Are Intimidation And Regression Good For Business?
We are experiencing a targeted attack on policies and initiatives established to advance more diverse, equitable and inclusive engagement, labelled collectively as “DEI”. Contributing to this is a current zero-sum narrative that incorrectly frames the goal of diversity-sensitive outreach. The true goal is to address the difficulties faced by historically underserved and underrepresented individuals and communities, providing them with better access to opportunities. The realities of widening income gaps and diminishing opportunities for real advancement have fueled fear and misinformation, amplifying the volume of this narrative. We must be cautious not to mistake volume and feelings for facts.
It was anticipated that the recent change in the U.S. Administration would begin a re-direction in many Federal practices, policies and social priorities. The speed of execution and the resulting ripples within business and grassroots organizations, however, may be surprising.
Seeing Through the Smoke
The National Association of Securities Professionals (NASP) is aware of the conflicts of conscience, challenges to courage, and flight to safety that this environment can create. It will take time for stakeholders to determine how to navigate these conditions for the long term. However, many are currently choosing—or being directed—to REACT by dismantling or reducing formal initiatives designed to counterbalance systemic biases and policies that hinder the natural growth of economic inclusion and diversity.
At this time, it is important that we recognize, thank and support all who continue to demonstrate and build a culture of inclusion. NASP also welcomes all that will be drawn to challenge the mentality of marginalization. While an evolution in approach may be appropriate, a firm resolve in commitment is required.
The current temperament in some social and government circles does not change the rules of capitalism. Business is driven by profit, balanced, hopefully, by doing what is in the best interests of shareholders and society at large. Profit is driven by selling, and increasing sales requires expanding product demand and market share. Strategies that intentionally focus on a non-diverse customer base will have fewer potential customers each year. Similarly, those who intentionally limit leadership, advancement opportunities and recruitment to a non-diverse population will see their pools for talent decline, as will the subsequent quality of their leadership and decision making. This is not a formula for success in competitive markets.
NASP also reconfirms our mission to be a partner and resource enabling stakeholders to maintain and expand outreach into talent pools and communities of potential clients and customers that are of strategic importance to future business growth.
Inclusion Aligns with Economic Self Interest
Because the economic and societal value of inclusion is widespread, the leadership response to backlash against inclusion needs to be widespread. This includes leaders across all business sectors, in advocacy and community outreach organizations, in academia, and within the halls of our local and national government.
Building an inclusive culture can pose personal, political, and social challenges, but the opportunity for business growth and increased social value are substantial. Talented leadership teams will consider these factors and successfully execute comprehensive strategies that enable the long-term success of their enterprises. This is the time for action with impact. This is the time for engagement that sustains the growth of your enterprise and increases the demand for your services and products. NASP’s focus and mission remain committed to inclusion because it drives business. Inclusion will drive diversity, not the other way around.
Every member and aligned stakeholder of NASP has a role to play in communicating that inclusion is about business growth for all. Each of us can demonstrate leadership by addressing fear with facts and taking appropriate action where you are. Real leadership is not about reacting, it is about responding.
NASP…Because Inclusion IS Business
Regards,
Miguel Thames
NASP President & CEO