Giving Compass' Take:

• Panelists at the Fast Company Innovation Festival describe three common misconceptions on company diversity and inclusion practices and how to remedy them. 

• What are some effective diversity practices at your workplace? Why should companies prioritize DEI?

• Learn about the best practices for diversity and inclusion. 

Companies spend a lot of money on diversity initiatives, and also on fixing the issues that often arise out of not making diversity and inclusion a priority. According to a 2017 report by the Kapor Center, titled “Tech Leavers Study,” systemic bias and mistreatment costs the tech industry $16 billion a year. Companies channel those funds to introducing diversity initiatives—yet very few have made substantial progress.

At the Fast Company Innovation Festival, three panelists who work in the diversity and inclusion space shared some of the misconceptions that can hinder a company’s progress.

  • MISCONCEPTION: A DIVERSITY AND INCLUSION PERSONNEL WILL FIX EVERYTHING 
    • Even if a company hires a diversity and inclusion officer, a company will make very little inroads if those at the top don’t consider it a priority.
  • MISCONCEPTION: DIVERSITY IS A ZERO-SUM GAME
    • Some people also hold the belief that diversity means that one person’s gain is someone else’s loss. Ryan Williams, cofounder and president of Jopwell, a career advancement platform for black, Latinx, and Native-American professionals, said, “As long as people think lifting other groups is a detriment to themselves or the group to which they identify, we’re going to have issues.”
  • MISCONCEPTION: COMPANIES NEED TO ONLY FOCUS ON EMPLOYEES WHEN IT COMES TO DIVERSITY
    • For many companies, diversity and inclusion efforts often stop at recruitment, but Bärí Williams said that it’s important for companies to go further. “I don’t look at diversity as an employee thing. I look at it as a four-legged stool. You should look at employees, customers, suppliers, and board members.”

Read the full article about misconceptions about diversity by Anisa Purbasari Horton at Fast Company.