How you should be thinking about D&I in 2020
Mar 04, 2020
Diversity and inclusion has risen to become a critical priority for organisations over the past decade; as we enter a new one, this focus will rightly increase further.
As we continue to operate in an increasingly competitive business environment, at Paysafe we understand that the performance and engagement of our employees is key to business success. An inclusive working environment, in which each employee can fulfil their potential and maximise their contribution to the business, really matters. That is why we recognise and value the creative potential that individuals of different backgrounds and abilities bring to their work.
Diversity and inclusion (D&I) has risen to become a critical priority for organisations over the past decade; as we enter a new one, the focus and prioritisation of D&I will rightly increase further.
That begins immediately. The conversations are louder than ever so 2020 will another be a big year for growth in the D&I space; but what does this mean looking at this year and beyond?
A year of progress
First and foremost, a priority for Paysafe in 2020 will be to build upon the momentum we have generated over the past 12 months through numerous commitments and action plans.
One of our key initiatives in 2019 focused on combatting unconscious bias through our mandatory D&I training programmes. Gender parity in the workplace also continued to be a huge focus in 2019, building on schemes launched following gender pay gap disclosures and the #metoo movement. Practical steps we took in 2019 included signing the Women in Finance Charter, and committing ourselves to ensuring that women make up at least 40% of our senior management team by 2023.
Measure results, and communicate them
Sharing results on D&I progress will be key for organisations in 2020. At Paysafe we have already made this a focus and recognised the importance of increased transparency in the measurement of D&I. By doing so we are able to harness the data to create meaningful metrics, KPI’s and objectives to support progress. We now track and publish much of this data for all to digest and see how we are tracking against our goals.
Communication is key when engaging employees about D&I; it prevents fatigue and empowers employees through demonstrating progress. Initiatives can sometimes take years fully reach its objectives, so sharing all progress and achievement, no matter how small, is crucial to the success of D&I programmes.
Through regular and accessible communication, D&I is now being more often seen as a proactive business objective instead of a reactive response. At Paysafe, the introduction of regular communications including Q&A’s with our CEO, town halls, and newsletters have helped bring to life our D&I programme and has driven the narrative more broadly across the organisation.
Holding senior leaders accountable through visible objectives and KPI’s builds trust when developing an inclusive and diverse workplace. Aligning D&I strategy with wider business goals will also prevent it from feeling like an afterthought. At Paysafe, D&I is a strategic priority. All members of our Board and Executive Teams have fully endorsed this and are committed to creating a working environment where everyone’s unique contribution is valued. Our CEO Philip McHugh has included a KPI on gender split at Senior Management level as a key priority on his 2020 performance indicator.
What will be the key D&I themes in 2020?
With International Women’s Day around the corner, and organisations across the globe preparing to celebrate, it is important to recognise that gender parity will of course continue to be a priority – with increased scrutiny on gender diversity at all levels, organisations will continue to push for this.
At Paysafe, 43% of our employee population is female – and this has been growing year-on-year. Representation at senior levels is increasing, and with three executive posts filled by women in the past year; the needle is clearly moving.
Mental Health and Wellbeing are also becoming a major part of the D&I conversation in 2020. Organisations are understanding the importance of this and how it has a huge influence on employees being able to bring their true selves to work. Organisations are equipping themselves to be safe and welcoming places for employees while also creating and building on internal structures to avoid mental health problems arising. Employers will be utilizing their Employee Assistance Programmes and using these as a basis to build strong Wellbeing programmes.
As 2020 and the next decade progresses, we will see D&I becoming deeply embedded into corporate culture. Creating a place where our organisations are diverse, everyone’s voice is heard, and employees are empowered to be their true selves and do their best work, will be paramount.