Diversity, Equity and Inclusion barriers to success because of their identities. Diverse team 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 multi-disciplinary 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 Change outdated policies that hinder meeting these goals.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. * FS-STOCK/ADOBESTOCK Diversity Wins: How Inclusion Matters, 2019, McKinsey & Company 27
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