June 27th 2024.
On June 11th, BLACK ENTERPRISE and The Executive Leadership Council joined forces to successfully host the second annual Black Enterprise Chief Diversity Officer Summit and Honors. This highly anticipated event, sponsored by Fidelity Investments and Merck, opened up important discussions about diversity, equity, and inclusion (DEI) efforts in corporate America.
The CEO of BE, Earl “Butch” Graves, Jr., and the President and CEO of The ELC, Michael Hyter, led a thought-provoking conversation on the current state of DEI initiatives. They highlighted the gap between corporate promises and actual investments in DEI and emphasized the need for sustained actions to drive meaningful change.
Graves set the tone for the conversation by inviting an honest and open discussion. He recognized Hyter, in his role at ELC, as the perfect person to dive into this topic. He stated, “It’s more important now than ever.” Hyter then shared insights from a recent study supported by The ELC on DEI. He expressed his gratitude for the opportunity and emphasized the significance of the study, which captured the perspectives of top Black executives on their companies’ DEI efforts. Hyter explained, “We recognized the necessity of including the voice of Black executives actively managing businesses within corporations.” The study revealed that 72% of respondents rated their respective corporations’ DEI efforts as strong, while 28% acknowledged areas needing improvement. Hyter shared that the findings were well received, particularly the emphasis on viewing DEI as a strategic business initiative rather than simply a legal obligation. He shared, “One CEO pointed out, ‘It was refreshing to consider this as integral to our business strategy, rather than a compliance issue I have to deal with.’”
The conversation also delved into the broader societal impacts of DEI efforts, specifically reflecting on the aftermath of George Floyd’s murder and the global protests that followed. Graves stated, “When we look back at the George Floyd incident, beyond the tragic event itself…” Hyter echoed this sentiment, highlighting the urgency of advancing DEI within corporate environments. The summit provided a pivotal platform for leaders to exchange strategies and reaffirm their commitment to fostering inclusive workplaces.
Hyter also addressed the broader challenge of corporate commitments to DEI. He noted, “Corporate self-interest often takes precedence over our collective interests.” He highlighted a historical pattern of fluctuating interest in DEI initiatives and stressed the importance of genuinely and strategically integrating DEI efforts to ensure their sustainability and impact. “Diversity, equity, and inclusion must be integral to our business strategies, not sidelined as optional add-ons,” Hyter emphasized.
Graves also expressed frustration with the lack of fulfillment of corporate pledges in the wake of the George Floyd tragedy. He posed a thought-provoking question, “If we were to audit all these pledges, what percentage do you think would be fulfilled?” Hyter confirmed the disappointing reality, stating, “Only 250 million out of the pledged 50 billion.”
The conversation then turned to the role of African Americans in politics and corporate leadership. Graves emphasized the importance of active engagement and support for DEI initiatives, stating, “We cannot rely on others to do what we’re not willing to do ourselves.” He called on Black leaders to bolster organizations like Black Enterprise and The ELC in their efforts to advance DEI. Hyter echoed these sentiments, advocating for a proactive approach. He stated, “We need to be active participants rather than passive observers. Instead of expecting others to take the lead, we should actively contribute and invest in these initiatives.” He emphasized the potential of the private sector to drive meaningful change in DEI, highlighting the power of corporations to hire, develop, and contribute to economic progress.
Graves concluded the conversation with a powerful call to action for Black corporate leaders to step up and support DEI efforts within their organizations and the broader community. He stated, “When our community reaches out to a corporation, seeking support from a Black professional within, and that individual hesitates, citing career concerns, they miss the bigger picture.” The summit served as a crucial platform for leaders to share strategies and reaffirm their commitment to creating inclusive and equitable workplaces. The insights and calls to action from Graves and Hyter underscored the ongoing importance of sustained and genuine efforts in advancing DEI in corporate America.
The summit also highlighted the need for corporations to stand by their commitments to DEI. As stated in the article, “The Benefits Are On The Balance Sheet: Corporate America Must Stand By DEI And Chief Diversity Officers,” there must be a genuine and strategic integration of DEI efforts to drive sustainable change. Hyter urged for a proactive approach, emphasizing the potential of the private sector to make a significant impact in advancing DEI. The summit served as a reminder of the ongoing importance of sustained efforts in creating inclusive and equitable workplaces and communities.
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