6 July 2023 
In an article written by Bain & Company, published in Harvard Business Review, a positive correlation was discovered between companies that successfully implemented DEI policies and practices and their enhanced capacity to adapt to change and foster innovation. This improved ability towards change was termed as their “Change Power.”
The organizations that had improved their change power, were then able to achieve the following benefits:
- More inspired employees
- Better financial performance
- Stronger culture and leadership
As a DEI data provider, Denominator’s data empowers organizations in their DEI initiatives, commitments, and goals. By providing quantifiable and comprehensive DEI Data, Denominator can play many roles in the support of an organization’s journey towards improving and harnessing their change power.
Shared in the article, were 5 main steps that successful companies took to harness their change power, and for several of them, Denominator’s DEI data can provide valuable support in the success of:
1. Conducting Surveys and Assessments: The first advised step from Bain & Company was for companies to start by conducting surveys or assessments to estimate their current standing in terms of changeability and DEI. These assessments provide a clearer picture of where the organization stands and highlight the areas that need improvement.
2. Developing Actionable Steps: Once companies have a better understanding of where they currently stand, they can develop actionable and specific steps to improve changeability and DEI. This involves identifying areas for improvement, setting goals, and implementing strategies to foster inclusivity and adaptability.
With global DEI data on a board and executive level, as well as company and industry level, Denominator’s DEI data can aid in benchmarking where an organization currently stands. This can help identify the gaps within an organization´s DEI efforts and goals. This is a holistic approach that can bring insights into DEI goal setting as well as internal DEI reporting.
3. Making DEI a Leadership Agenda: Companies should ensure that discussions around changeability and DEI are on the leadership agenda. By openly discussing strengths and weaknesses relative to competitors in these areas, important insights can be gained, and strategies can be formulated to leverage DEI for adaptability.
4. Building Diverse and Inclusive Teams: Companies are encouraged to rethink their team composition and prioritize diversity when assembling teams. Diverse teams bring different perspectives, introduce constructive friction, mitigate group thinking, and reduce errors.
Denominator’s DEI data measures 15+ dimensions, adding comprehensive insights into the DEI performance of organizations. A holistic approach for DEI data that can also works as a safeguard against DEI-washing that might come from a narrower measurement of diversity.
5. Leveraging Fresh Perspectives: Companies can reach out to a more diverse and inclusive set of individuals to gain fresh perspectives and varied experiences. This approach can help break the blocks in transformational projects, stimulate innovation, and accelerate adaptability. Bain & Company’s research also found that companies with diverse teams are 5 times more likely to innovate than teams that are less diverse.
The findings in the article show that the correlation between successful DEI initiatives and policies, and an organization’s change power, is one worth investing in and paying close attention to.
If your organization is on the journey to improve its adaptability, Denominator’s DEI data can strengthen that process and goals. With DEI data on 2.5+ million companies in 195+ countries and 85+ sectors, Denominator provides organizations with actionable and fact-based DEI insights. The scores and ratings empower organizations and decision-makers in the navigation of change, as well as enhancing the ability to effectively adapt in an ever-evolving business landscape.
To learn more, please reach out at info@denominator.one
