As we look ahead into the new year, many people take this opportunity to identify goals for personal and professional improvement. This year, I’m encouraging Chicago-area companies to look for opportunities to enhance the culture of their organizations in the area of diversity and inclusion (D&I).
Based on 46 years of experience working with some of Chicago’s leading corporations, Chicago United has identified five key steps companies can take to create a more inclusive culture and increase diversity throughout its ranks.
Recognize the urgency
Diversity growth in the leadership ranks, corporate boards and executive level management at Chicago’s largest corporations is stagnant. Chicago United released a biennial survey this past November, the 2014 Corporate Diversity Profile.
If the annualized growth rate in minority representation in top executive and managerial positions were to remain the same as that of the time period between 2000 and 2012, it is expected that it would take 64 years for minorities to achieve equal representation in executive/managerial ranks.
Companies need to evaluate the opportunities in client relations, innovation and revenue growth which will benefit from senior level diversity and align them with current diversity and inclusion efforts.
Secure commitment at the top
Commitment at the top is the biggest differentiator among organizations who have had marked success in cultivating diverse and inclusive organizations. Intel’s CEO recently announced the company would invest $300 million to encourage more diversity inside its organization. Ensure that your organizational leadership is on-board and engaged with investing in a more inclusive culture.
Conduct an audit
Identify where to focus your organization’s diversity and inclusion efforts with an internal audit. Evaluate which areas critical to D&I advancement need to be improved, such as recruitment, talent development and performance management. A culture audit can also help identify ways to strengthen employee engagement.
Identify a core team
Select a core group of individuals to serve as sponsors or internal champions of D&I initiatives. This core team should help to drive awareness within your organization and motivate other employees to embrace and implement the core initiatives.
Take action
Effective implementation is key to gaining support and acceptance of your D&I initiatives, critical to creating meaningful change. Work with your core team to determine the most strategic way to roll out programming to employees — it could be a phased or pilot approach.
Increasing diversity within the top ranks of Chicago corporations will require commitment from senior management and dedication of appropriate resources. But effectively leveraging the available talent pool and implementing culture change efforts that will engage leaders, build traction and sustain progress will deliver a handsome return on investment.
I promise.
Gloria Castillo is president and CEO of Chicago United, a corporate membership organization that promotes multiracial leadership in business to advance parity in economic opportunity.
