Governance Code will put pressure on boards from the 1st January 2025, and in all likelihood, ethnicity pay gap reporting will soon be mandatory for large firms.
“Firms need the right policies and processes in place, but they also need to be equipped to talk about their journeys – otherwise they risk alienating their people and damaging their brand. Those that nail their communications will be able to run creative and authentic campaigns that meet a modern audience,” Sandy concluded.
