Diversity and inclusion vital to a company’s culture
As we reflect on what this country has been through from a social justice lens, we need to recognize that Black History Month is not just 28 days in February, it is about ensuring diversity and inclusion, D&I, discussions are at the top of the business agenda. Having strong leadership across the D&I spectrum has never been more important. Also, the words Diversity and Inclusion are not just buzz words or trends, but an intrinsic part of the work and community cultures we must foster.
With D&I more in focus than ever, there are a few things organizations should consider to reach their D&I goals. This includes recruiting practices, cultural inclusion and mentoring – all have an impact on a company’s ability to serve their community.
It is critical that businesses hire D&I leaders to ensure their companies reflect a workplace representative of their values, and welcoming to all who enter their doors, a place where they can bring their full selves to work.
D&I is not just focused on what is right, but also what is good for business—and the business case for robust D&I efforts is sound. A study from the research firm Gartner shows inclusive teams make better business decisions.
The study showed “gender-diverse and inclusive teams outperformed their less inclusive counterparts by 50%.” If the business case isn’t convincing enough, consider the responsibilities businesses have to the communities in which they operate.
Diversity and inclusion should be a goal everyone is behind
Increasingly, stakeholders, clients and communities expect companies to ensure their workforce looks like the community in which it operates. At Bank of America, our goal is to mirror the clients and communities we serve and last year, we introduced our Human Capital Report to provide greater transparency and show progress in how we are doing in this area.
Additionally, last year Bank of America made a $1 billion commitment to advancing racial equality and economic opportunity, with a particular focus in areas of health and healthcare, jobs/ reskilling, supporting small businesses, and affordable housing.
Companies that are focused on D&I as a priority should look for ways to be creative in recruiting diverse employees and make a commitment to ensure their recruiting slate is diverse in every aspect. That’s where groups like Memphis’ own Codecrew come in. Codecrew teaches young, aspiring tech innovators and leaders from underrepresented groups to be programmers and software developers. We have directly taught thousands of children and adults, trained dozens of teachers to teach computer science, and helped shepherd computer science education legislation in the Tennessee General Assembly.
Codecrew has been working hard to grow a tech ecosystem in Memphis, recognizing that this crucial work establishes a pipeline of talent to reach local employers, both for the short-term and the long haul. While sectors like technology have become more diverse, it is important we accelerate that pace. Organizations like Codecrew, who Bank of America has supported with grants and leadership training through its ‘Neighborhood Champions’ program, make it easier to connect with bright and hardworking talent.
Networking and creating partnerships is key
Another way to increase workforce diversity is to reach out to organizations focused on minorities to share with their members that your organization is looking to hire talented, diverse individuals. This is a great way to broaden the applicant base. It’s also important for executives in the organization to be on the lookout within their networks for diverse audiences for recruitment.
Partnerships with Historically Black Colleges and Universities, HBCUS, and Hispanic-serving institutions, HSIS, are a critical part of the solution with talented and diverse future employees eager and ready to share their expertise, passion, diversity of thought and perspective, and they can provide key learnings across their own experiences.
Bank of America’s recent commitment of $25 million to jobs initiatives in partnership with community colleges, HBCUS and HSIS across the country will help strengthen the pipeline of diverse graduates for the private sector, an important step toward ensuring workplace culture is inclusive and reflective of the community.
Elevating existing talent, building a culture based on inclusion, working with local organizations to recruit diverse applicants, and mentoring local entrepreneurs and workers should be foundational business practices.
As more companies embrace the values of stakeholder capitalism, those who adopt strong D&I programming early and continue to build on their efforts will have a business advantage and build better, more diverse communities that go beyond February and are part of our everyday business practices.
Meka Egwuekwe is the executive director of Codecrew.
Livingston Albritten is the market president of Bank of America Memphis.