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Driving Change in Racial Equity

Radical change in racial equity is needed. In order to successfully drive that change, a holistic response is required—with attention to business drivers, teams and culture, and resources.

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Driving Change in Racial Equity

  1. 1. Driving Change in Racial Equity
  2. 2. 1. Total Societal Impact: Integrating social and environmental impact as driver of strategy and value creation. Includes three lenses: Shareholder Value, Societal Impact, and Corporate Longevity. A Holistic Response Requires Attention to Business Drivers, Plus Internal and External Factors Diversity, equity, and inclusion as business drivers (TSI lens)1 Drive innovation and create value by directly serving broader market segments Leverage supplier and distributor diversity as a competitive advantage Eliminate systemic bias in business practices and strategies Diverse, equitable, and inclusive teams and culture Deploying resources for social and systemic change Mitigate bias through equitable personnel policies (hiring, development, retention) Create a culture of inclusion that supports diversity and racial equity Use voice, influence, philanthropy as a platform to catalyze change Build coalitions to amplify commitments within industry Invest in diverse communities and customer segments
  3. 3. For each of these, a few quick wins can start moving the needle for diversity, equity, and inclusion.
  4. 4. …As business drivers Develop and internally review metrics to identify socio-demographic gaps in your brands, products/ services, distribution, and messaging/imaging Conduct rapid diagnostics to review your marketing, sales (e.g. terms & conditions), customer service, and algorithmic practices Review suppliers and distributors for representation and commitment to inclusion with an equity task force
  5. 5. …In teams and culture Analyze representation metrics at all levels—including retention rates and engagement scores Embed diversity, equity, and inclusion into core processes, ensuring they are evident in culture and ways of working Incorporate commitment to equity as a performance metric
  6. 6. …With resources Become a signatory on one of the many pledges committing to positive impact on inclusion and diversity Identify areas of focus, where the systemic issues are greatest and most relevant to your values and purpose Reach out to a local advocacy group to explore partnership opportunities and areas of need