CRAIN’S CHICAGO BUSINESS • June 28, 2021 9
SPONSORED CONTENT
CRAIN’S EVENT RECAP
Fostering Equity in the Workplace
Deloitte’s thought-provoking discussion highlights how recent events have elevated the business case for equity. and inclusion officer at Deloitte. “Systemic change takes intentionality and time.” Carlos Cubia, senior vice president, global chief diversity officer, Walgreens Boots Alliance, said he’s patiently optimistic and realistic. Some executives believe equity initiatives have no place in corporate America. “We have to change their mindset,” he noted, pointing to studies that show more diverse companies recruit better talent and produce better financial results.
Permission: The Chicago Community Trust | Photographer: Anjali Pinto | Artist: Jeff Maldonado
What follows is a sponsored recap of an event moderated by Crain’s Chicago Business Group Publisher and Executive Editor, Jim Kirk.
T
he pandemic and last year’s social unrest underscored the nation’s systemic inequities. Not everyone has access to decent healthcare, housing, education and employment. But how big a role should the business community play to address long-standing imbalances? And why is it important? A group of Chicago thought-leaders recently held a lively salon-style discussion on fostering equity in the workplace. Participants were generally optimistic that change was moving in the right direction but admitted that long-lasting reforms will take time. A likely key to success will be a commitment by civic and business leaders to help make real policy changes and expand professional opportunities for all people. “Our goal is to prompt the business community to discuss these issues,” said Kathy Scherer, Chicago managing partner at Deloitte, the city’s largest professional services firm, and sponsor of the discussion. BMO Harris Bank and The Chicago Community Trust were co-sponsors. In introductory remarks, Scherer noted that the discussion comes about 18 months after a similar session with business and community leaders. After the disruptions of the last year, she characterized today’s conversations about inclusion and equity as “grittier” and “more courageous.” Jim Kirk, publisher and executive editor at Crain’s Chicago Business, kicked off the discussion. He cited the June 2020 Deloitte/ Fortune study which found that 96 percent
of CEOs say that diversity, equity and inclusion (DEI) are a strategic imperative. And 72 percent of CEOs plan to disclose DEI metrics to the public. “We have found passion on this subject, but have miles to go before we reach major change,” Kirk said. NARROW THE GAP Ariel Investments’ Chairman and coCEO, John W. Rogers, Jr., pointed to the importance of fostering Black-owned businesses of scale to promote wealth in that community. He also challenged local corporations and civic leaders to hire professional firms owned by people of
Helene Gayle, CEO at The Chicago Community Trust said the pursuit of equity is now at an important inflection point. Policy changes are needed to narrow the racial wealth gap, along with more investment in communities of color to provide business opportunities. “Equity is hard, painstaking work,” she said. “But the opportunity to do what it takes to be a multi-ethnic democracy is worth the effort.” Metrics are needed to track progress towards equity, the participants agreed. “If we don’t have goals, we won’t get there,” said Scherer. She added that companies must be profitable and provide shareholder value while figuring out how to operate in an equitable way. EDUCATION MATTERS The business community can help foster equity by investing in higher education programs that build a pipeline of diverse recruits. Chicago State University developed an action plan to address the drop in enrollment of Black students in Illinois’ higher education system. “If you don’t have diverse talent going to college,
EQUITY IS HARD, PAINSTAKING WORK, BUT THE OPPORTUNITY TO DO WHAT IT TAKES TO BE A MULTI-ETHNIC DEMOCRACY IS WORTH - Helene Gayle, CEO at The Chicago Community Trust
Rogers added, however, that he is more optimistic than he’s been in 30 years about diversity initiatives in the corporate community. He pointed to promising local efforts by Exelon, McDonald’s, and the University of Chicago. The other participants echoed cautious optimism, noting progress, but that much more work needed to be done. The fact that companies are thinking about systemic changes is a hopeful sign, according to Kavitha Prabhakar, chief diversity, equity
Kirk wrapped up the conversation asking the leaders about their hopes in the months ahead. “It’s important that our words and actions align,” said Tracie Morris, chief human resources officer, BMO Harris Bank. She added that young workers are seeking jobs at companies that champion diversity. In another positive sign, the City of Chicago received assistance from federal COVID relief bills to support the needs of residents and bolster the City’s economic recovery, including $1.9 billion in direct aid from the American Rescue Plan. “We can put those funds to good use to support investment in equity,” said Samir Mayekar, Chicago’s deputy mayor for economic and neighborhood development. The City’s Invest South/West program has already attracted business investment to long neglected neighborhoods on the South and West sides, Samir noted. “We have to keep sending out the message about being inclusive.”
This salon discussion included the following attendees: Kathy Scherer, Deloitte, Central Region Market Leader, Chicago Managing Partner Kavitha Prabhakar, Deloitte, Chief Diversity, Equity, and Inclusion Leader Tomoko Kizawa, Deloitte, Chicago Inclusion Leader
THE EFFORT.
color. “Equal opportunity has been left off the table,” he said.
neighborhood was a win for equity. But he called on business schools to further emphasize equity in their coursework to produce leaders who are invested in fairness. “It’s a big opportunity,” said Henderson, CEO at P33, a nonprofit organization to drive technology leadership in Chicago. Henderson also wants more involvement in equity initiatives by emerging tech leaders. “We have to draw them in,” he said.
you will not see diversity in business,” said Zaldwaynaka (Z) Scott, president at Chicago State University. “The business community has to be involved to hire these students.”
Helene Gayle, The Chicago Community Trust, President & CEO Tracie Morris, BMO Harris Bank, CHRO Carlos Cubia, Walgreen’s SVP, Global Chief Diversity Officer Brad Henderson, P33, CEO
An example of business bringing an equity lens to investment was the March announcement by Discover that it would open a customer care center in the South Side Chatham neighborhood. The center is expected to add 1,000 jobs to the local community. Brad Henderson said that the commitment by Discover to an underserved
Samir Mayekar, City of Chicago, Deputy Mayor, Economic & Neighborhood Development John Rogers, Ariel Investments, Chairman & Co-CEO Zaldwaynaka Scott, Chicago State University, President