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In a time when culture wars are prevalent, the topics of diversity, equity, inclusion, and belonging (DEIB) have emerged as key issues. Critics often claim that businesses risk financial success by embracing DEIB policies and popularize the phrase “Go woke, go broke.” However, many argue that DEIB, with the added emphasis on “belonging,” is essential for a thriving business.
Jenny Baskerville, head of inclusion, diversity, and equity at KPMG UK, states that greater diversity brings fresh perspectives and better outcomes for businesses and clients. But achieving this requires a comprehensive approach that goes beyond superficial efforts or single-department responsibility.
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Baskerville emphasizes that creating inclusive workplaces should involve everyone, a lesson that applies to business school students whether they aim to join a company or start their own. Fadia Nordtveit, an assistant professor at Springfield College, notes that awareness of diversity and inclusion has grown in recent years, driven by events like the pandemic, the murder of George Floyd, and growing political polarization.
Nordtveit believes that business schools are well-positioned to make a difference in promoting diversity. She founded consulting company Collaborative.ly to help companies implement DEIB strategies and foster a cultural shift that values diverse perspectives and experiences. Nordtveit emphasizes the importance of overcoming fear and chaos around difference and creating structures to embrace and leverage those differences.
Collaborative.ly focuses on providing companies with tools to collect data, evaluate performance, and plan future DEIB initiatives. Nordtveit urges business schools to lead the way in teaching students about the importance of DEIB structures and to redesign curricula to be more inclusive.
In industries like technology, Nordtveit suggests that DEIB considerations are crucial due to the global impact of the systems being developed and deployed. She warns against using technology to deepen divisions and spread misinformation and emphasizes the potential for technology to create a more just and inclusive world.
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Anne-Marie Balfe, EY’s financial services team leader for Europe, the Middle East, India, and Africa, outlines steps that future business leaders can take to implement DEIB. These include self-reflection on personal bias, encouraging everyone to contribute in team meetings, and monitoring consistency in experiences and performance evaluations.
Balfe also highlights the importance of storytelling as a means of creating an inclusive culture. Sharing experiences allows for authentic conversations about diversity and inclusion, provides insight into colleagues’ experiences, and helps identify potential inequalities within a company.
Listening to others enriches our understanding and leads to personal and structural action, Balfe concludes.
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