Article courtesy of EY
The economic and social upheaval arising from the COVID-19 pandemic and social justice movements is causing companies to re-prioritize certain aspects of corporate strategy and operations. The pandemic is also having disproportionately adverse impacts on people of color, putting renewed focus on racial and economic injustice. In the midst of the pandemic and the most significant social justice movements in decades, society is issuing new imperatives for permanent shifts that deliver equity to racial minorities and other diverse groups.
These imperatives highlight pre-existing demographic trends showing rapid increases in diverse populations globally and the rise of Generation Z, a cohort of ethnically diverse people between the ages of 10 and 24 that makes up approximately one-quarter of the global and US populations.
Gen Z is generally more progressive on social issues than preceding generations and is expected to have the greatest spending power of any generation by 2026. Companies are expected to address these imperatives and trends to create high-performing, sustainable business models. One key initiative is to truly embed diversity, equity and inclusion (DEI) into the company’s strategy, culture, workforce and long-term value drivers. Leveraging multiple perspectives and experiences across the enterprise builds better business, in turn attracting better talent, customers and investors. As corporate attention to DEI expands, today’s environment calls for a particular focus on the racial dimension of diversity. Working to achieve racial diversity, equity and inclusion (RDEI) is a renewed priority for companies looking to drive sustainability and overall performance.
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