Reimagining a Better Future For All

Foremost people of color are the backbones of our economy and are disproportionately affected by the coronavirus pandemic Recent data from The Bureau of Labor Statistics reveals that Black and Latinx workers have been hardest hit As the country begins to open up we find ourselves in the midst of a movement against discriminationtowards justice and equality We see now more clearly than ever the consequences of racial disparities across societyDuring this upheaval workplace diversity may not be the first thing on everyone39s minds Many companies are struggling with financial instability disruption of operations reduced consumer spending adjustment to remote work and prolonged uncertainty about the future Some are fighting for their very survival Yet as we plan for recovery and transition to a quotnew normalquot companies that practice with honesty and integrity in the goal of diversity and inclusion will bounce back quicker than those that don39t and fare better in the long termThere are many reasons for this To start consumers see which companies are stepping up whether by shifting production raising minimum wages for frontline workers enabling flexible schedules or supporting smaller businesses In the same way many are watching how companies react to racial violence and discriminationcritical of statements not backed up by action or diverse leadership and will likely reward those that get it right with their loyalty and walletsTo reimagine a better future leaders canListen and lead with empathy Make employees feel heard be willing to learn without judgement and give them time to healTake a stand by reaffirming the company39s commitment to diversity equity and inclusion and against racism and discrimination in any form Create goals and publish them to your stakeholdersTake action Words matter Action matters more Provide training on inclusive leadership and conduct regular culture surveys to measure progress Remove barriers that create disparities in pay or promotion and create mentoring and sponsorship programs if not already in placeCreate a workplace with diverse hiring and employment practices including recruiting and retaining colleagues from minority groups and seek equitable representation in leadership and management rolesInvest in communities where your business operates by purchasing from diverse vendors or donating to causes that matter in the Black community while advocating for equal access to healthcare housing education and economic opportunitiesIn addition companies that embrace diversity equity and inclusion can attract and retain the kind of smart innovative employees who will propel their continued growth and success Research from the Great Places to Work Institute showed that publicly traded companies with inclusive workplaces flourished before during and after the 2008 recession When diverse employees actively contribute in their workplace individual companies amp8212 and the economy amp8212 thrive The link between diversity on executive teams and financial performance has been proven many times over Given the many financial challenges the business world is currently experiencing this sort of return on investment matters more than everAs the author Arundhati Roy prophetically wrote in the Financial Times this pandemic is a portal amp8212 we can choose what lies on the other side The current racial crisis is no different These events provide an opportunity to reimagine a future that supports every worker regardless of gender race or socioeconomic statusThe case for investing in equitable workforces is stronger than ever promising increased innovation business performance consumer loyalty and most importantly prioritization of racial and social justice The silver lining of this crisis we have the chance to create a better world to reimagine how to run our businesses going forward Let39s be sure we don39t squander such an opportunityClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNetamp160

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Reimagining a Better Future For All

Author

Publish date

Channel

Johanna Zeilstra

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

More Videos:

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Reimagining a Better Future For All

Enjoying This Commentary? There's More to Love

Johanna Zeilstra

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

Cookies