leveraging the real currency in the global new normal · corporate social responsibility –72.3%...
TRANSCRIPT
Leveraging the Real Currency in the Global New Normal
Skot Welch, M.M.
March 2019
Where were you when the world changed?
Diversity|Inclusion|Cultural Competency
What’s the difference?
Adjective|Action|Asset
Get rid of the biases because it’s all about brains
The New CurrencyGray equals Green
Innovation Through Inclusion
Different situations require different methods…
Different methods require different ways of thinking…
And different ways of thinking require
Different kinds of People
Successful Organizations of the Past
The Marketplace
•
Supplier Diversity Survey Snapshot
Source: CVM Solutions Report “2018 STATE OF SUPPLIER DIVERSITY— SUPPLIER DIVERSITY PROGRAMS
What are the primary drivers of your supplier diversity program?
Top Reason:
Corporate Social Responsibility – 72.3%
(Social Imperative)
Bottom Reason:
Gain Market share/Enhance Brand Image – 35.5%
(Business Imperative)
Source: CVM Solutions Report “2018 STATE OF SUPPLIER DIVERSITY— SUPPLIER DIVERSITY PROGRAMS
How do you measure the financial ROI of your supplier diversity program?
Top Response: ”Do not have a measure” – 37.9
Why Not? Social Imperative
Source: CVM Solutions Report “2018 STATE OF SUPPLIER DIVERSITY— SUPPLIER DIVERSITY PROGRAMS
Why Should You Care?
Studies conducted by the University of
Michigan and Towers Perrin show that
diverse teams that are well managed make
better decisions and outperform
homogenous groups due to the variety of
perspectives present.
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1
6
“It is not necessary to
change…survival is
not mandatory.”
W. Edward Deming“Father” of TQM
Key Elements of Sustained Innovation
through Inclusion - 2L3BQ
Law 1: Diversity + Equity + Inclusion = Innovation(diversity by itself is simply not enough)
Law 2:
People are NOT an organization’’’’s greatest asset; engaged people are an
organization’’’’s greatest asset.
Disengaged people are an
organization’’’’s greatest liability.*
*According to a recent Gallup poll. The poll found that nearly half, or
49 percent, are disengaged while 18 percent are actively
disengaged.
1st BIG Question: Motive (M)
What is your motive?
(in other words, why are you doing this?)
THE PROCESS
What’’’’s the big deal?2nd BIG Question: Method (M)
Is this a Process Focused Initiative?
or a
Program Focused Initiative?
(don’t get them mixed up)
It doesn’t exist…sorry�
Key Success Factors
Senior management support and commitment (ideally CEO)
Internal “champions”
Resources
Staff
Financial
Clear purpose, mission, and direction
Must be linked to business strategy
3rd BIG Question: Commitment (C)
How committed are you? Your organization?(The ““““fair weather”””” D & I initiative must die!)
World Class Diversity Initiatives
Diversity, Equity and Inclusion Initiative Best Practices
- Successful over a period of time
- Produced quantitative and qualitative results
- Developed recognized or recognizable positive outcomes including customer satisfaction or some type of definitive positive impact
- Innovative – Problem solving on a higher level
- Replicable, portable and/or transferable to other parts of the organization with modifications. The best practice should also add value by improving service, quality and/or productivity
- Meaningful to users of the benchmarking project data.
