As the saying goes, the news never stops — but there’s a lot of it out there, and all of it doesn’t always pertain to our readers. In this weekly news roundup, we’ll cover the top news stories that matter most to our diversity focused audience.
1. Lack of DEI Costing Companies Trillions
A recent report from Bank of America Global Research shows that companies lacking in DEI and ESG initiatives have lost trillions compared to companies that prioritize in those areas.
The report reads that the lack of DEI can be measured as $70 trillion in “forgone economic output,” “$23 trillion in U.S. GDP” or “$172 trillion on lifetime earnings,” but all reduce GDP and limit national economies.
Companies with less diversity see less innovation, less revenue and low employee retention, according to the survey. A lack of company diversity also impacts individual employees by affecting educational outcomes, physical and mental wellbeing and achievements and earnings throughout a person’s lifetime. It also can negatively impact generational wealth.
To focus more on DEI, leadership buy-in is needed, Kay C. Hope, Bank of America Head of Global Fixed Income, told Yahoo News.
“There are a lot of things that U.S. companies can do to improve: recruiting from a wider range of institutions/sources, reviewing pay and promotion practices, and using mentoring initiatives,” Hope said.
2. China’s Second Woman in Space Sends Message from Orbit on International Women’s Day
Wang Yaping, China’s second woman in space and the first on the Tiangong space station, sent a message from orbit to celebrate International Women’s Day on March 8.
Amid carrying out a six-month mission in the Tiangong space station, she wished all women a happy International Women’s Day in a video message.
“I would like to take this opportunity to thank every woman for their selfless devotion,” she said. “I also wish that every woman out there can reach for the brightest stars in life and pursue the career we love.”
3. DocuSign Hires Its First Chief Diversity and Engagement Officer
DocuSign Inc. has named Iesha Berry as its first-ever Chief Diversity and Engagement Officer. Berry previously served as co-head of Microsoft’s Global Diversity & Inclusion Organization.
DocuSign Chief People Officer Joan Burke said in a statement that the new role was created to continue the company’s journey to becoming more diverse and inclusive.
Berry has more than 20 years of experience in Diversity, Inclusion and Belonging (DIBs). She will work to better the employee experience at DocuSign while developing a more diverse and inclusive culture.
Berry said in a statement that she was drawn to the company because of the “clarity of its mission and purpose.”
“The company is in such a unique place, in terms of both its business trajectory and in its position to be a leader in diversity, sustainability and social impact,” she said. “Having a company with such a great foundation and reach, makes becoming its first CDEO an exciting prospect.”
4. Why Companies Should Take Steps to Address Generational Issues in the Workplace
For the first time ever, five generations (Silent Generation, Baby Boomers, Gen X, Millennials, and Gen Z) are working together. Issues such as the popular, sarcastic “OK, Boomer” phrase have popped up in workplaces around the globe, causing tension among these generations.
According to Harvard Business Review, mounting tension among these groups are causing anger, lack of trust, and are limiting collaboration in the workplace, which leads to lower employee performance and higher turnover.
While more and more companies are focusing on DEI, only 8% include age as part of their diversity efforts. Companies that do include age in their strategies either ask employees of different generations to focus on their similarities or ignore their differences altogether, which HBR said is a missed opportunity.
Teams with diverse age groups can bring people together if managed effectively, which can lead to “better decision-making, more-productive collaboration, and improved overall performance — but only if members are willing to share and learn from their differences,” HBR said.
5. NFL Creates Tony Dungy Diversity Fellowship to Promote Diverse Coaches
To better promote diversity within the NFL coaching rankings, the Indianapolis Colts have created the Tony Dungy Diversity Fellowship, which is a program that will give diverse football coaching candidates an opportunity to gain experience and advance their careers. Dungy is a former safety and football coach. He coached 13 seasons in the NFL with the Colts and the Tampa Bay Buccaneers.
Dungy told the Colts that he’s excited they are helping promote diversity and inclusion in NFL coaching.
“It’s a tremendous honor for me to be identified with the program,” he said.
He added that he applauds the Irsay family (Jim Irsay is the owner and CEO of the Colts), “and the organization for taking this proactive step, and I hope it encourages other teams to look for ways to promote equal opportunities in the coaching ranks.”