In my experience, when companies talk about diversity, equity and inclusion (DE&I), it’s often examined through an internal prism. But through observation and experience I know that the climate in the community and its social concerns inevitably impacts the organization either directly or indirectly via employees, local businesses or civic dynamics. One thing I believe companies can do to move the needle on racial inequity and diversity is to examine their DE&I strategy through both an internal and external lens. The strongest DE&I strategies extend beyond the workplace and into the communities.
Once a business owner or company is looking at their strategy through this lens, they can see where their focus needs to be and where they might be able to operationalize additional action steps.
Internally, companies can consider:
• Increasing transparency around open positions and mentoring internal candidates
By sharing information with employees, like executive level job descriptions, training program selection criteria and leadership matrix competencies, those employees are better informed and prepared to have career development discussions with their managers and activate plans which position them for career growth.
• Building engagement through Employee Resource Groups
Employee Resource Groups are valuable channels, especially for larger organizations. At Key, we call these groups KBINGs (Key Business Impact and Networking Groups) and they include some of our most engaged employees. The groups and their members should be a resource for companies to increase their understanding of different cultures, clients and communities. Bringing employees together to leverage similarities and differences can help drive increased retention, professional development, business innovation, community outreach, client acquisition and more. They also can help shape the overall company response for social justice issues and help leaders actively respond to different situations in a way that shows empathy, understanding and respect.
Externally, companies may consider:
• Engaging diverse suppliers
A commitment to supplier diversity helps an organization deliver exceptional service to clients, impacts the bottom line and plays a vital role in strengthening the economy of communities. At Key, we host Supplier Summits in various markets to engage with prospective and existing suppliers and organizations focused on supplier diversity and economic inclusion.
• Giving back to the communities you work and live in
Transformative philanthropy is another key element to the external aspects of a DE&I strategy. Encourage employees to invest their time, talent and treasure in organizations that promote social justice and racial equity efforts, and model that example by doing the same as a company.
Studies have shown that a robust DE&I strategy benefits businesses in many ways, including lower turnover and higher-quality productivity. Achieving these benefits requires buy-in and engagement – from the C-Suite, to the Board of Directors, to colleagues at all levels of the organization. When leaders believe in it, practice it, measure it, and hold each other accountable, the authenticity in their voices and actions will permeate the company.
KeyBank’s Annual Corporate Responsibility Report has more information about how we are working to bring our DE&I plan to life internally and externally, for our teammates and the communities we proudly serve.
Any opinions, projections or recommendations contained herein are subject to change without notice and are not intended as individual investment advice. This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice. KeyBank is Member FDIC. KeyCorp. © 2020. CFMA 200323-769447
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