DEI stands for Diversity, Equity, and Inclusion, and Diversity, Equity, and Inclusion data refers to the collection of data that tracks and measures DEI within an organization. It includes metrics such as representation of different demographic groups, employee experiences, diversity goals, gender diversity, and more.

DEI data is crucial for promoting equity and inclusion within an organization. It provides insights into the current state of diversity and inclusion within a company, which can help identify areas for improvement. It can also track progress over time, highlighting areas where additional efforts are needed. Large public companies are required to disclose their diversity data and goals to the federal government through EEO-1 Reports, and more and more companies are making this data public, which further highlights the importance of this human capital data. 

The significance of DEI metrics has continued to grow throughout the last few decades. More companies are recognizing the importance of diversity, equity, and inclusion, not only for moral and ethical reasons, but also for better performance. According to a 2020 study by McKinsey, companies with more diverse workforces are more likely to have financial returns above their industry median. Additionally, a study by Boston Consulting Group found that companies that implement more diverse management teams are more innovative and increase their revenue.

It is critical to collect data-driven DEI information through ethical and secure methods that respect employees’ privacy. DiversIQ is a research firm that provides comprehensive DEI data analysis for companies, using ethical and secure methods for data collection and normalization. Read on to learn more!

DEI Data Collection and DEI Metrics

If DEI data collection is something you or your company is considering, you’re probably wondering about what data to collect for DEI and what DEI metrics you should use. Worry not! There are various data points that could be collected, such as race, ethnicity, gender identity, sexual orientation, disability status, and veteran status. However, this data needs to be put into the context of the workplace. That means other data points such as retention across employee groups, employee turnover, candidate demographics, employee advancement, promotion rate, equal pay, pay equity, and Employee Resource Group (ERG) participation are also important.

Tracking these demographics across organization levels can help identify disparities and areas of improvement in recruitment, retention, and promotion of underrepresented groups. Diversity in the workplace is becoming increasingly important, not only for social responsibility, but also for better performance. DEI data updates should be made routinely to ensure that the data is reflective of the current state of the organization’s diversity and inclusion efforts. The Russell 1000 DEI Report and S&P 500 DEI Report are good resources to see how other companies are tracking their improvement in these areas.

DEI Data Analyst

When it comes to promoting diversity, equity, and inclusion within an organization, reliable DEI data collection is essential. It is a DEI data analyst’s role to collect, analyze, and provide insights into data related to workforce demographics and employee experiences to help identify problem areas and develop targeted strategies toward a more diverse and inclusive workplace.

A skilled DEI data analyst can make all the difference in the quality of data collected and analyzed and the insights derived from it. This is where DiversIQ comes in – our process of finding, normalizing, and visualizing DEI data is manual, ensuring data accuracy and quality. This gives DiversIQ customers an advantage in terms of:

• Relevance of their information

• Real-time access to the latest disclosures

• The easiest access to all disclosures in one place

• Time saved

The value of a DEI data analyst cannot be overstated, especially in a data-driven DEI approach. Organizations need to understand what data to collect for DEI and how to collect it accurately and ethically. DiversIQ specializes in DEI exclusively and ensures the quality of all its DEI data. We employ the best DEI data analysts who are often the first to uncover new EEO-1 disclosures that are “quietly” published by companies. Check out our State of EEO-1 Reporting to learn more!

DEI Data Analytics

DEI data analytics can play a crucial role in improving DEI policies within organizations. By analyzing relevant data, organizations can identify patterns, gaps, and areas that need improvement. This data-driven approach can lead to more effective DEI policies, better employee experiences, and a more inclusive workplace.

However, it’s important to note that the reliability and accuracy of data are critical factors. Biases can be unintentionally encoded into algorithms and data sets by the individuals collecting them, which can lead to flawed analysis and, ultimately, ineffective DEI policies. Data collection can prove challenging when met with employee reluctance to participate in surveys related to DEI efforts, often due to fear of retribution and concerns over privacy and discrimination. Additionally, many organizations are hesitant to publicly release diversity data for fear of negative public perception.

To overcome these challenges, organizations can utilize benchmarking and comparison with industry peers and competitors. By analyzing their own data against others, organizations can obtain a better understanding of their DEI efforts compared to market norms. DiversIQ provides a comprehensive benchmark of DEI data from publicly traded companies, bringing together diversity, equity, and inclusion data for easy comparison and analysis. Contact us to request trial access to our platform or sample data feeds that compare industries as broad as Energy to niche industries such as railroad companies!

DEI Data for ESG Research

Investors today have a growing interest in Environmental, Social, and Governance (ESG) criteria when evaluating the sustainability, social impact, and long-term success of companies. One key area of ESG research is leveraging DEI data for investors to assess how companies are prioritizing building inclusive organizations, hiring practices, and employee experiences. By using human capital data for ESG research, investors gain insight into the Social and Governance aspects of ESG.

Historically, investors, consultants, and investor relations professionals had to manually gather all DEI disclosures for investors from separate, often incomplete sources, which was incredibly time-consuming and inefficient. However, with recent advancements in data analytics, this process is becoming more streamlined and accessible.

DEI Data for ESG Research: How DiversIQ Makes the Job Easier

DiversIQ collects, verifies, and presents all relevant DEI data in one single DEI platform for investors, making it much easier for sustainability, ESG, and DEI researchers and investors to gather, interpret, and report on this critical data. By utilizing a DEI data platform like DiversIQ, investors can take the guesswork out of ESG research, which can lead to better investment decisions. 

DiversIQ’s DEI solution for investors offers immense opportunities to discern everything about companies’ diversity, equity, and inclusion efforts that are improving by the year. By using this DEI data for ESG research, environmental and ethical investors can have access to the most comprehensive, expertly verified and analyzed DEI data to help them evaluate company sustainability, social impact, and executive commitment to DEI.

Human Capital Data

Human capital data is a powerful tool for organizations to gain insights into their workforce. This data refers to information collected and analyzed about a company’s employees, including their demographics, employment history, performance metrics, and compensation. This type of data is essential for evaluating a company’s diversity, equity, and inclusion efforts.

By gathering and analyzing human capital data, organizations can identify gaps in representation and pay equity, as well as other areas where they can improve. Human capital data analytics can help companies assess their progress towards meeting diversity goals, creating an inclusive workplace, and improving employee experiences. This can lead to better retention, higher employee engagement, and a more skilled and productive workforce. Researchers and consultants often gather DEI analytics for investors to aid in their assessment of a particular company or firm investment. 

However, it is crucial to ensure that the collection and use of human capital data is ethical and in compliance with legal requirements. Organizations must prioritize data privacy and cybersecurity while also using the data to drive positive change.

DiversIQ: The Leader in DEI and Human Capital Data

As the only research firm focused solely on DEI data, DiversIQ provides a comprehensive set of benchmarks for thousands of publicly traded companies, making it the best source of human capital data on the market. DiversIQ normalizes and visualizes DEI data, allowing investors, consultants, and company leaders to gather, interpret, and report on critical data easily.

DiversIQ’s approach to collecting and analyzing human capital management data is ethical, transparent, and comprehensive, allowing organizations to make data-driven decisions that promote equity, diversity, and inclusion. By using DiversIQ’s services, companies can access important information about their workforce, evaluate progress towards DEI goals, and take corrective action where necessary. Overall, DiversIQ is an essential tool and the best solution for DEI data for organizations looking to create a more equitable, inclusive workplace, companies looking to benchmark their own data, and investors or consultants looking to assess socially sustainable investments. 

Learn more about our products or click here to contact us directly and get access to our DEI database today!