It is often said that business and politics do not mix. However, both spheres share striking similarities in relying on solid leadership, strategic planning, stakeholder management, and cultural influence to succeed. Surprisingly, corporations continue to abandon diversity, equity and inclusion, psychological safety, and employee resource pools; the political sphere unsurprisingly adopted these strategies to advance collective success.
Revelio Labs, in partnership with Washington Post and Reuters, reported an increase in diversity, equity and inclusion talent layoffs in large companies. However, various teams have tried to boost morale and productivity. Demonstrating the power of diverse teams, legions of diverse voter groups used virtual platforms to amplify connection, communication and a sense of belonging.
Collectively, these various voters witnessed money talk, and they're screaming with their dollars. Undeterred by derogatory references to “DEI's commitment,” they remain steadfast in their mission and their interests.
What can financial services leaders get out of engaging: DEI, Security and ERGs? These strategies are proven catalysts for economic change and growth. The urgency is clear – constituents, aka employees, are signaling corporations to reevaluate their engagement strategy. It's time to (re)act.
Understand your corporate landscape
Engaged leaders use employee data, including demographics, compensation, promotions and turnover rates, to assess organizational health. This knowledge empowers leaders to increase their firm's competitive advantage by identifying and addressing patterns, trends, and disparities in representation, opportunities, and experiences.
action: Empower your HR department and managers with resources (eg time, money and support) to generate and report on the corporate landscape. Consider workforce planning tools such as Work day, Monday.comand traditional Microsoft Excel and Google Sheets spreadsheets.
Auditing corporate policies and practices
The firm's HR policies and procedures significantly affect the corporate landscape. Are the DEI principles aligned with recruitment, hiring, evaluation and promotion processes? Do leadership development programs exist and provide opportunities for equal advancement across groups?
action: Engage your HR department and consultants by continually and collaboratively reviewing and updating policies and procedures to align with the organization's mission, vision and values. Reward or address managerial performance by attracting and retaining talent. Consider tools such as CultureAmp, PerformYard, wellpay.ai, and the traditional workspaces of Microsoft Word and Google Docs.
Capture the employee experience
Influential leaders use open communication strategies to understand the company culture and employee experience. Surveys and feedback sessions provide insights into employee perceptions of safety, inclusion and belonging. For deeper insights, leaders engage in focus groups or interviews and collaborate with ERGs to identify specific challenges and opportunities.
action: Alongside your HR department and consultants, imagine a welcoming workplace where inclusion matters. Consider tools such as Monkey study, Motivation, JotForm and Google Forms.
While politics can make strange bedfellows, the power of inclusion in any sphere is undeniable. It has the potential to uplift and inspire, driving positive change and progress.
Lazetta Rainey Braxton is founder/CEO of Lazetta & Associates and CEO and President of The Real Wealth Coterie.