MEAGHAN CARABELLO 2020-12-31 18:07:48
"Holding equality as a value is not just a matter of fairness or doing the right thing. Nor is it about PR or ‘optics’ or even my own conscience. It’s a crucial part of building a good business, plain and simple." Marc Benioff, Salesforce CEO It’s time to get serious about diversity. No longer an accessory, an authentic Diversity, Equity and Inclusion (DEI) plan has become essential in today’s market. Even amid the COVID-19 global pandemic, many companies know that DEI initiatives are too important to be placed on the backburner. In fact, we saw in June of 2020 that the racial divide is still cavernous, and communities of color are still experiencing inequitable practices in work and life. Now, more than ever, your employees and customers will be expecting progressive policies and procedures to address these divisions and inequities. WHAT IS DEI? Diversity is about representation and the collection of differing identities. Inclusion provides a safe place for those differences to be celebrated and shared—a place where differences and perspectives are valued. Equity ensures that everyone has access to the same opportunities, which sometimes means addressing those with barriers to success because of their identities. WHY SHOULD WE CARE? In addition to the moral case to create equitable workplaces, consider the financial outcomes. Research has shown, beyond a shadow of a doubt, that diversity and representation equate to real market growth, revenue and positive brand association. According to a 2019 Report on diversity & inclusion from data expert McKinsey & Company, organizations with more gender diversity on executive teams were 25% more likely to report above-average profitability than peer companies. In the case of ethnic and cultural diversity, the study identified that more diverse companies outperformed profitability by 36%. HOW CAN YOU BEGIN TO ADDRESS DEI IN YOUR COMPANY? • Understand the Value of DEI. Companies need diversity. A diverse representation of ideas, influences and opinions help shape innovation and creativity. It should be an imperative, so work to educate and activate. • Gather the Team. Create a multidisciplinary task force to evaluate and influence current DEI initiatives or lack thereof. This group should be a holistic representation of the company and should include many levels of stakeholders. • Take an Internal Temperature. Evaluate the current climate. Is your leadership aware of equity issues impacting your workforce and/or clients? What barriers currently exist that limit progress? • Develop Programs and Accountability. Set goals and report regularly on progress. Create new policies, hiring practices and training that help meet goals. Change outdated policies that hinder meeting these goals. • Walk the Walk, Talk the Talk. Merely “checking a box” will no longer fly in modern workplaces. There must be concrete outcomes and continual measurements to ensure sincere evaluation and plans of action. Companies with diverse staff and an inclusive and equitable culture will always outperform their peers. Honest, authentic DEI initiatives will attract and retain top talent and go a long way to promote brand loyalty. There seems to be movement—or at least the promise of movement—in the right direction from the public’s increased pressure for companies to show results. Let’s hope that momentum continues.
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