It is no surprise that many CEO’s, founders and managers are preoccupied with staying afloat and surviving this unprecedented global crisis. A key part of this will be a laser focus on fiscal performance including profit margins and gross profit.
We know the studies that demonstrate a strong correlation between diversity and fiscal performance. This happens because diversity leads to better ideas. Better ideas lead to more innovation and innovation equals better financial performance.
However, prior to the Covid-19 crisis, minimal progress has been made as there continues to be a lack of diversity at every rung of the ladder – from management to the C-suite. One of the reasons for such minimal progress is that as social animals, (we) humans subconsciously choose to associate with other who are like ourselves. Will this crisis change that behavior or reinforce it?
We know the studies that demonstrate a strong correlation between diversity and fiscal performance. However, minimal progress has been made as there continues to be a lack of diversity at every rung of the ladder – from management to the C-suite.
I am curious as to what, if anything, will change going forward – during and after the Covid crisis? There hasn’t been a lot of discussion about D&I during this crisis although racial disparities are being uncovered right before our eyes in this global health crisis – there is a relationship.
We are in the midst of a global war and we will not return to a pre-Covid way of life. We are at the forefront of a “new normal.” Therefore, it’s the right time to ask the question because companies are making their “business pivots” to develop strategies to grow and scale in the new post-Covid world.
We are at the forefront of a “new normal”. Therefore, it’s the right time to ask the question because companies are making their “business pivots” to develop strategies to grow and scale in the new post-Covid world.
Will there be an increased – or decreased – focus on D&I? Will there be new impactful D&I initiatives implemented or will D&I take a step back and be put on the back burner to be addressed at another time?
Diversity isn’t a frilly concept or a box to tick on your to-do list. It’s a philosophy that should be part of your company’s cultural fabric.