Case Study: How the ‘Culture Audit’ helped a Finance major bring down employee turnover rate by 1.5%
The cultural ethos of an organization plays a critical role in actioning effective DEI measures. It is even more crucial for organizations that have already implemented DEI strategies into their systems, to monitor and measure their progress in the advancements made. A global frontrunner and a major in the financial consulting space, was in its initial phase of DEI implementation and wanted to make the work culture more inclusive for the benefit of its people as well as business. It approached Avtar seeking a solution towards auditing its cultural alignment to DEI. They aimed at incrementally progressing on the DEI roadmap by creating an environment where diversity can thrive.
What we did
In response to the requirement of the organization, Avtar recommended the ‘Culture Audit’ solution for assessing the cultural climate of the organization. As a carefully curated audit tool to infer the equity and inclusion experience of a diverse workforce, ‘Culture Audit’ identified the gaps in the current system with respect to DEI, that aided in devising adequate solutions for closing those gaps. Through a customized survey-based exercise, the audit explored various dimensions of employee experience around DEI as part of the work culture, including practices of:
- Advancement and Retention
- DEI Accountability of the Organization
The audit also helped unravel work culture nuances across locations, job bands, gender and other demographic dimensions helping the organization make strategic changes, customized and tailored to the context.
The audit helped the organization determine the blind spots and other gaps persisting in the organizational culture and system, that helped frame effective solutions to curb the same.
The DEI accountability of the management became more structured, and the efforts were cascaded across all functions and teams with DEI aligned KPIs and KRAs becoming part of every people’s leaders’ performance. Interventions to adopt inclusion as a way of work were piloted amongst designated people leaders and rolled out progressively across the organization. The end of year, employee engagement survey showed an uptick in engagement scores of employees across the organization and the employee turnover rate came down by 1.5%.