It’s often said that business and politics don’t mix. Yet, both spheres share striking similarities in relying on solid leadership, strategic planning, stakeholder management and cultural influence to succeed. Surprisingly, corporations continue to abandon diversity, equity, and inclusion, psychological safety, and employee resource groups; the political sphere surprisingly adopted these strategies to advance collective success.
Revelio Labs, in partnership with The Washington Post and Reuters, reported an uptick in the layoffs of diversity, equity and inclusion talent across large companies. However, the diverse teams have proven to increase morale and productivity. Demonstrating the power of diverse teams, legions of diverse voter groups leveraged virtual platforms to amplify connection, communication and a sense of belonging.
Collectively, these diverse voters proved money talks, and they’re shouting with their dollars. Undeterred by the derogatory "DEI hire" references, they remain steadfast in their mission and aligned interests.
What can financial services leaders glean from the inclusion trifecta: DEI, Safety and ERGs? These strategies are proven catalysts for change and increased economics. The urgency is clear–voters, aka employees, are signaling corporations to reassess their inclusion strategy. It’s time to (re)act.
Understand Your Corporate Landscape
Engaged leaders leverage employee data, including demographics, compensation, promotions, and turnover rates, to gauge organizational health. This knowledge empowers leaders to enhance their firm's competitive advantage by identifying and addressing patterns, trends, and disparities in representation, opportunities and experiences.
Action: Empower your HR department and managers with resources (e.g., time, money and support) to generate and report on the corporate landscape. Consider workforce planning tools such as Workday, Monday.com, and the traditional Microsoft Excel and Google Sheets spreadsheets.
Audit Corporate Policies and Practices
The firm’s HR policies and procedures significantly influence the corporate landscape. Are the DEI principles aligned with the recruitment, hiring, evaluation and promotion processes? Do leadership development programs exist and offer opportunities for equitable advancement across different groups?
Action: Engage your HR department and consultants by consistently and collaboratively reviewing and updating policies and procedures to align with the organization's mission, vision and values. Reward or address managerial performance by attracting and retaining talent. Consider tools such as CultureAmp, PerformYard, Wellpay.ai, and the traditional Microsoft Word and Google Docs workspaces.
Capture the Employee Experience
Influential leaders use open communication strategies to understand the company culture and the employee experience. Surveys and feedback sessions offer insight into employee perceptions of safety, inclusion and belonging. For deeper insights, leaders engage in focus groups or interviews and partner with ERGs to identify specific challenges and opportunities.
Action: Alongside your HR department and consultants, envision a hospitable workplace where inclusion matters. Consider tools such as SurveyMonkey, Motivosity, JotForm and Google Forms.
While politics may make strange bedfellows, the power of inclusion in any sphere is undeniable. It has the potential to elevate and inspire, driving positive change and progress.
Lazetta Rainey Braxton is the founder/CEO of Lazetta & Associates and CEO & President of The Real Wealth Coterie.