Colorfull
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Colorfull

Competitive Strategies to Attract and Retain Top Talent of Color

Sharon Smith-Akinsanya

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eBook - ePub

Colorfull

Competitive Strategies to Attract and Retain Top Talent of Color

Sharon Smith-Akinsanya

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About This Book

Colorfull provides a roadmap for creating a company culture that is truly inclusive, welcoming, and equitable. With actionable strategies supported by first-hand interviews with Fortune 500 CEOs and CHROs, Colorfull unlocks the secrets for creating workplaces that consistently attract, develop, and retain professionals of color.

Rich in substance, candor, and reassurance, Colorfull cuts to the heart of why so many organizations struggle to make meaningful progress with DEI initiatives. Without blame or recrimination, the author articulates the unspoken fears that prevent most leaders from seeing the results they want—and need—in order to remain competitive in an evolving market.

Colorfull shows leaders how to step outside comfort zones, lead DEI from the top down, and create corporate cultures that will truly attract and retain top talent of color. Any hiring manager, CEO, or DEI manager will benefit from the insights throughout, empowering them to bring truly transformative change to their organizations.

This one-of-a-kind read is packed with real world scenarios, true stories from those who've tried, failed, tried again, and are still on the journey by using the leadership strategies presented here. Colorfull pulls back the curtain in a non-threatening, engaging way that makes success with DEI both accessible and attainable.

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Year
2020
ISBN
9781631951770
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CHAPTER 1

A Homogenous Employee Base Will Kill Your Company Culture

Is diversity hiring all about optics? At this point, most corporate leaders know the answer to this question, but let’s have a quick refresher.
The short answer is NO, it’s not just optics. Diverse employee populations make companies stronger and more resilient.
A longer answer is that there’s no doubt hiring talent of color and mindfully transforming your organization into a diverse workplace makes you look good. And, let’s be honest; looking good is important! Public perception is part of brand equity, and making business choices that secure your reputation as a forward-thinking, modern company is just common sense.
However, optics are just one tiny, relatively insignificant piece of the diversity, equity, and inclusion puzzle.
A 2018 study by McKinsey & Company found that diverse companies are better able to hire top talent, improve customer opinions, and boost employee satisfaction, all of which create a cycle of increasing returns.1 Survey researcher and polling expert Tom Webster of Edison Research adds that homogeneous companies may fail to recognize customer needs, saying, “If you’re at a company, or you’re running a company, and you literally don’t know anybody that voted for Hillary or voted for Trump . . . I would submit that you have some issues with understanding customers.”2 A recent Boston Consulting Group study found that organizations with diverse management and leadership teams bring in 19 percent higher revenues than their less-diverse competitors.3 Like I said: diverse teams lead to stronger, more resilient companies.
And, as former vice president of General Mills Corporation Dr. Reatha Clark King points out in chapter 5, a diverse employee pool also gives you access to diversity of thought. When you cultivate a workforce that comes from a variety of backgrounds, you bring a variety of experiences and perspectives to the table. Your company gets more ideas, more input, more suggestions. Diversity of thought is crucial to innovation.

Diverse companies are innovative

If you work in corporate America and have even a passing interest in DEI, you’ve likely heard about the diversity-innovation connection already. All the big research firms and many venerable universities have done studies linking diversity to innovation. As far back as 2013, Harvard Business Review published a study by the Center for Talent Innovation stating that diversity “unlocks innovation by creating an environment where ‘outside the box’ ideas are heard. When minorities form a critical mass and leaders value differences, all employees can find senior people to go to bat for compelling ideas and can persuade those in charge of budgets to deploy resources to develop those ideas.”4
A more recent study, published in 2019 by Accenture, linked innovation to “a culture of equality,” saying workplaces that help everyone advance to higher positions are more likely to spark innovation and growth.5 And, there are many more studies spanning multiple decades, industries, and definitions of “diversity,” that all draw the same conclusion: homogeneous workforces simply aren’t as inventive and creative as diverse ones.

WHY SHOULD YOU CARE?

In today’s global marketplace, a business that fails to innovate, stagnates and dies. The days of making tiny changes to the same old products and re-releasing them to eke out minor profits are OVER, my friends. We’re living in the age of disruption, a time when the right rule-breaking innovation can create an entirely new market. (Think: Uber, Airbnb, Rent the Runway . . . ) Today’s innovation is big, bold, and risky. And, you need people with big, bold, risky mindsets to spark it inside your company.
Yes, it’s true that diversity of thought can come from sources other than racial and ethnic diversity; people of different genders, ages, sexual orientations, political views, and religions also bring the gamut of viewpoints to your organization. But, bringing talent of color into the mix virtually guarantees egalitarian, equity-minded innovation: ideas that won’t just expand your organization’s offerings in exciting ways, but will also push those offerings to more people, different people, and populations you may never have thought to serve.
This is important because . . .

Diverse consumers support diverse companies

Nielsen has released a report titled, “Black Dollars Matter: The Sales Impact of Black Consumers.” In it, they pointed out that consumers of color are loyal to companies willing to create products specifically for them, and that development efforts should be shifted accordingly.
“Black consumers are speaking directly to brands in unprecedented ways and achieving headline-making results. [In recent years,] popular brands witnessed the power of Black Twitter and the brand impact of socially conscious Black consumers. Through social media, Black consumers have brokered a seat at the table and are demanding that brands and marketers speak to them in ways that resonate culturally and experientially—if these brands want their business.”6
On top of that, Black consumer brand loyalty is linked to a company’s perception as authentic, culturally relevant, and responsible. Plenty of modern consumers pledge to shop consciously, but consumers of color are up to 15 percent more likely to prioritize brand ideologies and principles than their total population counterparts.7 They’re also more likely to react vocally and publicly—leveraging social media to voice concerns—when a company makes a misguided or offensive choice.
Diverse consumers are values-based consumers, which means they’re more likely to buy from organizations that employ diverse workforces. Need another reason to hire talent of color? Doing so will help you appeal to customers of color.

WHY SHOULD YOU CARE?

Because if you successfully court this large and growing group of consumers, it can send your profits through the roof.
Cheryl Grace, Senior Vice President of U.S. Strategic Community Alliances and Consumer Engagement at Nielsen, says, “Our research shows that Black consumer choices have a ‘cool factor’ that has created a halo effect, influencing not just consumers of color but the mainstream as well. These figures show that investment by multinational conglomerates in R&D to develop products and marketing that appeal to diverse consumers is, indeed, paying off handsomely.”8
And what’s one of the best ways to ideate, create, and market offerings that appeal to consumers of color? Hire talent of color. Brainstorm with and request candid input from your employees of color. Get as many creative, smart, insightful professionals of color into your workforce as possible so they can ensure you make the right choices in tailoring your products to them.

Non-White consumers are a growing population

Newsflash: The U.S. Census Bureau estimates the United States will be a multicultural majority nation by 2042. In just a few short years, African Americans, Asian Americans, and Hispanics together will comprise 50 percent or more of the total population.9
Here’s another statistic worth noting: consumers of color commanded $3.9 trillion in buying power as of 2019, and they will only gain more in the coming years.10 Consumers of color are an influential, fast-growing, values-centric group that will shape the face of modern business. Period.

WHY SHOULD YOU CARE?

Ignoring a group with massive and ever-growing spending power is foolhardy. But, by embracing talent of color within your company, you will reach customers of color outside your company. More importantly, if you don’t get on board, your competitors will . . . and you’ll be dead in the water. (Tough love! It’s the truth!)
The moral of this story is simple: organizations need to hire in ways that reflect the consumer populations they serve and what our world looks like. Corporations that value innovation, customer loyalty, and stronger ROIs must view DEI as a core value. Companies that want to succeed now and in the future will only do so by building diverse, multicultural workforces.
This isn’t optics, people. This is survival.

Leading Out Loud Principle:

Embrace diversity at mission level

So, as a leader, how do you ensure that your company population is varied, heterogeneous, and diverse? How do you cultivate a diverse workforce that is smart, creative, and informed enough to reach an increasingly diverse consumer group?
Start at the top. Make sure every single leader understands the value and critical business importance of hiring, developing, and retaining talent of color.
A great way to ensure this value is truly embedded into your corporate DNA is to task the C-level with weaving diversity into the company vision (the world you want your company to create) and mission (what you do day-to-day to make that world possible). Vision and mission statements can be useless and meaningless phrases tacked to corporate corkboards and ignored; or, they can be living, breathing statements of values and goals. When crafted carefully, a resonant mission statement can be a reference point in every meeting and influencer in every decision. A quality vision will inspire employees and customers alike. And, if you weave in the vital importance of diversity, equity, and inclusion, these guiding principles will help keep everyone within your company aligned and united.
But don’t stop there! Make sure the underlying benefits of a diverse company are discussed and reinforced. Leadership should be consistently reminded that diverse organizations are more profitable. All supervisors and executives should learn about the innovation-diversity link. Hiring and nurturing talent of color is, without a doubt, the right thing to do . . . but it’s helpful to reinforce the moral imperative with a financial one. Diversity helps with optics and morale, but there are endless statistics proving that it also helps with fiscal success.
Finally, make sure that DEI is never treated as an afterthought. These topics are always germane, always morphing, and always deserving of reexamination. Cultivating talent of color cannot be a consideration only during hiring and annual reviews; it should be a year-round goal. Meeting the needs and valuing the input of employees of color shouldn’t happen only when tensions rise; leadership should always have a finger on the pulse. Professionals of color become disenchanted with their employers when they feel tokenized, condescended to, or like they must make a huge stink in order to be heard. Embed the importance of diversity into your company’s mission so your employees will see and feel how important it is, everywhere, every day.

Leading Out Loud Interview:

HUBERT JOLY, Senior Lecturer at Harvard Business School, Former Chairman and CEO of Best Buy

In any community, there are leaders who simply stand out. There are visionaries who become the go-to people, the influencers, the ones who lead other leaders. In the Twin Cities region, some of those leaders include Richard Davis (whom you met in the foreword), Jay Lund (whom you’ll meet in the afterword), and Hubert Joly (whom you’re meeting right now!). Hubert is a total rock star, especially when it comes to matters of DEI.
Hubert is a dedicated advocate of “showing up.” It’s not unusual to see him out in the community, attending talks on criminal justice and vibrant multicultural events, often by himself. He’s intellectually curious about what’s going on around him, and he understands the importance of amplifying marginalized voices. I am consistently impressed by his ability to “walk the talk.”
A few years back, Hubert and I had a frank and difficult conversation over a plate of macarons. (He is French, after all.) We were discussing whether or not Best Buy had the right people in the right positions, and he disagreed with my input. Vehemently. But he listened, and considered, and worked with me, and for that he has my eternal respect.
Hubert served as Best Buy’s CEO for seven years; diversity was a top priority for him throughout his tenure. Every year he pushed himself as a leader to meet more and more ambitious goals, until about half of his direct reports and 40 percent of the company’s board were women. (With the addition of Corie Barry, the company’s new CEO and board member, women are now the board majority.) Hubert embraces a philosophy similar to that of Greg Cunningham (chapter 3); both leaders abide by the principle that true diversity and inclusion work means giving employees an environment where they can bring their whole selves to work. Due to this and other visionary work, Hubert was included on CEOWORLD Magazine’s “Best CE...

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