Want to Improve Firmwide Diversity? Define It First
The FundFire article, "Want to Improve Firmwide Diversity? Define It First," quoted Russell Reynolds Associates Consultant Hannah Brazier on how organizations often define diversity. The article is excerpted below.
Asset management firms striving to improve their workforce diversity should start by defining the term, CFA Institute suggests in a newly released paper. While a firm’s definition of diversity can evolve, if it lacks specificity, efforts to support diversity and inclusion run the risk of being diluted, the CFA Institute writes in its paper.
Common pitfalls in defining diversity include blanket statements such as “diversity includes everyone” or “everyone knows what diversity means,” the CFA institute writes.
What is Diversity?
“In a lot of ways, it is very hard to define diversity, but on a practical basis, many organizations are trying to [define it] as a way of tracking their diverse base and with good intention of trying to improve it,” says Hannah Brazier, global leader of Russell Reynolds’ investment management practice.
In the U.S., the concept of diversity generally pertains to gender, race and sexual orientation, Brazier says, adding that geographic variations add a layer of complexity for global firms. “There are certainly organizations who are seeking diversity in other ways, which may be for instance, seeking minority, first-generation college attendees, but generally speaking, at the executive level it is more
of that sexual orientation, gender and ethnicity,” Brazier says.
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