Company Spending: How to Budget when the ball is in your court

Featured imageHaving a hefty budget allocated to develop your company’s diversity is fine, but companies have been spending lots of money for years and few have accomplished anything significant. They do things like having conferences to talk about all of the great things they are doing to improve workplace diversity and sponsoring multi-cultural youth programs. It has been primarily about fluff, and here we are many years later, in a boat we were in 30 years ago. Nothing has changed much.

One of the most important things that your budget should go toward is for paying salaries and bonuses of your talented employees. Great employees deserve a competitive salary and the opportunity to earn bonuses for their positive performance.

Second, allocating funds for the creation of your company’s vision and developing active steps and measurement tools is important as well. Create a vision. There are many different ways of doing this and many different products and professionals that offer their services. In some circumstances, creating new positions and hiring more employees may even be necessary.

After that, another portion of the budget should go toward employee support groups (black, LGBT, women’s groups, etc). This helps to engage employees across the board. It also enables you to extend the company’s progress from the employees, all the way to senior-level management.

Last, and probably the least costly, are Diversity and Inclusion study groups. This is also something of substance that can be used to develop workplace diversity. These study groups are often formed from employees within a company. These groups are used much like a focus group is used. They give their opinions on the workplace and how to develop diversity within the company, but on a regular basis. Much of the time, the Diversity budget allocates money to pay the group’s supervisors for their employee’s time out of the office. However, you can have each supervisor waive the inter-office fee to help free up some of the budget.

While these are just a few main points, there are many other things that can be considered. These points also have many, intricate details. I strongly suggest you do your research before deciding to delve into your funds.

Have a question about your company’s Diversity plan? Ask in the comment section below. I have created Diversity and Inclusion plans for budgets of all kinds. No budget is too large or too small!

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