Double Down on Diversity

Even as March ushers in both Women’s Equal Pay Day and Women’s History Month, diversity initiatives at the corporate level are facing headwinds in an uncertain economic environment. While many companies spent the past few years growing their diversity, equity, and inclusion (DEI) programs, early signs say progress has stalled. According to research by LinkedIn, Chief Diversity Officer was the fastest-hiring C-Suite title in 2020 and 2021, but the trend didn’t continue in 2022.

“In 2020, we saw companies make significant commitments to racial equity, especially in the workplace, as a result of protests and racial unrest. Companies were hurriedly looking for DEI leadership talent to fill empty seats,” says Rosanna Durruthy, Vice President, Global Diversity, Inclusion and Belonging at LinkedIn. “Today, in the wake of economic uncertainty, companies are cutting back on DEI, whether that’s cutting DEI roles, cutting employee resource groups, or removing remote work policies.”

These drastic shifts can cause consequences down the line however, says Durruthy. Those that deprioritize DEI hiring may cause a spike in current employee attrition and removing remote work can reduce the talent pool available to companies, cutting off access to traditionally underrepresented groups. Leaders who take a long-term view of DEI investment can expect it to pay dividends down the line—here’s a few ways to continue to stay the course and provide support to co-workers.

● Create Employee Resource Groups. Stressful economic times can put even more stress on staff. Employee resource groups (ERGs), which are typically led and joined by employees who share a gender, ethnicity, lifestyle, or other interest, can be supportive ways for companies to build community, offer internal support, and invest in allyship.

● Teach Inclusive Management. Nothing contributes more to an employee’s happiness than their direct manager. By teaching and practicing inclusive management, every employee can feel valued for the unique background and skills they bring to the table.

● Prioritize Professional Development. Underrepresented groups often have fewer opportunities to be sponsored and taught essential management skills. Providing access to these kinds of programs helps fortify the C-Suite pipeline for the long-haul. “Companies who remain committed to DEI during this time of uncertainty will come out on top,” says Durruthy. “Not only will professionals of color recognize that the company practices what they preach, but we’ve also found that companies that have more diverse leadership in senior and executive management are more profitable, successful and generate more revenue.”

48% of women and 49% of employees of color reported feeling undervalued at work.