The road to success: DEIB as a key to business development
Modern businesses are facing intricate challenges, and one of the most crucial and pertinent topics today is implementing Diversity, Equality, Inclusion, and Belonging (DEIB) principles. DEIB embodies the aspiration to cultivate a work environment where every individual, irrespective of gender, race, nationality, age, physical abilities, and other characteristics, is afforded equal opportunities and feels like a valued member of the team.
During Gender Equality and Women's Empowerment Month, Ukrhydroenergo hosted the concluding workshop "Diversity, Equity, Inclusion, and Belonging (DEIB) for Business." This workshop was integral to the "Transformative Approaches to Achieving Gender Equality in Ukraine" project, executed by UN Women with financial support from the Government of Sweden, in collaboration with the Office of the Vice Prime Minister for European and Euro-Atlantic Integration.
The workshop participants gained insights into the significance of DEIB, explored contemporary best practices in DEIB, and received tools to formulate an action plan for DEIB advancement within their respective companies.
Inaugurating the workshop, Iryna Tytarchuk, the moderator and UN Women National Consultant on Support to Private Sector Partners for Women's Economic Empowerment Initiatives underscored the advantages of integrating the principles of diversity, equality, inclusion, and belonging.
"Implementing DEIB principles is becoming an indispensable component of contemporary business success. This initiative enhances a company's performance and fosters a fair, inclusive, and positive work environment for all employees. Forward-thinking companies recognize that DEIB is not merely a passing trend but also a cornerstone of sustainable development, allowing both the company and its employees to reach their full potential," emphasized Iryna Tytarchuk.
Notably, Ukrhydroenergo is a signatory to the Agreement on the Empowerment of Women, which champions gender equality and women's empowerment in the workplace, market environment, and society. The company has affirmed its commitment to developing a gender equality policy that aligns with the universally recognized values of a democratic society, making this a priority in corporate governance. Over the past two years, the company has been actively cultivating a culture of socially responsible business within this framework, for which it expresses deep appreciation," stated Iryna Tytarchuk.
Numerous studies corroborate that diversity, equality, inclusion, and belonging confer several competitive advantages upon businesses, including improved staff retention and the promotion of innovation. Leaders who prioritize DEIB principles convey a potent message to their entire teams. Their active involvement in pertinent programs and initiatives cultivates an inclusive culture where every employee feels esteemed.
"We all possess differences, but these distinctions do not imply superiority or inferiority. Teams characterized by diversity harbour greater potential. Diversity equals a more effective team. A study by McKinsey illustrates how diversity influences problem-solving and contributes to superior decision-making," the moderator emphasized.
The seminar also emphasized the challenges encountered in the implementation of DEIB, the role of management in championing and advancing DEIB values and exploring prospects for partnerships with organizations specializing in diversity and equality.
"Throughout the workshops held as part of Gender Equality and Women's Empowerment Month at Ukrhydroenergo, each of us garnered a wealth of valuable insights and instigated personal changes. However, we are not resting on our laurels and are already charting further initiatives in collaboration with our partners in this domain. Specifically, we are contemplating close cooperation with NGOs in regions where the company has a presence to empower women. Furthermore, we intend to conduct a SEI audit and initiate a series of inclusion-oriented lectures," disclosed Yulia Tolchinina-Burunska, Director of the Legal and Property Department and Corporate Secretary of Ukrhydroenergo.