Singaporean firms boost efforts promoting diversity, equity and inclusion: report

Nearly 90% have a budget allotted for DEI.

The majority of Singaporean businesses have put diversity, equity and inclusion (DEI) high on their priority list over the past year, with more than half of respondents boosting investments in DEI this year, according to a report by Workday.

DEI was tagged as a major focus by 72% of the 2,600 business leaders surveyed, while 52% said they are increasing investments in DEI efforts this year. DEI training and support programmes for development and promotion were the top two initiatives implemented by the organisations.

Nine in 10 Singaporean firms (88%) have budgets in place for DEI initiatives, higher than the 85% global average, although nearly a quarter said their budgets were only for short-term initiatives.

“Embracing diversity is key to the success of any business,” Pannie Sia, general manager at Workday ASEAN, said. “Looking ahead, it is important that organisations start taking a more mature and robust approach to their DEI efforts, with shared ownership and commitment that comes from the top.”

Internal pressure was cited by 62% of respondents as the main driver for the implementation of DEI initiatives. Employer brand, on the other hand, was the most compelling external push factor for businesses in implementing DEI.

Close to 90% of respondents agreed that leadership diversity was crucial to effectively implement DEI initiatives.

76% of respondent businesses said their companies are now measuring the business impact and perceived value of DEI initiatives, up from last year’s 26%, although the majority admitted they are still struggling with the recording.

“Singapore organisations need to equip themselves with the right technology tools,” Sia said. “This will allow leaders to collect more nuanced data and leverage the power of Artificial Intelligence and Machine Learning to effectively measure outcomes and further DEI efforts.”