Calculating employee diversity ratio is an important step towards creating a more inclusive and diverse workplace. It helps organizations understand the representation of different groups within their workforce and identify areas for improvement. In this article, we will discuss what employee diversity ratio is, when it is valuable to calculate it, and how to calculate it in Workday.
Employee diversity ratio is a measure of the representation of different groups within an organization's workforce. It is typically calculated by dividing the number of employees in each demographic group (e.g. gender, race, ethnicity, age) by the total number of employees in the organization. The resulting ratio provides insight into the diversity of the workforce and can be used to identify areas for improvement.
For example, if an organization has 100 employees, and 60 of them are male and 40 are female, the gender diversity ratio would be 60:40 or 1.5:1. This means that for every 1 female employee, there are 1.5 male employees in the organization.
Calculating employee diversity ratio is valuable for several reasons. Firstly, it helps organizations understand the representation of different groups within their workforce and identify areas for improvement. This can help organizations create more inclusive and diverse workplaces, which can lead to increased innovation, creativity, and productivity.
Secondly, calculating employee diversity ratio can help organizations meet legal and regulatory requirements. Many countries have laws and regulations that require organizations to report on their diversity and inclusion efforts, and employee diversity ratio is often a key metric that is used.
Finally, calculating employee diversity ratio can help organizations attract and retain top talent. Many job seekers today are looking for employers who value diversity and inclusion, and being able to demonstrate a commitment to these values can help organizations stand out in a competitive job market.
Calculating employee diversity ratio in Workday is a straightforward process. Here are the steps:
It's important to note that employee diversity ratio is just one measure of diversity and inclusion, and should be used in conjunction with other metrics and qualitative feedback to create a comprehensive picture of an organization's diversity efforts.
In conclusion, calculating employee diversity ratio is an important step towards creating a more inclusive and diverse workplace. By understanding the representation of different groups within their workforce, organizations can identify areas for improvement and create more welcoming and supportive environments for all employees.
Workday itself isn’t naturally geared towards letting you calculate complex metrics like Employee Diversity Ratio. As an alternative, teams typically use products like Arithmix to import data from Workday and build out dashboards.
Arithmix is the next generation spreadsheet - a collaborative, web-based platform for working with numbers that’s powerful yet easy to use. With Arithmix you can import data from systems like Workday, combine it with data from other systems, and create calculations like Employee Diversity Ratio.
In Arithmix, data is organized into Tables and referenced by name, not by cell location like a spreadsheet, simplifying calculation creation. Data and calculations can be shared with others and re-used like building blocks, vastly streamlining analysis, model building, and reporting in a highly scalable and easy to maintain platform. Data can be edited, categorized (by dimensions) and freely pivoted. Calculations are automatically copied across a dimension - eliminating copy and paste of formulas.
Arithmix is fully collaborative, giving your entire team access to your numbers and the ability to work together seamlessly.
Calculating metrics like Employee Diversity Ratio is simple in Arithmix. Once you've created your free account, you’ll be able to import your Workday data, and use it to create natural language formulas for metrics like Employee Diversity Ratio.
Arithmix is designed to give you the power to build any calculations you want on top of your Workday data, while also being easy to use and collaborate on. You can share your dashboards with users inside and outside of your organisation, making it easy to empower your whole team.