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Originally Posted On : https://thenovacollective.com/whats-the-cost-of-diversity-equity-and-inclusion/
For many organizations the need for cultivating diversity, equity, and inclusion is understood, but the cost to get there can be unclear. DEI organizations can vary vastly in their offerings, approach, and yes; cost. Every organization is different and has its own unique DEI journey ahead of it. Finding a DEI partner that is the right fit for your needs is imperative, as is understanding the cost and what it means for your organization.
At Nova, we know that justifying the cost of an initiative or program is no small task. We often invite our clients to consider: What’s the cost of not doing it?
DEI Organization Types
DEI organizations, or solution providers, come in all shapes and sizes; solo practitioners, mid-sized organizations solely focused on DEI (such as Nova), large consultancies with branches dedicated to DEI, and many more in between. Determining what kind of DEI partner is best for your organization depends on its DEI goals and current phase of the journey. Understanding these factors will clear a path to the DEI partner that will best fit your needs.
DEI Trainings And Programs Costs
While the content, format, and approach may vary, and will likely be highly tailored to your organization’s needs, the following is a range of DEI services and general cost.
Trainings, programs, or keynotes to help harness awareness and understanding of DEI in the workplace through various topics and modules.
- Single instructor-led training session: $500-$10,000
- Elearning modules: $200-$5,000
- Keynotes: $1,000 – $30,000
Organizational research solutions to help leaders make informed decisions about where to focus their efforts to create the most impact.
- Quantitative (e.g. surveys): $25,000 – $80,000
- Qualitative (e.g. focus groups): $10,000 – $40,000
Highly custom DEI support through trainings, strategy, and much more.
- Monthly retainers: $2,000 – 20,000
- Single deliverables: $8,000 – $50,000
DEI’s ROI For An Organization
The return on investment with DEI work is often seen as money in vs. money out, a “business case”. However, it’s impact and effect on an organization is not always quantifiable financially. There are statistics and data that show the “business case” benefit of DEI; like that companies who embrace gender diversity on their executive teams were more competitive and 21% more likely to experience above-average profitability and a 27% greater likelihood of outperforming their peers (McKinsey & Company’s Delivering Through Diversity Report), that companies with more diverse management teams have 19% higher revenues due to innovation (A Boston Consulting Group study), and also that a lack of DEI initiative is estimated to costs American companies $64 billion annually due to the cost of losing and replacing workers as a result of unfairness and discrimination (The Center for American Progress). But the ways DEI initiatives show their value are often more reflected in how an organization is perceived inside and out. It’s the culture of the workplace, the enthusiasm and dedication of the team members, the connection and relationship built with clients, the compassion of the leadership, and the joy and freedom that comes with feeling seen, respected, and embraced.
