The adage “measurement is the first step that leads to control and eventually to improvement” rings especially true for Diversity, Equity, and Inclusion (DEI). Without tangible benchmarks, organizations find it challenging to gauge the effectiveness of their DEI efforts or understand their standing in the industry. DEI benchmarking not only provides a clear picture of where a company stands in terms of global diversity but also sets the stage for meaningful improvements. In a market that thrives on competition, comparing oneself to industry leaders and competitors is not just beneficial—it’s essential for growth and relevance.
The Benefits of DEI Benchmarking
Accountability
DEI benchmarking serves as a powerful tool for building trust—both within an organization and externally, among its stakeholders. By keeping leaders accountable and transparent about their diversity initiatives, companies can not only meet but exceed legal requirements, where applicable. For instance, adherence to policies like the Equal Employment Opportunity Commission (EEOC) standards in the United States demonstrates a firm’s commitment to equitable practices.
Strategic Alignment and Goal Setting
Integrating DEI benchmarking into the broader business strategy enables organizations to make informed decisions. Through gap analysis and pinpointing areas for improvement, companies can align their DEI efforts with their overall objectives, ensuring that every step taken contributes to the grander vision.
Enhancing Brand Image and Competitiveness
In a market where consumers increasingly favor socially responsible companies, DEI benchmarking can significantly boost a brand’s image and competitive edge. Aligning with societal expectations for diversity and global inclusion not only appeals to a broader customer base but also attracts top talent who seek workplaces that reflect their values.
Boosting Employee Engagement and Retention
By setting clear, data-driven goals for diversity and inclusion, organizations can develop more effective retention and hiring strategies. These strategies, informed by DEI benchmarks, are tailored to meet the diverse needs of the workforce, fostering a sense of belonging and commitment among employees.
Stimulating Innovation and Creativity
An inclusive workplace with diverse talent is a proven incubator for innovation and creativity. Strategic investments in DEI and inclusion practices guided by benchmarking data, have shown a direct correlation with increased productivity and innovation within organizations.
Rhetorik's DEI Benchmarks
Measuring and improving diversity metrics to reach DEI success is not an easy task, as it requires access to reliable, granular and up-to-date data on workforce diversity across multiple dimensions.
This is where Rhetorik’s revolutionary DEI benchmarking API comes into play. Our cutting-edge tool allows organizations to compare their workforce diversity across a range of metrics – ethnicity, gender, age – as well as by industry, company size and job function and title.
Unlike other diversity and inclusion benchmarking data sources that rely on self-reported or outdated information, Rhetorik’s DEI benchmarking API leverages a unique AI model that blends and validates data from multiple sources, including:
- A bottom-up AI analysis of 800 million professional and business profiles, collected from various online platforms and databases; and
- Top-down survey-based demographics, gathered from reputable and authoritative sources such as the Bureau of Labor Statistics, Census records, the EEOC, and electoral rolls.
Working with DEI benchmark data involves identifying disparities, contextualizing your organization within its industry, and translating insights into actionable goals. Setting measurable objectives and ensuring compliance with legal requirements are crucial steps in this process.
To further explore how DEI benchmarks can transform your organization or to gain access to industry-specific insights, explore Rhetorik’s DEI benchmarking API.
Rhetorik's DEI Benchmarking Methodology
Rhetorik’s DEI benchmarking API is designed with flexibility in mind. It can be seamlessly integrated into your existing Human Resource Management Systems (HRMS), empowering your HR teams with benchmarking tools that provide valuable insights into your organization’s diversity landscape. In addition, our API empowers HR Talent Analytics teams to delve deep into workforce analysis and compare their global diversity efforts across various markets.
Rhetorik’s DEI data and benchmarking API includes the following methodology:
- DEI model training using Rhetorik’s proprietary database, which includes over 150 million professional employee profiles. We also incorporate data from the Census report during the training process, as well as voter files in order to incorporate geographic variation.
- An ethnicity predictive model is then applied to the professional profiles database in order to produce representative microdata of the labor market.
- Aggregate data is generated using a multitude of attributes such as company data (industry, company size), employee data (job title and level), and DEI data (gender, ethnicity, age).
- Statistical inference and imputations are then done through a gap analysis in order to review any potential data gaps or bias. Under-representation (compared to released government data such as US Equal Employment Opportunity (EEO), Bureau of Labor Statistics (BLS), and Current Population Survey (CPS)) is then corrected as required.
- These clean and enriched, data-driven DEI insights are then distilled as Rhetorik’s proprietary global DEI benchmarks.
In sum, DEI benchmarking is not just a tool for assessment but a catalyst for change. By embracing benchmarking, organizations commit to not only tracking their progress but actively participating in the broader movement towards a more diverse, equitable, and inclusive future.
