There are many reasons why diversity, equity and Inclusion are a vital part of any organization’s business strategy. DEI directly affects talent management, market strategy, product innovation, community involvement and shareholder investment. Multiple studies demonstrate the correlation between DEI and successful business models. According to McKinsey’s report: How DE & I Matter, organizations with gender and ethnic diversity are 25% and 36% more likely to be profitable than their peers, respectively.
However, before engaging in DEI strategy, each organization should understand how this strategy is tied to their mission, their values, and the results they seek. DEI requires that we look internally at our organizational systems and externally at the world around us in order to create both business success and a more equitable society.
- Review the video of M&F Bank CEO Jim Sills to gain a deeper understanding of the DEI case for banks.
- What business problem or questions could DEI help you solve?
- How do your organizational values and mission alignt to the values and results that DEI offers?
- Review the referenced material below. What data most speaks to your current business strategy? How can you use that data to create the business case for your organization and influence the creation of a DEI strategy?
- Diversity, Equity and Inclusion 4.0: A toolkit for leaders to accelerate social progress in the future of work | World Economic Forum (weforum.org)
- How diversity, equity, and inclusion (DE&I) matter | McKinsey
- Getting Serious About Diversity: Enough Already with the Business Case (hbr.org)
- Awareness to Accountability: Integrating Diversity, Equity, and Inclusion | Georgetown SCS
- Women in the Workplace | McKinsey
- BetterUp’s New, Industry-Leading Research Shows Companies That Fail at Belonging Lose Tens of Millions in Revenue | BetterUp