Diversity and Inclusion Software vs Equity and Inclusion Software
In the modern workplace, companies are striving to make inclusion and diversity a top priority. Organizations must adopt new approaches and technological solutions to overcome the challenges of a culturally diverse workplace. Two terms heard frequently in such contexts are 'diversity and inclusion' and 'equity and inclusion' software. It is essential to know the differences between these two terms and how they relate to HRM software.
Diversity and Inclusion Software
Diversity and inclusion software aims to enhance workplace culture by managing what diversity already exists. This software focuses on management training and the implementation of diversity policies. In a study conducted by Gartner[1], diversity and inclusion software market revenue increased from $100 million in 2018 to $195 million in 2019.
Diversity and inclusion software consists of several features such as:
- Managing diversity recruiting
- Handling diversity incidents reporting
- Advising on unconscious bias
- Diversity audits
Equity and Inclusion Software
Equity and inclusion software is more focused on creating a more equitable and just workplace by providing tools for employers to identify issues and structures that may be perpetuating inequality. According to a report by Business Wire, the Equity and Inclusion Software Market size is projected to reach USD 1,483.6 million in 2028[2].
Equity and inclusion software comes with features that involve:
- Creating inclusive policies
- Ensuring equal pay structure
- Tracking employees' performance
- Improving retention rates of diverse employees
Diversity and Inclusion vs. Equity and Inclusion Software
Initially, Diversity and Inclusion Software and Equity and Inclusion Software may seem similar, but they have significant differences. Diversity and inclusion software focuses on hiring, training, cultural transformation, and addressing incidents of bias. On the other hand, Equity and inclusion software focuses on equity and social justice, including fair pay, equal job opportunities, and balanced representation of employees across all levels.
While diversity and inclusion software provide a solid foundation for a company's diversity initiative, equity and inclusion software go beyond to create an equitable and robust workplace. Implementing both types of software provides a comprehensive approach to supporting a more diverse, inclusive, and equitable workplace culture.
References
- Gartner. (2020). Market Guide for Diversity and Inclusion Technology, 2020. Gartner.
- Business Wire. (2021). Equity and Inclusion Software Market Size, Share & Trends Analysis Report By Application, By Deployment Type, By Region And Segment Forecasts, 2021 - 2028. Business Wire.