McKinsey has undertaken significant research the last several years on each of the aspects of diversity, equity and inclusion and the business case for implementing successful recruitment and team development programs. In 2020, they published an exhaustive report that concluded, “…the strong business case for both gender diversity and ethnic and cultural diversity in corporate leadership shows that [the] business case continues to strengthen. The most diverse companies are now more likely than ever to outperform less diverse peers on profitability”. [Diversity Wins: How Inclusion Matters, May, 2020]
However, as discussed in the McKinsey reports and our own work at Beaumont Group, most organizations have made little progress implementing effective recruitment and team development programmes. Gender and culturally diverse leaders are still underrepresented on boards and across leadership. Many organisations in Europe think they’re diverse when placing a woman on their board. DE&I is much more than that of course! Gender diversity is important as is ethnic and cultural diversity. But, as the term DE&I implies, it is more than just hiring diverse leaders, but about including these unique perspectives into every aspect of an organisation.
While leadership talks a lot about the business imperative for diverse recruitment and team development, we see many companies that fall far short. Holding a once-a-year workshop to educate and inculcate ideas regarding DE&I, while a good start, this is simply not effective for long-term impact. To have a truly effective approach, organisations must do much more.
There is not a lack of focus on DE&I as a business imperative as everyone is discussing and thinking about it, but more a lack of effective outcomes. Our clients want to focus on this issue, but they just don’t know how to effectively implement programmes and initiatives that have an impact long-term.
At Beaumont Group we have focused on building diverse teams within our own organization since our founding. And the results are impressive. Today we are building a comprehensive DE&I consulting practice to collaborate with clients in the evaluation, design, implementation, and transformation of their organisation’s to realize successful outcomes for the long haul! Our goal is to have an impact that is measurable and drives business success for the future.
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