Image courtesy Jason Goodman
Intention, leadership, and accountability are required for progress.
Employees believe that progress on DEI can be made more quickly. As businesses consider their next moves, they must address long-standing cultural issues and devise strategies to promote diversity and equity. In our conversations with the banking sector topics centered on reconsidering DEI techniques, realizing that diversity cannot be sustained without inclusive environments and a strong board role.
Given the slow pace of progress toward strengthening diversity indicators within large financial institutions, some employees argue that executives should reconsider their approach to DEI. They emphasize the importance of transformation, noting that board recruitment now emphasizes diversity. When you have a diverse board and hire other varied individuals, they can see that you acknowledge their value. It transforms into a completely different value proposition.
Board cultures must evolve as boards become more diverse. Additionally, as competition for diverse board expertise has increased, boards' recruiting tactics have adapted to include a more extensive range of skills and experience.
Boards of directors are uniquely positioned to "push from the top" and effect change throughout their enterprises. As a result, they can affect how a business approaches DEI. Our researchers agree that companies should establish goals and hold themselves accountable for attaining them. Corporations, indeed, should take the lead on this rather than succumb to stakeholder and shareholder pressure.
However, boards must desire to drive this of their own volition.
About Jim Woods
He has worked in global diversity and inclusion since 1998. He advocates tying strategic interventions to financial outcomes. He has written numerous leadership books and contributed to strategic diversity, inclusion, and leadership solutions. As President and CEO of Woods Kovalova Group, he has worked with Whirlpool, the US Army, Homeland Security, Deseret Bank, Seimens, and many others. Work with Jim.
Mr. Woods has a BS in management and leadership. Including an MS in organizational development and HR.