Kate Barker
Driving diversity and inclusion: Role of Chairs and CEOs The demand for D&I leaders has skyrocketed as companies rush to deal with racial divisions and inequities within their organisations
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he case for diversity in corporate leadership has never been stronger. In recent years, women have made gains in leadership, especially at senior levels, but the pandemic continues to have a negative impact. They are significantly more burnt out than men. Despite the added stress and exhaustion, women are rising to the occasion as stronger leaders and are doing more to support their teams and advance diversity, equity, and inclusion efforts. A McKinsey report of 2021 finds that companies in
| March 2022
the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability. Many business leaders believe that having a diverse set of viewpoints is the best way to maximise defences against relentless disruption and diverse representation has been steadily increasing, the pace of change remains too slow relative to the challenges that businesses and society face—a clear indicator that there is still much to be done. The path forward is clear. Women leaders who are driving progress must be
recognised and rewarded. They also need to do the fundamental cultural work necessary to build a workplace that values all women equally. The events of 2020 put extraordinary pressure on companies and employees. The COVID-19 crisis shook the economy and turned people’s lives upside down, both at work and at home. A heightened focus on racism and racial violence triggered a reckoning on diversity, equity, and inclusion. Companies’ current priorities reflect these changes: there has been an overwhelming recruitment drive for diversity and inclusion (D&I) Leaders as companies demonstrate their understanding that D&I is one of their key areas of focus. U.S. companies are rushing to hire chief diversity officers or elevate existing leaders to the position in the midst of pressure to address racial divisions and inequities within their organisations. The role has long been marked by high turnover, with many in the position,
