Why DEI Matters Behind The Numbers
Market Mondays
EYL Network
5.0 • 4.1K Ratings
🗓️ 23 February 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
In this episode, hosts Ian Dunlap, Troy Millings, and Rashad Bilal sit down with Rick Wade, Vice President of Strategic Alliances and Outreach at the U.S. Chamber of Commerce, to discuss the current landscape of diversity, equity, and inclusion (DEI) in the corporate world.
Rick Wade shares valuable insights on the business case for diversity, equity, and inclusion, emphasizing how companies with diverse executive teams are more profitable, and how investing in closing skills gaps among minority populations today is crucial for future competitiveness. He also discusses the impact of minority suppliers on cost savings and innovation for companies.
Moreover, Rick addresses the importance of recommitting to DEI initiatives, highlighting a meeting with the Congressional Black Caucus that focused on holding S&P 500 companies accountable for their commitments to DEI following the George Floyd murder. He stresses the economic benefits of investing in DEI and the positive impact on future workforce and community job creation.
The conversation extends to emerging markets, as Rick discusses the potential for business in countries like India, China, and despite challenges, the Middle East and Africa. He emphasizes the need for companies to understand and engage with these markets, leveraging resources like the U.S. Chamber of Commerce and the U.S. Department of Commerce’s Foreign Commercial Service Office Division to facilitate connections.
For entrepreneurs watching the show, Rick provides advice on how to act on the information shared. He encourages them to start by learning and navigating platforms such as uschamber.com, and to get engaged with business organizations like local chambers or the U.S. Chamber of Commerce. He emphasizes the value of networking and suggests being intentional in investing time and resources into these organizations.
In conclusion, Rick expresses his appreciation for the work of the hosts and encourages partnership between Market Mondays and the U.S. Chamber of Commerce, highlighting the potential to create thriving business communities akin to the historic Black Wall Street. He emphasizes the necessity, not just the desire, for intentional collaboration in this work.
Join us for an insightful and informative discussion, touching on the business case for diversity, emerging markets, and actionable advice for entrepreneurs and business leaders. Don't miss out on the valuable insights and impactful perspectives shared by Rick Wade on Market Mondays.
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#MarketMondays #DiversityAndInclusion #BusinessStrategy #Entrepreneurship #GlobalBusiness #EconomicOpportunities #USChamberOfCommerce #EmergingMarkets #DEIInitiatives #CorporateResponsibility
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Transcript
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| 0:18.9 | I wanted to ask a question about diversity, equity, and inclusion, you know, and then a lot of that is being reversed or a lot of corporations are backing away from that, pulling money from black initiatives. |
| 0:36.0 | What's your thoughts on the current landscapes of that? |
| 0:39.0 | You know, I think that's a great question and one of the ways that I'm approaching this and that we are at the chamber because you're right. I mean I think sadly enough in America |
| 0:50.8 | D and I has become a political football. It's not just a moral imperative that we continue |
| 0:59.2 | to invest and understand why diversity, equine inclusion matters, but there is truly a business case. |
| 1:07.0 | I mean, you look at McKinsey and their research that companies that are more diverse at the executive team are more profitable. |
| 1:14.1 | I mean I'm not making that up that data. You look at the workforce challenges and |
| 1:19.6 | the makeup of the workforce in 2050 and beyond is going to be majority |
| 1:25.1 | minority so the way I think about that if we have skills gaps now among these |
| 1:31.0 | populations we need to invest in closing those skills gaps today so that they can compete in the future. |
| 1:37.0 | You look at the data around supply diversity. I mean the data is clear that minority suppliers are more innovative. |
| 1:45.1 | They actually create a cost savings for companies. |
| 1:48.2 | And so the way we lead this is around the business and economic case. |
| 1:52.0 | I'm trying to stay out of the political and the politics. I get that. But we're trying to advance and continue to advance the business case. In fact, you may or may not to be aware, but I mean that's part of this meeting on this week with the |
| 2:06.3 | Congressional Black Caucus that, you know, they sent a letter to all the S&P 500 companies |
| 2:11.6 | wanting to know where are you in reaffirming your commitment to |
| 2:15.4 | D&I they asking questions like yeah this since George Floyd murder you know what |
| 2:21.4 | some three four hundred billion dollars of companies pledged to announce. |
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