Small businesses don’t need big budgets to kickstart DEI initiatives. Conor Hudson and Hugo Slevin outline some practical first steps to success from the outset
Last year in Ireland, close to 1.2 million people around the country were employed by small- and medium-sized enterprises (SMEs), representing more than 90 percent of all businesses in Ireland.
While Chartered Accountants play a pivotal role in working with these firms and supporting their needs and requirements, many are also operating as, or directly employed by, SMEs.
As diversity, equity and inclusion (DEI) initiatives become increasingly important in today’s workplace, there is a need to ensure that support is provided to SMEs and start-ups developing and implementing their own DEI strategies.
Larger employers will have substantial resources dedicated to DEI, whereas SMEs and start-ups are more likely to face challenges in developing successful strategies due to limited budgets and often already stretched employee time.
This does not mean that these challenges are insurmountable, however. Numerous resources are available to support smaller businesses in their DEI journey, and with the right approach, many will find that a good DEI strategy will support a happier and more productive workforce.
Why is it important for SMEs to have a DEI Strategy?
Having a DEI strategy can bring many benefits for employees and business owners alike.
From an employee standpoint, being recognised and supported – and feeling able to bring their true selves to work – results in greater engagement and trust in their employer, leading to stronger performance.
For businesses, having a recognised DEI strategy can enable access to a wider and more inclusive pool of talent, while also helping to improve innovation due to a diversified workforce with a wider range of views and perspectives.
How should an SME approach developing a DEI Strategy?
In developing DEI strategies, it is recognised that SMEs may face some constraints. It is important that they set realistic goals in the development and implementation of this strategy. Trying to make too many changes or developing a superficial plan is of little benefit and can be damaging in the longer term.
The first steps to DEI success
Here are some practical steps SMEs can take to develop an effective DEI strategy:
Identify a leader and ensure ownership of the DEI strategy
It is important that a recognised leader within the organisation takes ownership of its DEI strategy. This illustrates that, from a senior level, the strategy is being afforded a high level of priority. While others within the organisation can actively support development, a bottom-up approach may not be as successful.
Foster a culture of openness and communication
Openly encouraging dialogue and actively listening to employees’ experiences will create a sense of belonging and support diverse perspectives. An internal social group could be a good starting point for this.
Provide DEI training to all staff
DEI training can help raise awareness, promote understanding among staff members and kickstart conversations about the business need for an effective DEI strategy. Several non-profit organisations such as ShoutOut (shoutout.ie) offer a wide range of workshops that are affordable and can make an immediate impact.
Work with existing groups and organisations
Many business groups and representative bodies – Chartered Accountants Ireland and IBEC, for example – offer diversity resource hubs and forums SMEs can leverage to support their DEI journey. It is also worth encouraging employees to volunteer their time and skills to organisations such as BelongTo (belongto.org).
Review policies regularly
Reviewing your policies, with buy-in from your employees, can help to identify potential biases or barriers to inclusion, including hiring practices, as well as helping you to gauge the success of your DEI initiatives through engagement with your workforce. Make adjustments as required to ensure all employees are treated fairly and make sure any policy changes you introduce are communicated clearly across the board.
Conduct employee surveys
Conducting regular employee DEI surveys can help you to determine the success, or otherwise, of your diversity efforts by gauging how your employees perceive them and view any supports they are receiving. It is important to make sure these surveys are anonymous to protect employees who might otherwise be hesitant to provide honest feedback.
Establish an Employee Resource Group
Encourage and support the formation of Employee Resource Groups, allowing employees from minorities to come together and advocate for positive change within your organisation. Regardless of budget limitations, SMEs can make significant strides in advancing DEI by prioritising a commitment to inclusivity, fostering open dialogue, exploring community resources and implementing thoughtful initiatives.
Diverse teams greatly improve talent acquisition and retention, decision-making quality, innovation and insight. True and authentic DEI initiatives will motivate your employees to really sponsor your brand, ensuring your SME thrives in a competitive world.
Conor Hudson and Hugo Slevin are Chartered Accountants and members of members of BALANCE, the Institute’s LGBTQ+ Allies network group
The many advantages of DEI strategies for SMEs
With Pride 2024 celebrations getting around the world for the month of June, four members of BALANCE, the LGBTQ+ Allies network group of Chartered Accountants Ireland, share their personal views and insights into the importance of effective diversity, equity and inclusion (DEI) strategies in all businesses, including SMEs.
Sarah McAleese, KPMG
Inclusive DEI initiatives need not always entail significant financial investment for SMEs. From an accessibility standpoint, a standardised email sign-off for meeting invitations, such as, “should you require any additional accessibility accommodations or support, please do not hesitate to let us know,” can serve as an initial step in cultivating an open environment, where employees and clients alike can bring their “true selves” to work.
Offering and providing readily available additional support upfront demonstrates a proactive commitment to ensuring everyone feels supported in the workplace.
Another example of a low-cost accessibility initiative may be introducing designated sensory-friendly hours in specific office areas to cater to the needs of neurodiverse individuals.
It is crucial, however, that while individuals are encouraged to avail of any additional supports, they should never feel pressured to disclose information they are uncomfortable sharing.
Cian McKenna, AXA Ireland
Creating an inclusive culture in the workplace can start with the smallest acts spurring valuable conversation across an organisation.
Even in a hybrid workplace, watercooler moments are alive and well, with the topic of the day always including new initiatives the company is putting into place.
I have been fortunate during my time as part of the finance team at AXA Ireland to see firsthand the impact DEI initiatives can have across the board.
Since starting at AXA, I have seen regular initiatives focused on LGBTQ+ inclusion, such as the introduction of email signatures with the AXA logo in Pride colours, Pride lanyards and our Sports and Social Committee using a Pride theme for their annual summer party (with proceeds going to LGBTQ+ charities).
Most recently, AXA introduced a campaign to suggest the inclusion of pronouns in email signatures.
While these may seem at first like small acts, all have naturally fostered a sense of allyship, encouraging an invaluable sense of belonging and acceptance in our workplace.
Eimer Proctor, ASM
Implementing DEI initiatives is not just about celebrating Pride, changing your company logo for Pride month or purchasing rainbow lanyards. DEI is an ongoing, inclusive process and small steps can lead to significant, positive change.
At ASM (B) Ltd, we have recently embarked on our own DEI journey, and we signed the Diversity Mark NI Charter to demonstrate our commitment to this.
In seeking the Bronze accreditation and demonstrating that we are a gender diverse professional services firm, the first target requires us to develop a DEI strategy with supporting actions to measure what success looks like.
As accountants, we like numbers and data, so – in setting clear and measurable targets for gender diversity – we consider that this will allow us to take those crucial small steps in progressing our DEI efforts.
Paul Cassidy, SKY Leasing
SKY Leasing has created a DEI policy that is reviewed and refreshed annually. This commitment demonstrates that embedding diversity and inclusivity across people, policies, processes and practices is a key priority for the organisation.
Some of SKY Leasing’s many DEI initiatives include encouraging our female workforce to join and contribute to industry bodies championing women in the workplace, such as Women in Aviation (AWAR).
SKY Leasing’s CFO, Ailbhe Kenny, is a participating AWAR mentor and some of the female members of our team have also participated as mentees, sharing knowledge on best practice and acting as champions and ambassadors for other women in our workplace.
Our company also promotes diverse experiences, backgrounds and work styles among employees. This encourages us to embrace how we authentically and naturally approach our own work as well as how we work together.
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