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Exo Acquires Medo AI

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Why D.E.I?

Diversity, Equity, and Inclusion (DEI) is a culture that everyone should strive to implement. The question is, “How does it benefit your organization?” Let us explore the facts:

  • Companies with diverse management teams have 19% higher revenues.
  • Diverse companies are 1.7 times more likely to be innovation leaders.
  • 67% of job seekers say diversity is an important factor when considering a company.
  • 85% of CEOs say that having a diverse workforce improves their bottom lines.

What are the sources for this information? How Diverse Leadership Teams Boost Innovation (bcg.com); Why Diversity and Inclusion Has Become a Business Priority – Josh Bersin; Recruiting a Diverse Workforce | Glassdoor for Employers; and 18th Annual Global CEO Survey: A marketplace without boundaries? Responding to disruption (pwc.com).

These statistics come from researching companies from all industries. Is health care that different than other industries that we can ignore glaring opportunities to gain more revenue, FTEs and innovation? No, we cannot. A widely accepted theory by Peter Drucker is, “If you cannot measure it, you cannot improve it.” That certainly holds true in hospital operations. Without quality measures, patients could have a less desired outcome. Without a budget, a hospital could have terrible financial margin. Without benchmarks, a radiology department could lose productivity and efficiency. All this is true. Therefore, I ask the question. Does your hospital keep track of the facts and set strategy and goals to achieve a better work experience and financial position?

The facts and statistics I refer to is your organization’s workforce. What are the demographics of the market area you serve and how does your organization’s workforce reflect those demographics? Who are you recruiting and hiring? How are you training them? Who is your leadership? What are their strategies to ensure they reflect the community they serve?

Statistics you should know and measure include:

  • The percentage of males and females in your workforce
  • The percentage of minorities in you workforce
  • The percentage of males and females among your leadership
  • The percentage of minorities among your leadership
  • The percentage of minorities that are the recipients of promotions
  • The demographics of those that leave your organization

Once you know these things about your organization, you can develop strategies to reflect the population you serve and increase diversity, equity and, most importantly, inclusion within your organization. Moreover, if you are a leader within your department, you can develop your own strategies and you know and understand these statistics. 

Some think that workforce development is the job of the human resources department in their organization. I offer a different level of accountability. Workforce development is an opportunity for leadership of any and every organization to strive to achieve inclusion and a quality patient experience. Do not wait for direction to do what is just. Just do it! •

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