Integrating Diversity, Equity and Inclusion (DEI) into a firm’s core values is a moral and strategic necessity. When genuinely embedded in a firm’s mission and vision, these values serve as a guiding force for its entire operations. In this context, firms must ensure these values are not just stated but actively communicated and embodied in every aspect of the firm’s functioning, both internally among employees and externally to clients and stakeholders.
Integrating DEI into a firm’s ethos requires a nuanced understanding of its own workforce and clientele. It involves crafting messages that resonate with a broad audience while being authentic and reflecting the firm’s genuine commitment to these values. When done successfully, this integrated approach with DEI reshapes internal dynamics and redefines external business relationships and communication strategies.
DEI’s Impact on Business Development
The pursuit of DEI has evolved beyond a “top-down” initiative to become a collective endeavor. This collective approach recognizes the vital contributions of each individual in shaping the firm’s narrative, empowering every team member to use their unique perspectives and experiences to enrich the DEI journey. A diverse team showcases a firm’s commitment to social responsibility and its capability to understand and address the diverse needs of clients. This alignment with modern society’s values around diversity and inclusion enhances a firm’s appeal to prospective clients who are increasingly evaluating DEI as a critical determinant in their decision-making process.
These DEI initiatives have become pivotal in client engagement and business development. Clients today seek more than technical expertise; they are drawn toward firms that demonstrate a genuine commitment to DEI, aligning with their values and expectations.
Through 2022, 75% of organizations with diverse and inclusive decision-making teams were projected to exceed their financial targets, as reported by Gartner. Companies with highly diverse teams have observed a significant increase in cash flow, amounting to 2.5 times higher cash flow per employee. Additionally, a study by Boston Consulting Group found that companies with diverse management teams enjoyed a 19% increase in revenue compared to their less diverse counterparts.
By effectively communicating their DEI efforts, firms position themselves as leaders in DEI and align with clients who prioritize these values, fostering deeper business relationships and enhanced client loyalty. With this shift towards an inclusive internal model, it is equally important to consider how these values are communicated to the outside world.
Tailoring Communications for DEI
Building on this collective pursuit of DEI internally, it’s vital to consider how these values are communicated externally as well. The shift in marketing communications towards focusing on DEI initiatives reflects a broader change in societal values. As clients become more discerning and seek firms that align with their ethical standards, communicating a commitment to DEI becomes increasingly important.
To effectively reevaluate communication strategies, it’s essential to move beyond mere tokenistic representations of diversity. Marketing materials and outreach efforts should authentically showcase how DEI is ingrained in our operations and culture. Creating a narrative that is not only compelling but also credible is crucial in demonstrating our firm’s real-world commitment to these values.
For instance, rather than simply stating, “We value diversity and have a diverse workforce,” the messaging would be more impactful as, “We are committed to fostering an inclusive environment where every employee feels valued and empowered. Our team, drawn from a range of backgrounds, contributes to our diverse perspectives and innovative solutions.” This language shift conveys the dedication to diversity and underscores how it is ingrained in the operational fabric.
Similarly, instead of stating generic policies like, “Our firm does not discriminate on the basis of race, gender, or ethnicity,” change them to the more comprehensive, “We actively promote equity and inclusion at all levels of our firm, with policies and practices ensuring fair treatment and equal access to opportunities for all.”
Updating communication about our DEI initiatives is crucial. Instead of a broad statement like, “We support DEI initiatives,” we should articulate the specific actions we take and their impact. For example, “We are actively engaged in DEI initiatives, both within our firm and in our broader community. Here are specific examples of the programs we support and the measurable impacts we’ve made.” Then include some of the work the firm is achieving.
As we continue to refine our communication approach, the next step is translating these DEI commitments into tangible narratives that not only inform but also engage our clients and the wider community.
Translating DEI into Tangible Narratives
The effective communication of a firm’s DEI story is a nuanced task. It requires more than just stating policies or intentions; it demands demon- strating these values. Utilizing data effectively can help craft compelling narratives highlighting the firm’s progress and commitment to DEI. This approach informs and engages clients and stakeholders, showcasing the tangible impacts of DEI initiatives.
You can effectively incorporate DEI into not only the firm’s marketing but also its core values by hosting inclusive events and workshops; these can play a crucial role in educating and engaging both the team and clients in DEI conversations. Whether through guest speakers, panel discussions or training sessions, these events can foster a deeper understanding and commitment to DEI principles. Internally, we also implement DEI surveys to gather employee feedback, ensuring our strategies align with their needs and perspectives.
Commitment to DEI extends beyond the firm’s walls. Actively engage in community outreach programs and build relationships with diverse suppliers and partners, demonstrating our dedication to supporting diverse businesses and communities. Furthermore, utilize social media platforms for storytelling, sharing highlights from our DEI events, employee spotlights and discussions around DEI topics. This multifaceted approach not only enhances internal culture but also resonates strongly with clients and the broader community, contributing significantly to the industry’s progress toward greater diversity and inclusion.
In conclusion, the marketing of DEI initiatives is a complex yet essential aspect of modern busi- ness strategy. It’s about creating a narrative that resonates with employees and clients alike, one that is authentic and reflective of a firm’s true commitment to diversity, equity and inclusion. This approach aligns with contemporary values and enhances a firm’s market reputation and competitiveness.
Wayne Lambert is the director of supplier diversity at Turner & Townsend where he leads efforts to enhance the firm’s Supplier Diversity program and expand the supply chain to create contract and capacity-building opportunities for diverse businesses. Wayne also serves as the director of Diversity, Equity and Inclusion for The Society of Marketing Professionals Services New York Chapter (SMPS-NY).
