Diversity, Equity and Inclusion (DEI) is a rapidly growing field of significant relevance to the credit union system. To encourage investment, boards and executive teams at financial institutions, even not-for-profit, socially responsible credit unions, must have a means to quantify the return on investment (ROI).
It is measurable! Start now.
CU Strategic Planning's Ronaldo Hardy shares seven critical calculations to measure the ROI of credit union DEI initiatives.
Establish DEI benchmarks.
Calculate the profitability of DEI.
Quantify the value of DEI in employee recruitment and retention. (It is more significant than you might think!)
Measure the boost to brand reputation.
Ronaldo has been a pioneer in the credit union field of Diversity, Equity and Inclusion for over a decade. You may have heard his Elephant In The Room presentation at CU Water Cooler, lectures at CUNA Management School or closing remarks at the NCUA's Inaugural Diversity Summit. He believes measuring the ROI of DEI is essential, as with the value of any credit union investment of time and resources. In an industry with precise financial measurement, quantifying return on assets (ROA) to determine success, executive teams can be tempted to overlook value that is not easily quantifiable. That is why Ronaldo is making it easy for the HR professionals to communicate with CEOs, CFOs and boards to make the business case for DEI.
Don't wait to put Ronaldo's calculations to work, or email Ronaldo to create a dashboard for your credit union: Ronaldo@CreditUnionStrategicPlanning.com.
Before you download the knowledge report, did you know that McKinsey & Company found that the most diverse companies were 35 percent more likely to have above-average earnings in their industries? Should your HR department know that 75 percent of female candidates consider diversity a priority when choosing a job? Learn how to operationalize the value in earnings and savings by increasing the diversity of your credit union.
Don't just jump blindly into a credit union trend- even into the most valiant of social responsible initiatives. Start by knowing what you want to achieve and how to measure progress towards the goal. Through a smart, strategic, focused and measurable diversity, equity and inclusion initiative, your credit union can achieve the triple bottom line of benefits to your employees, community and financial return to your members.