Is Equity at Workplace really possible?
Well, if you are an IT professional, then you must be familiar with the terms like Diversity and inclusion. But today, there is a new buzzword that also requires attention is “Equity”. It is a simple term but with a strong concept of equal respect for every person working in an organization. It refers to each individual will receive equal treatment, respect, and chance to perform. Today, business leaders mainly focus on creating a strategy that will help in fostering a culture of belonging among their employees.
For keeping the workplace transparent it is important that everyone will receive the same when it comes to facing consequences and getting rewards. Equal equity creates equal opportunities for each employee resulting in a positive work environment.
Some people may confuse equity with equality but there is a difference in both terms. Before diving into the term equity, we will first highlight the difference between equity and equality.
Difference between equality and equity
These terms cannot be used as synonyms. For better implementation of equity, it is important that you know the accurate difference in both terms. Only then you can make sure to implement them well.
Equality refers to providing the same access of company resources to all its employees irrespective of any barriers. This results in equal distribution of money, resources, and opportunities among all employees. Whereas equity is completely different from the concept of equality. With equity, you will not get the same resources and opportunities but the company will recognize that each employee has varying access to the resources. And the employees with less access should get enough support for leveraging the available opportunities.
Importance of implementing Equity within a company
Below we have mentioned some of the major reasons why equity has also been implemented alongside diversity and inclusion.
- Implementing equity will help in encouraging cognitive diversity in decision-making.
- Equity helps the organizations to enables targeted upskilling for a diverse workforce.
- Equity helps in driving engagement for specific employee demographics.
- Equity helps in eliminating the scope of employee dissatisfaction and attrition.
- Equity helps the organizations contributing to a shared mission.
Ways to implement equity in a company
Implementing equity within the workplace is important and somehow challenging as providing everyone the equal level for playing within the field. The company needs to provide unique resources to every employee so they can have access to equal opportunities. We have mentioned some of the ways that will help in implementing equity.
- Earlier, people are not supposed to talk about their pay and discuss it with their teammates. But you can implement equity by allowing transparent and open discussions depending on the correlations between the employee’s performance, roles, and pay that will lead to fair compensation.
- Many companies majorly focus on diversity but somehow failed to provide equity so they can have equal opportunities for advancement to the diverse hires. You can make sure that along with diversity, employees are given equal platforms and opportunities by providing equitable promotions so they can move to higher authority roles.
- You can even try to include a workforce education program that will help those who do not have a strong educational background or are disabled. Also, provide them with excess resources so they can develop themselves to be available for better opportunities like other employees.
Examples of equity in the workplace
Below are some examples of enabling equity within the workplace.
- As not everyone has the right access and bandwidth for getting into higher education. Companies can enroll their employees in great universities so that the lack of degrees will not bar them from accessing the opportunities and getting the required skills to upgrade themselves as per the trends. For this companies can implement workforce training programs for their employees.
- Companies emphasize financial or recognition-based rewards that are considered to be a better way of rewarding the top employees for avoiding exclusion.
- Make sure the employees are aware of the available resources so they can leverage them. If they do not know about the resources at their disposal they won’t be able to use them appropriately. Make sure you conduct meetings or presentations to enlighten them.
It is sure, if people are given better opportunities they tend to perform well and never look for job search options, all they need is the required support and resources by the organization. This way, they can move forward in the hierarchy.