Singapore's DEI Push Goes Deeper Than Ever

In a constantly evolving world, Singapore's companies are stepping up their diversity, equity, and inclusion (DEI) game, according to a new Workday study. It's not just lip service, either—businesses are putting their money where their mouth is, with over half planning to boost DEI investments in 2024.

The Global Blueprint for Belonging and Diversity study surveyed over 2,600 business leaders worldwide, including those from the Lion City. A whopping 72% of Singaporean organizations said DEI had become a bigger deal in the past year, showing a growing recognition of its importance.

So, what are these companies actually doing? The top two DEI initiatives they're rolling out are DEI training and programs to support the development and promotion of underrepresented groups. The driving forces behind these efforts? Improving staff well-being and boosting business success. It's a win-win scenario.

Interestingly, Singapore is outpacing the global average regarding budgeting for DEI. Almost 90% of local organizations have a DEI budget in place, but there's a catch: 23% say it's only for the short term. This highlights the need for a more sustainable, long-term approach.

Pannie Sia, the ASEAN general manager for Workday, emphasizes that embracing diversity is crucial for any business to thrive. “Embracing diversity is key to the success of any business. It is heartening to see more Singapore organizations making good progress towards DEI through incremental steps,” she says.

While seeing progress in Singapore is encouraging, she stresses the importance of a more mature and robust approach, with buy-in from the top. “Looking ahead, it is important that organizations start taking a more mature and robust approach to their DEI efforts, with shared ownership and commitment that comes from the top,” Sia adds.

The study also revealed some of the pressures pushing companies towards DEI. Internally, it's often a top priority for both leaders and employees. Externally, the employer brand plays a significant role, as companies realize that a strong DEI reputation attracts talent.

One of the biggest challenges in the past has been measuring the ROI of DEI initiatives. But things are changing. A significantly higher percentage of organizations are now tracking the impact of their efforts, and they're using tech tools like Workday's Peakon Employee Voice platform to gauge employee sentiment and identify areas for improvement.

It's clear that Singapore's companies are on a DEI journey, and it's not just about ticking boxes. It's about creating a workplace where everyone feels valued and empowered to succeed. And with a little help from technology, the future looks bright for DEI in the Lion City.

Image credit: iStockphoto/marchmeena29