Assigning a chief diversity officer doesn't fix an inclusion issue
Gurinder S. Ahluwalia
The Investment News article, "Assigning a chief diversity officer doesn't fix an inclusion issue,” features Russell Reynolds Associates' research, "A Leader’s Guide: Finding and Keeping Your Next Chief Diversity Officer." The article is excerpted below.
We hear a lot about diversity, equality and inclusion, and with good reason. Our society has come a long way, but more needs to be done for the American workforce to truly reflect the multicultural makeup of America.
Research findings published by global search and leadership advisory firm Russell Reynolds Associates in January 2019, said 47% of the companies in the S&P 500 Index have a CDO or an equivalent role in their organizations, and 63% of these CDOs were hired or promoted to their positions in the last three years.
While on the surface these findings look promising, Russell Reynolds found that 53% of the CDOs in S&P 500 companies hold an additional role unrelated to diversity and inclusion, which can limit the time and resources the person can allocate toward optimizing results. When Russell Reynolds surveyed nearly 100 CDOs in its network, the firm found only 35% of them track employee demographic data. So, most of the polled CDOs have no way of knowing if their efforts to enhance diversity are actually working!
In short, diversity and inclusion can't improve if company executives view them merely in the context of a requirement. Unfortunately, too many do. Russell Reynolds' annual Diversity and Inclusion Pulse survey of more than 1,800 business leaders across the globe provided respondents with a list of eight business priorities, and "diversity and inclusion" came in last in order of importance.
To read the full article, click here.