How companies should approach DEI
Sandra Quince, Chairwoman at Paradigm For Parity, joins TheStreet to discuss how companies should go about their DEI initiatives.
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00:00So when it comes to diversity, equity and inclusion, and thinking about your people
00:06of color, companies really should be focused in several areas.
00:11Number one, you've got to measure your talent, meaning you have to know who you're hiring,
00:17you have to know who you're promoting and who you're retaining.
00:20And so that data is critically important because it informs organizations as to how they should
00:26be thinking about their people of color, where they sit, but it also helps them to
00:32understand where they have cliffs and they have gaps.
00:35And then they can begin to think strategically and intentionally how they support their people
00:40of color in the workplace.
00:42The other thing that companies have to do is they have to really think about creating
00:45a culture of not only mentorship, which is critically important, but sponsorship as well.
00:52Because in order to make it up and through the C-suite in any organization, sponsorship
00:56is key.
00:57And while that may come naturally for some, it doesn't come intentionally and naturally
01:01for others.
01:02And so instituting sponsorship is important.
01:06I think also companies have to think about ways, especially in today's environment, how
01:10we're measuring our teammates on not just their performance, but thinking about performance
01:17and not just presence, right?
01:20And so especially in an environment where we are hybrid, we have to be able to upskill
01:24our leaders to ensure that they can adequately assess talent and assess talent not just on
01:32those that they see the most, but also those that are virtual and they don't have as much
01:38interaction with.
01:40And then the other things that companies need to focus on is ensuring that they're creating
01:45a culture where they have inclusive leaders.
01:48And inclusive leaders are those that are trustworthy, they're transparent, they invest in their
01:54talent and they create opportunities for really authentic conversations.
01:59So these are areas where I really feel like companies can lean in and do the good work
02:05and ensure that they're creating opportunities for not only their diverse talent, but for
02:10all of their talent.
02:12So when you think about diversity, equity, and inclusion initiatives and how it relates
02:16to morale, it is important to understand that there are four main reasons why companies
02:22really should engage in DE&I.
02:25Number one, you're more profitable.
02:27Companies absolutely are 30 to 40% times more profitable.
02:30That research came out 20 plus years ago and it's still relevant today.
02:35Number two, you have employees that are more engaged.
02:38Well why are employees more engaged?
02:40Well they're valued, they're heard, they feel respected in the workplace, and they
02:45also have an opportunity to see themselves reflected in the leadership, which is critically
02:51important because you can't be what you can't see.