Why Diversity, Equity, and Inclusion (DEI) matter for SMEs

In today’s dynamic business landscape, adopting Diversity, Equity, and Inclusion (DEI) practices is not just a moral imperative but a strategic advantage. For small and medium-sized enterprises (SMEs) in the built environment, embracing DEI can lead to enhanced innovation, improved employee satisfaction, and a stronger connection with the communities you serve.

What DEI means for your business

Diversity

Embracing a workforce that includes individuals from various backgrounds, cultures, and experiences. Diversity in the workplace means more than just hiring people from different demographic groups. It involves creating an environment where all employees feel valued and respected, regardless of their background.

Equity

Ensuring fair treatment, opportunities, and advancement for all employees. Equity involves recognising and addressing the unique needs and challenges of individual employees. This can include implementing policies and practices that promote fairness and equal opportunities for all.

Inclusion

Creating a workplace culture where everyone feels welcomed and valued. Inclusion means actively involving all employees in the workplace, ensuring that everyone has a voice and feels part of the team. This can involve creating inclusive policies, providing diversity training, and encouraging open communication.

Key benefits of DEI for SMEs

How to Implement DEI in Your SME

1.    Assess Your Current Practices

Evaluate your current policies and practices to identify areas for improvement. Conduct a thorough assessment of your workplace to understand the current state of diversity, equity, and inclusion. This can involve surveys, focus groups, and reviewing existing policies.

RICS Firms of all sizes in the UK are encouraged to take part in the annual Action Sustainability DEI Survey, which generates the largest benchmarking report for the built environment sector to evaluate your organisation’s progress. You can access the latest report here.

2.    Set Clear Goals

Define specific, measurable goals for improving DEI in your organisation. Establish clear objectives for what you want to achieve with your DEI initiatives. This can include increasing the diversity of your workforce, improving equity in promotions, and building a more inclusive workplace culture. This can also include measurable targets tied to your supply chain, customer service and social impact within the communities you serve.

3.    Provide Training and Education

Offer training programs to educate employees about the importance of DEI. Provide regular training sessions on topics such as unconscious bias, cultural competency, and inclusive leadership. This can help employees understand the importance of DEI and how they can contribute to a more inclusive workplace.

4.    Create Inclusive Policies

Develop and implement policies that promote diversity, equity, and inclusion. Review and update your company’s policies to ensure they support DEI. This can include policies on reasonable adjustments, recruitment, promotions, pay equity, and workplace conduct. Most importantly, ensure you are legally compliant in your responsibilities as an employer.

5.    Measure and Adjust

Continuously monitor your progress and adjust as needed. Regularly review your DEI initiatives to assess their effectiveness. Use metrics and feedback to identify areas for improvement and make necessary adjustments to your strategies.

How RICS Supports DEI across the profession

At RICS, we are fully committed to promoting diversity, equity, and inclusion within the built environment. We provide resources, guidance, and support to help SMEs implement effective DEI practices. Our resources are designed to help you understand the importance of DEI and provide practical steps for creating a more inclusive workplace.

RICS’ Rules of Conduct require RICS-regulated firms and members to encourage diversity and inclusion. These pages are written with the help of RICS members and diversity, equity and inclusion experts to reflect good practice in encouraging diversity and inclusion.

Find out more

Connect with other SMEs and industry leaders who are committed to DEI

Join our SME Business Support Group with like-minded professionals ready to share experiences, learn from others, and collaborate on DEI initiatives.

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