'It is heartening to see more Singapore organisations making good progress towards DEI through incremental steps'
Diversity, Equity, and Inclusion (DEI) efforts are gaining more ground across organisations in Singapore amid strong internal pressure, according to a new report from Workday.
The report, which polled 2,600 business leaders globally including respondents in Singapore, found that 88% of organisations in the city-state have allocated a budget for DEI initiatives.
This is higher than the global average of 85%, according to the report.
The budget comes as 72% of organisations in Singapore said they put more priority on their DEI efforts in the past year. Another 55% also said they will increase their investment in 2024.
"Embracing diversity is key to the success of any business. It is heartening to see more Singapore organisations making good progress towards DEI through incremental steps," said Pannie Sia, general manager, Workday, ASEAN, in a statement.
The most popular DEI initiatives being implemented in Singapore include DEI training and support programmes for development and promotion, according to the report.
But while a majority of Singapore organisations are allocating budgets for DEI, some 23% said this is only for short-term initiatives.
According to Workday, this underscored the need for sustainable long-term planning when advocating for DEI across organisations.
"Looking ahead, it is important that organisations start taking a more mature and robust approach to their DEI efforts, with shared ownership and commitment that comes from the top," Sia said.
Meanwhile, one of the drivers for DEI initiatives across Singapore is internal pressure, according to the report.
Some 62% of Singaporean business leaders said internal pressure is their "main source of pressure" for implementing DEI initiatives.
Nearly half of employees (47%) in Singapore have already noticed that their organisation's DEI remained the same compared to three years ago, according to ADP research in 2023.
"Failing to address DEI and gender equality practices can have considerable repercussions on talent retention, as talented employees might look at greener pastures where their differences are valued," said Yvonne Teo, Vice President of HR, APAC, ADP, in a previous statement.
But Workday's report highlights how things are positively changing for DEI initiatives in the workplace, with 76% saying they are now measuring the business impact and perceived value of DEI in the workforce.
Nearly three in four respondents (74%), however, said doing this is a challenge because of the need for new systems and software.
"In order to close the gap between representation and belonging, Singapore organisations need to equip themselves with the right technology tools," Sia said.
"This will allow leaders to collect more nuanced data and leverage the power of Artificial Intelligence and Machine Learning to effectively measure outcomes and further DEI efforts, through applications such as in performance development, hiring, and sentiment surveys."
