New Study Examines Consumer Pulse on Diversity and Inclusion Initiatives
The WWD article, "New Study Examines Consumer Pulse on Diversity and Inclusion Initiatives," quoted Russell Reynolds Associates Consultant Evan Sharp and featured our paper, "Diversity & Inclusion in Consumer Companies Today: Where Do you Stand?" The article is excerpted below.
Today, Millennials represent 30 percent of the population and are regarded as the most diverse in U.S. history with nearly 44 percent identifying as an ethnic or racial minority. According to Russell Reynolds Associates, this shift has caused customer attitudes, and behavior, to change as well, finding 60 percent of shoppers wanting retailers to “be a part of the dialogue around social issues.”
Despite consumers demanding not only brands that prioritize diversity and inclusion but also creating distance with brands that fail to embrace social values, the research found that “more than half of consumer organizations [to be] in the early stages of diversity and inclusion strategy or [have] no strategy at all.” Further, only 32 percent of consumer executives told Russell Reynolds Associates that their leaders “make a visible commitment to diversity and inclusion.”
“The best-in-class organizations showcased all have one thing in common — they’ve taken the initial steps toward their D&I goals, even if those steps felt risky,” said Evan Sharp, a member of the chief marketing officers practice at Russell Reynolds. “Accountability for, and measurement of D&I initiatives will be critical for organizations that want to elevate their D&I strategy. This level of commitment is ultimately what will drive deeper engagement and stronger business results with consumers.”
To read the full article, click here.