I just completed an interview with Rainer Strnad, Managing Editor of DIY International Magazine about Diversity, Equity, and Inclusion (DEI) here in the States. Believe it or not, many around the world think we’re leading with this corporate initiative; and, I’m not sure about that notion. Mainly because I’m not sure how we realistically stack up with other countries when it comes to real data measuring diversity up and down corporations.
Riner Strnad, Managing Editor, DIY International Magazine
I especially feel (it’s my opinion) that here in the United States, a major turn of events happened in June of last year that has affected DEI, its attractiveness and approach for many companies; and, that is the Supreme Court ruled 6-3 to end affirmative action specifically related to colleges and universities. They may no longer factor race into admissions. And, while it’s a different category (universities not corporations) I do feel that it sent a clear message to leaders and boards across our country that might have been attempting to make their companies a little more diverse.
Like most strategic initiatives to be done successfully it has to be done from the top to add credibility; and, it doesn’t necessarily mean that the CEO has to be a non-white male but surely there are qualified diverse candidates that can serve on the c-suite team offering cultural perspectives and/or point of references.
If you look at the Top 50 Fortune 500 companies there are less than 15% that represent a diverse category; and, when you look at the hardware/home improvement industry (the industry I grew up in) including independently owned hardware stores diversity at the very top is on the shoulders of very few.
I have facilitated a number of these DEI strategic initiatives. The clear aspect is that the CEO has to be leading the charge. Leading means talking about diversity, promoting diversity, embracing different cultures; and, yes putting policies and procedures in place that help make the organization accountable for its DEI approach. Employees need to rationally, emotionally and intellectually understand the company’s DEI goals and why it not only makes it a better workplace but that it makes the company that much more financially viable.
Here are my top five benefits that I believe companies will receive for incorporating DEI into its infrastructure and thereby adding substantial value to companies:
1. Different Perspectives – Different people offer different perspectives. Different perspectives lead to more creativity; better problem solving and decision-making.
2. Increased Innovation – Bringing together people with different reference points and experiences creates the ability to create innovation; to develop unique and useful approaches, products, services, etc. It certainly sets you a part from your competitors; your customers see you as different and you undoubtedly lead the way.
3. More Profitability– your company becomes more financially health. It is proven and measured that companies who are more diverse increase their profits.
4. Better Reputation/Optics – your customers see you in a better light. You attract diverse talent.
5. Valued Employees – when employees feel valued and a sense of belonging they inherently stay longer at companies.
I do think that even the companies that have the best intentions probably fall short. The good news though is that they are trying to create a workplace culture that is diverse, equitable and inclusive. DEI is not just a one-time shot. It has to be woven into the fabric of the organization and employees up, down and sidewise have to be vigilant and making sure that it is true, authentic and exhaling the mission of the company.
If you need help in starting the DEI conversation, course correcting a DEI strategy or coaching through DEI tactical implementations, please send me an email at sonya@jarvisconsultants.com and #letstalk.
Sonya Ruff Jarvis is a Business & Marketing Consultant; Content Creator & Connection-Maker; Thought Leader & Industry Expert and Book Author & Entrepreneur. Areas of expertise include: Retail; Marketing; Diversity, Equity & Inclusion (DEI); and Human Resources. Sonya has been a part of the B2B retail industry for more than 30 years. Interested in Sonya’s books? They can be found on Amazon or get an author autographed copy at www.jarvisconsultants.com.
Let’s talk about your next project and how Jarvis Consultants can support your initiatives; email sonya@jarvisconsultants.com.
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