As corporate culture evolves, the emphasis on diversity, equity and inclusion (DEI) has become more critical than ever. Sandra Quince, chairwoman of Paradigm for Parity, joined TheStreet to discuss how prioritizing a diverse workforce can boost employee morale.
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Full Video Transcript Below:
SANDRA QUINCE: So when it comes to diversity, equity and inclusion and thinking about your people of color, companies really should be focused in several areas. Number one, you've got to measure your talent, meaning you have to know who you're hiring. You have to know who you're promoting and who you're retaining. And so that data is critically important because it informs organizations as to how they should be thinking about their people of color, where they sit. But it also helps them to understand where they have cliffs and they have gaps, and then they can begin to think strategically and intentionally how they support their people of color in the workplace. The other thing that companies have to do is they have to really think about creating a culture of not only mentorship, which is critically important, but sponsorship as well, because in order to make it up and through the c-suite in any organization, sponsorship is key.
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And while that may come naturally, for some it doesn't come intentionally and naturally for others. And so instituting sponsorship is important. I think also companies have to think about ways, especially in today's environment, how we're measuring our teammates on not just their performance, but thinking about performance and not just presence. And so especially in an environment where we are hybrid, we have to be able to upskill our leaders to ensure that they can adequately assess talent and assess talent not just on those that they see the most, but also those that are virtual and they don't have as much interaction with. And then the other things that companies need to focus on is ensuring that they're creating a culture where they have inclusive leaders, and inclusive leaders are those that are trustworthy, they are transparent, they invest in their talent, and they create opportunities for really authentic conversations. So these are areas where I really feel like companies can lean in and do the good work and ensure that they're creating opportunities for not only their diverse talent, but for all of their talent.
When you think about diversity, equity, and inclusion initiatives and how it relates to morale, it is important to understand that there are four main reasons why companies really should engage in DE&I. Number one, you're more profitable. Companies absolutely are 30% to 40% times more profitable. That research came out 20 plus years ago, and it's still relevant today. Number two, you have employees that are more engaged. Well, why are employees more engaged. Well, they're valued. They're heard. They feel respected in the workplace. And they also have an opportunity to see themselves reflected in the leadership, which is critically important because you can't be what you can't see.
