Based on a recent HR Acuity report, employers experience about 2% of their total workforce in employee claims every year. Figuring in the number of hours of staff time spent on a typical case, as well as the cost of legal fees if a claim goes to litigation, we estimate that a 1,000-person company will require 497 hours of internal staff time and upwards of $280,000 in legal fees for the estimated 23 HR claims filed per year.
Practicing diversity, equity and inclusion (DEI) in the rough economy of 2023 is quite different than in the last two years. From 2020 to 2022, capital was cheap, companies were overstaffing and the C-suite was focused on demonstrating their commitment to DEI and their social responsibility. In other words, it was a no-brainer to invest in DEI.
It’s not that easy this year. This year, capital is expensive, companies are drastically reducing their staff and the C-suite is primarily focused on demonstrating their commitment to efficiency and good unit economics. So what is the best way to invest in and develop DEI in 2023? By packaging DEI as just that: a tool for efficiency and good unit economics.
Read on to learn two ways people leaders can make the business case for their DEI efforts to the C-suite and beyond.
