Diversity: A Strategy, Not a Statement

As companies assess their business practices, culture, and the people who make up the workforce, diversity is a hot-button topic that continues to cycle in and out of consideration among CEOs, COOs, and business leaders at every level. While many executive leaders have taken a more vested interest in diversity, equity, and inclusion, it is imperative they consider taking the long road for sustained effect. Diversity is not a statement, it is a strategy and one that requires assessment, planning, and valuation on a steady cycle.

Assessment:

To appraise its intention toward and for diversity, the first step for corporate leaders is to ask themselves, “Is diversity at the heartbeat of the culture, i.e., the mission, vision, year-end goals, of this institution?” Diversity cannot merely be a theory, mentioned for the sake of filling affirmative action quotas. It must be germane to the company’s culture or there will be no manifestations of its effect. In a recent blog post, 1619 Consulting’s Bryana Clover offers a Race Equity Checklist to help leaders, “move closer to a racially equitable organization and community.” On that list, she encourages that “leadership across the organization understand the pervasiveness of systemic racism and how (and where) it shows up in the workplace” and that, “leadership internally and collectively reflects on their understanding of biases, policies (including recruitment and hiring), and structure that disadvantage BIPOC in their organization.” SEA is committed to placing incomparable talent in organizations across the country. Once there, we want to ensure that our hires have a soft place to land and deep, rich soil in which to grow.

Planning:

In addition to understanding and affirming diversity’s position in the company structure, leaders must design a plan to not only create and implement necessary changes for a more diverse culture, they must also build a plan to assist them in remaining up to date with the necessary modifications that will come in the future. This plan must include outreach, recruitment, retention, and succession. Clover’s checklist adds it is important that “Leadership influences and empowers their middle-management to drive a racially-diverse organization, and a culture that embraces intersectionality in all areas of the business. This includes D&I initiatives that are sustained, and regularly evaluated/measured on their impact.”

Valuation:

There is a direct parallel between diverse work cultures and revenue. When there are diverse perspectives, there is increased revenue. According to a white paper on business growth titled, The Five Key Pillars of Next Generation Leadership by Donald Thompson and Kurt Merriweather, Thompson and Merriweather report that companies in the top quarter for cultural and ethnic diversity were 21% more likely to outperform on profitability, and companies in the top-quartile for gender diversity were 33% more likely to have industry-leading profitability. It’s easy to become distracted by increased revenue, which is of high importance, but until the first two steps are taken, the potential for greater revenue-building will suffer.

Improving a company’s culture to make it more amenable to diversity hires and inclusion practices requires focused intent, and fidelity to ensure that the principles instituted are sustained for the growth and nourishment of diverse hires. A company can only take this approach when it honestly assesses its readiness and its ability to diversify its staff and culture. Diversity, equity, and inclusion have gained a great deal of attention over the past five years in the business sector however diversity is not a trend. Companies must embrace diversity as more than just an idea or a theory to see sustained, increased revenue and to partner in the positive shifts occurring in the business landscape at large.

To learn more about SEA or to talk diversity with us, visit https://strategicexecsagency.com/ or email Carla Williams, Diversity Practice Director at cwilliams@execsagency.com.