Recent innovations in human resource management and organizational development provide us with the insights into how to make a modern case for diversity and inclusion funding. The main focus of the contemporary approach is on strategically promoting diversity as an asset. Identifying how diversity provides human capital that can positively affect the bottom line fits the organization’s resource allocation models. Professionals can specify more clearly funding need, and identify the return on investment.
The following list of secrets for linking diversity to human capital will help you develop your strategy.
3. Link what people know and can do to the organization’s performance.
4. Consider how the intangible human capital assets generate tangible benefits.
5. If your office is not separate from human resources, try form an alliance with that office. Teaming with them to come up with a strategy for making the link will serve their budgeting needs as well.
6. Work with HR to identify the key diversity drivers.
7. Argue for a budget to link selection and promotion decisions to competencies needed for each job category.
8. Link diversity competence to compensation and performance policies.
9. Understand your organization’s financial picture thoroughly to identify how your budget request fits within the overall scheme.
10. Measure the results of your budgeted activities to maximize your effectiveness in obtaining reasonable funding for diversity and inclusion.