How Businesses Can Drive Social Equity In 2024 

By Matt Strauss, CEO and Co-Founder of RiseKit 

Social equity is about creating a just and fair society where all individuals, regardless of zip code, have equal access to opportunities, resources, and benefits. And businesses are vital players in advancing social equity as their choices about hiring and compensation can profoundly affect the well-being of individuals.

So, what strategies can organizations adopt to promote social equity and create a positive impact in 2024? Now’s the time to explore.

Expand The Definition Of Talent

A quick Google search can show you that numerous definitions of talent exist in the business world, many of which share a common theme: Talent is often perceived as employees possessing traditional qualifications, such as educational certifications, relevant experience, background checks, and industry-specific skills.

However, this conventional perspective on talent has proven to be inadequate in tackling two critical challenges: the persistent talent shortage and the pursuit of social equity. Therefore, there is a pressing need to redefine our contemporary concept of talent. 

Companies can start this transformation by prioritizing skills over traditional qualifications and considering candidates with non-traditional career paths and experiences. Additionally, they can eliminate unnecessary barriers like inflexible work hours, overemphasizing experience, and age-related assumptions in job descriptions or requirements that may exclude qualified candidates. As a result, businesses can provide opportunities to individuals who may have been overlooked in the past and promote social equity.

Leverage Technology

Harnessing the power of technology can help businesses of all sizes drive social equity throughout the employee life cycle.

For instance, leveraging tools and software can help companies automate certain aspects of the hiring process, such as managing job postings and applicant data. Streamlining these tasks enables recruiters to save time, reduce errors, and focus more on strategic aspects of talent acquisition, whether it’s fostering diversity or formulating ways to foster inclusivity during interviews.

Furthermore, using data analytic tools can help identify areas within the organization where social inequities may exist, such as gender pay gaps or underrepresented groups in leadership positions. Take Salesforce as an example. The company conducts an analysis to determine whether there are unexplained disparities in pay related to gender. Based on the results, they make adjustments.

AI is another cutting-edge approach for companies to advance social equity in 2024. According to McKinsey, 60% of employees expressed feelings of burnout due to a lack of inclusivity in the office, which is especially challenging for people struggling with disabilities. The integration of AI-driven audio and text conversions can result in more effective communication for individuals with hearing, speech, or sight impairments. This way, companies can build an inclusive environment where employees can express themselves more effectively and minimize burnout symptoms.

Focus On DEI Initiatives 

Diversity, Equity, and Inclusion (DEI) initiatives are programs and strategies companies implement to promote a more inclusive workplace. 

One effective method to advancing DEI is expanding recruitment efforts to actively seek talent from underrepresented groups. By partnering with local community centers, nonprofits, and job training programs, companies can easily connect with individuals from marginalized groups who are highly motivated to work but face barriers to entry.

Moreover, community-based mentoring and sponsorship programs can offer opportunities for individuals who may not have had access to professional development or career advancement resources. This, in turn, can create a more skilled and diverse workforce, improving the opportunities for marginalized groups to secure employment.

Wrapping up, businesses hold immense potential to achieve social equity since they provide employment opportunities and empower individuals to gain economic independence. To fully embrace this responsibility, a transformative shift in mindset is non-negotiable. They must redefine what talent means to them, delve into innovative ways to use technology throughout the employee life cycle, and explore various DEI practices—ultimately leading businesses to create better opportunities to create a just and fair society in 2024. 

This article includes a client of an Espacio portfolio company