By now, we’ve seen ample evidence that companies who commit to robust diversity, equity, and inclusion (DEI) practices have more engaged and productive workforces and are, as a result, more successful businesses. Recently, Lodestone Global’s 2023 Private Company Board Compensation Survey stated that 98% of boards with at least one diverse director reported an increase in returns on their investments of 65% since the diverse member joined the board. But aside from just the bottom-line benefits, DEI practices foster employee growth, engagement, and overall job satisfaction.
Model N strongly believes in the holistic benefits of our DEIB program – the “B” stands for “belonging” and I will explain next why it’s so important to us.
Adding the “B” to DEI
Gallup’s State of the Global Workplace: 2022 Report showed that belonging has become a flash point in businesses’ struggles to attract and retain top talent. Almost half (42%) of U.S. employees say that working for a company that prizes diversity and is inclusive of all people is very important when considering their next jobs. That’s why in 2021, Model N changed what had been called its DEI initiative to DEIB, with the “B” standing for belonging.
What’s the difference between inclusion and belonging? It’s subtle, but important.
Inclusion means that individuals who are part of your organization are invited to the right meetings, given access to tools, are provided opportunities for advancement, and generally made part of the team.
But belonging goes further. Belonging is the feeling of security and support when an employee is wholeheartedly accepted as a member of a group. Belonging is fundamental to forming and maintaining lasting, positive, and significant relationships with others. It’s also when employees feel valued and empowered to contribute their best to an organization.
Gallup concluded that if businesses could increase the number of employees with a strong sense of belonging or believed their opinions counted, they could reduce turnover by as much as 27% and safety incidents by 40%, and that productivity would increase by 12%.
At Model N, we know that belonging drives collective success. We are committed to building a diverse team and a culture of belonging where all Model N employees are respected, championed, and recognized for bringing their unique perspectives and experiences to work every day.
Model N ERGs: Belonging in action
To build a sense of community among employees for underrepresented identities, we have encouraged the formation of employee resource groups (ERGs). Currently, we have four vibrant ERGs, with a fifth one on the horizon. These include: WomeN iN Model N, Black Employees at Model N (BEAM), Sexuality, Pride, Education, Compassion, Truth, Respect and Unity at Model N (SPECTRUM)) and Parents and Caregiving Employees (PACE), soon to be joined by a Hispanic/Latinx focused ERG.
Our ERGs are proactive in sponsoring employee events to recognize and celebrate important milestones such as Black History Month, Women’s History Month, Juneteenth, Pride, and Diwali. They also hold small-group discussions on topics important to their members.
A strong example of how our ERGs influence our company’s actions is related to our recent Rainmaker23 customer conference. The conference took place in June, which is an important moment in time for the LGBTQIA+ community given Pride month. As such, our SPECTRUM ERG spearheaded our efforts to support the Nashville LGBTQIA+ community – on behalf of Model N, we donated to local LGBTQIA+ causes within the community.
In 2023, we also increased the funding provided to each ERG, established governance structures to support our ERG leads, and secured a dedicated senior leadership sponsor for each group to provide strategic guidance and direction.
A real-life example of DEIB at Model N
One example of how we are making a difference for underrepresented populations at Model N through a DEIB lens is our Returnship Program. Aimed at women who have taken a career break to take care of family, Model N’s Returnship program aims to reengage women who are now ready and eager to reenter the workforce. We are currently piloting this program in the United States and India, with the goal of turning participants into contract-to-permanent employees.
Why target this population? Because these “returners” have distinct support needs that are different from traditional professionals who joined Model N from a recent full-time job. They are also dramatically different from interns or recent college hires because of the rich previous work and life experiences they bring to the table.
The Model N Returnship Program is designed to provide specific, additional support to returners and their managers to ensure a strong returnship experience and, where possible, promote the long-term hiring of returnship participants. All returners have the opportunity to join Model N full-time after a successful six-month returnship period.
Our journey is just beginning
When I accepted the job as Chief People Officer at Model N, I made it clear that I would ensure our company culture is cultivated and supported through a robust DEIB framework. I could tell right away that the leadership at Model N shared my vision and their actions and continuous support have reflected that throughout the last several years.
Yes, having a strong vision and strategy matter. But our results are all due to the community of Model N’ers who make it all happen on the ground. It’s been a privilege to be on this journey with them.
