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Many companies have long pursued the goal of workplace diversity, and in recent years, creating a more diverse and equitable workforce took on even more importance. Then things got in the way.
COVID disrupted the workplace. Employee wellness scores declined. Now, diverse employees are more inclined to work from home–and those who are required to be in the warehouse or other blue-collar locations are leaving in droves. Higher technical skills are required, making recruitment more difficult. Middle managers, who train and mentor newcomers, are busier than ever.
Recently, the culture wars have focused on DEI issues–and the battles are growing more intense as the U.S. presidential campaigns heat up. Diversity-related debates–from LGBTQ and Trans, critical race theory, school board battles, and other hot potatoes–are making news and dividing families and communities. Former Fox News commentator Tucker Carlson said DEI is why “big banks are now increasingly incompetent.” Florida Governor Ron DeSantis said, “Silicon Valley Bank’s diversity, equity, and inclusion requirements diverted from them focusing on their core mission.” Virginia’s chief diversity officer told an audience at Virginia Military Institute, “DEI is dead.”
It appears that some companies are pulling back on DEI–or at least not discussing or promoting it. That’s a mistake.
A diverse management team and workforce produce better results. Martine Ferland, the CEO of Mercer, says a diverse workforce does create better business outcomes, especially when it is “owned by the whole business, not just HR.” However, Ferland recognizes that while companies do have a commitment to DEI, they face challenges. Often turnover is higher among women and people of color. One reason may be that the U.S. is a laggard in fixing the gender pay gap, according to the Organization for Economic Cooperation and Development.
“We want to accelerate diversity of ideas. We support inclusion throughout the company. As problem solvers, it’s critical for our business,” Tam Nguyen, the general manager at bechtel.org (Bechtel’s impact company) told me.
Moreover, younger employees (and prospective employees) demand it. Leo Mackay, the SVP for ethics and enterprise assurance at Lockheed Martin, says today’s workers want purpose.
The MBA students and young alumni whom I deal with often call it “purpose as well as a paycheck.” They want a healthy work culture, which to them includes DEI. They want a company that invests in its people. These talented young workers are expensive to recruit and retain. They represent an asset that simply cannot be duplicated or ignored. Companies need to be responsive–and that includes a commitment to DEI.
Perhaps the most important reason why companies should step up to create and foster DEI goes beyond corporate walls and immediate business goals. It’s about America itself. The private sector can be–and often is–a powerful force for good. In the pursuit of profit, there is also the responsibility–and obligation– to contribute to society.
We live in a divided country, one with intense levels of disharmony, a malaise over identity, and a general sense of unease about what lies ahead.
At a discussion about Swiss citizenship (which is extremely difficult to obtain), I once heard a Swiss official say of the U.S., “It’s a country of over 300 million people, each proud to be an American.” That’s not so true anymore. And yet we’re all immigrants, if you go back far enough. All four of my grandparents came here from somewhere else. It’s almost a cliché to say the American Dream is tarnished. But it’s not beyond repair. As the late Congresswoman Barbara Jordan said, “What people want is an America as good as its promise.”
Jesse Owens, the African American track star who won four gold medals in the 1936 Olympics in Nazi Germany, spoke of equity when he said, “Once the race starts, it’s not about Black or White, it’s about fast or slow.” But that’s only true if everyone has an equal place at the starting line.
We need to do better–and do it faster. Corporations have the ability to pursue and achieve performance as well as purpose–the purpose of a better America. It’s the right thing to do, and it’s why we can’t backslide on diversity, equity, and inclusion.
Bill Novelli is a professor emeritus at the McDonough School of Business at Georgetown University. He was CEO at AARP and at Porter Novelli, the global PR firm. His latest book is Good Business: the Talk, Fight, Win Way to Change the World.
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
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