We know the stats. The more diverse a company is, the better they will do in the long run. The Wall Street Journal’s team of research analysts conducted a study that found that the financial industry was among a list of the most 20 diverse companies in the study.
They write, “Turns out the 20 most diverse companies in the research not only have better-operating results on average than the lowest-scoring firms, but their shares generally outperform those of the least-diverse firms, the research shows.”
When there is a group of people who look alike, talk alike, and think alike – there’s a cap to the growth that could be made.
While there have been strides made to make companies more diverse, there are still a couple of setbacks that make diversification difficult. Here is what corporate leaders in DE & I are lacking.
Lack of Technical Tools and Approaches
But companies began to realize that it was so much more than just getting through the door. The lack of technical tools and approaches is another part of the problem. Chron.com offers a suggestion that “Employee handbooks need to clearly explain the company diversity and anti-discriminatory policies.” To further explain, they write “They should also give employees protocol to follow when they feel there is an infraction of the policy.”
Lack of Data and Making Sure the Companies are Measuring the Changes
To get a better understanding of how the employees are truly feeling, companies can try to create surveys to see where they can improve. This helps battle the lack of data and make sure the companies are measuring the changes being made and making sure they are working properly.
We know this isn’t the end-all, be-all, but this is just a starting point. Reflection into systems in place now can help diagnose a problem (or problems) and change.
Lack of Allies at Various Levels, Lack of Real Power and Lack of Checks and Balances
The first is a lack of allies at various levels. Diversity needs a top-down approach. Making executive offices reflect their employees helps move forward the process of heterogeneity. This works hand-in-hand with the lack of real power and the lack of checks and balances. According to Adweek, when the role of chief diversity officer began popping up in corporations, “the role primarily focused on getting talent from various backgrounds through the door.”
Lack of Short Term and Long Term Solutions
To help battle the lack of short term and long term solutions to battling violations, “Investigations should be thorough and unbiased with documentation and actions are taken when necessary.”
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Brands like Kimora Lee Simons, Iman Cosmetics, Pikolinos, Zara, Roommate Hotels and USAID, immediately tapped into her three-tier prong approach “community, content, to commerce” when looking to connect with the cultural consumers.
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