Inside Inclusion Featuring the Corporate Diversity Profile
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Chicago United’s 2016 Inside Inclusion Featuring the Corporate Diversity Profile evaluates the top-level findings on gains and losses in diverse representation in leadership in the top 50 publically held corporations in Chicago. The results uncovered by Ernst & Young show that there have been incremental gains in minority representation on boards. The data also indicates stagnant diversity in the C-suite and a decline in diverse representation in the executive ranks.
It is clear that intentional action is needed now, more than ever, to implement leading inclusive business practices. To assist companies as they take deliberate actions towards change, this resource publication provides relevant research, tools, and leadership insights germane to advancing diversity and inclusion (D&I) within Chicago corporations.
The name of our publication, formerly the Corporate Diversity Profile, has changed to reflect the relevant research, tools, and leadership insights that are germane to advancing diversity and inclusion within Chicago corporations.
Inside Inclusion starts with a look at the landscape to understand the status of diversity at the highest levels in top 50 public companies in Chicago, ranked by revenue in Crain’s Chicago Business Book of Lists, and compare local and national statistics.
The data and statistics come to life as we explore the consequences of disparity, both in organizational and individual terms.
In addition to leadership diversity trends, this year Chicago United partnered with the Federal Reserve Bank of Chicago to calculate earnings trajectories over a 40-year career of different races/ethnicities, genders and education levels using data from the U.S. Census Bureau. The results found that, compared to white males, most minorities experience significantly reduced lifetime earnings regardless of their level of educational achievement.
“The people serving on board of directors and in the C-suite make decisions about where corporate investments are made. These critical decisions have a very direct impact on economic opportunity and who benefits in wealth creation,” added Castillo. “In order to achieve equal representation in these leadership positions, I challenge our local leaders to consider what purposeful changes they can make to strengthen diversity within their organizations and positively impact the communities of Chicago.”
To provide organizations with a roadmap to improve in areas critical to diversity and inclusion (D&I) advancement, Chicago United convened a team of leading diversity and human resources professionals to identify the most relevant challenges and best practices of Chicago’s corporations. This taskforce, chaired by Warren M. Smith, America’s career management leader at Ernst & Young LLP, together discovered insights that informed a Toolkit included within Inside Inclusion that offers insights into leading D&I practices and provides questions to keep leaders and stakeholders engaged in an ongoing dialogue around diversity and inclusion.
“The Toolkit provides an introspective review into an organization’s talent agenda and how organizations can continue to advance their efforts,” said Smith. “It provides a scalable framework that can be applied at the corporate or business-unit level—and that’s what makes it so powerful.”
Expanding diversity and inclusion requires commitment and intentional action emanating from the most senior officers. There is good reason for this focused commitment. Groundbreaking research in the 2015 Diversity Matters report conducted by McKinsey & Company presented an analysis of 366 companies in the UK, Canada, Latin American and the US, which revealed a statistically significant correlation between diversity in leadership and bottom line results. The report indicated, “In the U.S. there continues to be a linear relationship between ethnic/racial diversity and better financial performance.” This research has substantiated long time assertions that adding racial and ethnic diversity on boards and in executive ranks supports better results when addressing complex issues and many senior business leaders have embraced the upward potential for their firms.
Click here to access an archive of Corporate Diversity Profile publications from previous years.
Chicago United Leadership Conference
|Click to download the 2016 Chicago United Leadership Conference Program
Chicago United is committed to creating an environment in which senior leaders can share common experiences to promote multiracial leadership in governance, management and business partnerships while delivering best practices for diversity practitioners and building relationships among leaders that share common values.
The Chicago United Leadership Conference has become the "go-to" forum for business leaders, diversity professionals, and minority business owners throughout the Chicago region.
Click here to view an archive of previous Leadership Conference Programs.