With $100M gift, Loyola University sets precedent worth following on diversity

In the aftermath of George Floyd’s death in 2020, corporate America promised to become more inclusive. Faced with public demands for social justice reforms, companies vowed to improve racial and ethnic diversity in their work forces, among leadership and on their boards.

While there has been some movement in the last two years, progress has been slower than expected. Corporate America is still trying to figure out how to reach equitable diversity levels and make their companies more reflective of the nation’s changing demographics.

As the executive chairman and founder of Clayco, a Chicago-based national real estate and construction firm, I see the inequities as well as the challenges firsthand.

Too often, corporations fall back on the usual excuse of not being able to find enough qualified people for the job. It’s easier to just give up than do the necessary work to expand the pool of qualified job candidates.

To build a more diverse talent pipeline, we must address inequity in higher education: Black, Brown and low-income families are underrepresented in universities across America.

John and Kathy Schreiber’s recent $100 million gift to Loyola University Chicago will fully fund tuition and room and board — but more importantly, it will fund the support services low-income students need to succeed in school. The university has said this gift will kick start a $500 million endowment to ensure a focus on equity is permanent, not short-term.

It’s a model for other philanthropists and universities to follow: Think holistically, not just about access to college but also about ensuring success in college. Target students who have been denied access and focus not just on academic superstars, but on all students willing to work hard. Build this focus into long-term university plans, and scale it in perpetuity.

This will lead to transformational change. As more people of color obtain college degrees, employers and business owners will have a diverse talent pool of young people to become the next generation of leaders.

College degrees are critical to success, providing the intangible benefits of education, experience, lifelong connections and a greater opportunity to build personal wealth.

Bob Clark, executive chairman and

founder of Clayco Member, Loyola University Chicago Board of Trustees