Diversity, Equity, and Inclusion (DEI) are game changers for the watch and jewellery industry, driving innovation, attracting talent, and boosting business success. Yet, the *Deloitte Swiss Watch Industry Insights 2024* report reveals persistent gender gaps, with women making up 43% of the workforce but remaining underrepresented in leadership. Bridging these gaps isn’t just fair—it’s smart, unlocking new markets, enriching customer experiences, and fueling growth. In partnership with WJI 2030, Deloitte is shaping the future with a DEI Leadership Learning Pathway, uniting the industry to embrace inclusion, share best practices, and achieve meaningful transformation. To explore these insights further, hear from Andrew Erhardt-Lewis, Director at Deloitte Consulting AG, in our full interview.
Why is DEI such an important [topic] to the watch and jewellery industry?
DEI is vital in the watch and jewellery industry for several reasons. Employees are increasingly demanding an inclusive and equitable work environment and from a business lens, a more inclusive environment helps retain talent and reduce regretted turnover. The evolving market and regulatory landscape expect companies to actively pursue DEI outcomes, aligning with the expectations of customers, suppliers, and employees. This is manifesting itself in regulatory and disclosure requirements across the globe. Positive DEI engagement presents a significant opportunity for businesses to drive economic success by fostering innovation, enhancing decision-making, and improving overall employee satisfaction. It is proven that those organisations who have a more inclusive environment are financially more successfully and have better impact on society. Additionally, businesses who have a unique role in advancing societal change, leveraging their influence and resources to promote systemic DEI advancements set a positive example for others to follow – which is the reputation that many organisations want for their brands.
You recently published the ‘Deloitte Swiss Watch Industry Insights 2024: Spotlight on the female market’ – could you share your perspective on the business case for diversity in this field?
The ‘Deloitte Swiss Watch Industry Insights 2024: Spotlight on the female market’ report highlights several critical aspects of diversity within the Swiss watch industry. Women constitute 43% of the workforce however they can face pay disparities and are not always represented in senior leadership roles. Further, the lack of female representation among collectors, experts, and watch journalists underscores the need for more role models. There is a need to have targeted research to understand women’s preferences and motivations better to enable businesses to be more successful. While the report points to the business case for DEI: embracing DEI can lead to a deeper market understanding, enhanced customer experiences, and ultimately, business growth. Organisations with greater diversity are 2.4 times more likely to outperform their competitors financially. Gender equality is therefore not only a moral imperative but is also economically beneficial. Companies that prioritise DEI can attract and retain top talent, boost productivity, and access new markets, as evidenced by the UN Female Gender Equality Case Study of the Watch & Jewlery Initiative. Embracing diversity in the Swiss watch industry is not just the right thing to do; it creates a strategic business advantage.
For companies just beginning this journey, what do you consider essential for success, especially given that a one-size-fits-all approach doesn’t apply?
For companies starting their DEI journey, several key elements are essential for success. Firstly, establish a global DEI strategic ambition, purpose and targets, as well as aligning with key stakeholders to create a unified understanding and commitment. Address the stereotype that DEI is led by underrepresented people for other underrepresented people but that through fostering an inclusive culture where DEI is a collective responsibility, everyone wins. Develop a DEI strategy with clear, measurable goals tailored to the organisation’s specific context and needs, ensuring the strategy is realistic, obtainable, and supported by the necessary resources and processes to achieve it. Finally, recognise that DEI is an ongoing journey, continuously evaluating and refining strategies based on feedback and best practices – it is not a project with a specific end date or delivery timeline.
Deloitte is collaborating with WJI 2030 on a DEI learning pathway. Could you elaborate on the context, objectives, and why this initiative is critical for the industry
Deloitte’s collaboration with WJI 2030 on a DEI learning pathway aims to integrate DEI into the core business strategy of the watch and jewellery industry, rather than treating it as a separate initiative. This ensures DEI becomes foundational to the industry’s operations and culture. As Deloitte is a global DEI leader, we hope our expertise, experience and own learnings will help WJI members to be more aware of the business needs for a good DEI strategy and in return, Deloitte increases its positive impact on society, a stated mission of our firm.
The DEI Leadership Learning Pathway will bring the industry together to foster inclusiveness by sharing best practices, implementing effective tools, and committing to transparent reporting. Covering topics such as DEI in the workplace, marketplace, and the latest trends, this pathway addresses DEI needs while enhancing business performance.
This initiative is critical as it promotes a unified approach to DEI, helping the industry attract and retain diverse talent, meet market expectations, and drive sustainable growth.