The COVID-19 pandemic, subsequent economic strife, as well as the current racial crisis, define this moment — for our communities, nation and economy. These three events shine a blinding light on inequalities built into the fabric of society.
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 discrimination--towards justice and equality. We see, now more clearly than ever, the consequences of racial disparities across society.
During this upheaval, workplace diversity may not be the first thing on everyone's 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 "new normal," companies that practice with honesty and integrity in the goal of diversity and inclusion will bounce back quicker than those that don't, and fare better in the long term.
There 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 discrimination--critical of statements not backed up by action or diverse leadership -- and will likely reward those that get it right with their loyalty and wallets.
To reimagine a better future, leaders can:
In 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 — and the economy — 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 ever.
As the author Arundhati Roy prophetically wrote in the Financial Times this pandemic is a portal — 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 status.
The 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. Let's be sure we don't squander such an opportunity.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.com/MyersBizNet.