DIVERSITY & INCLUSION
Time and time again , diversity has been proven to be a vital component in progressing business growth . In fact , over the past five years alone , positions dedicated to diversity , equity and inclusion ( DEI ) have quadrupled in the US , according to McKinsey .
The role of Chief Diversity Officer ( CDO ) has become more visible and more crucial than ever , with new hires tripling in 2021 . Now , 53 % of Fortune 500 companies have a CDO , with over 60 appointing their first-ever diversity leader .
A growing need for CDOs As the CDO role is one of the newest additions to the C-Suite , the responsibilities it carries can often come with a question mark and are thought to be ambiguous . Yet , in 2020 , McKinsey revealed that companies with higher gender diversity in executive teams had a 25 % greater chance of achieving above-average profitability compared to companies in the lowest quartile . Similarly , companies in the top quartile for ethnic and cultural diversity outperformed those in the lowest quartile by 36 % in terms of profitability . DEI , therefore , needs to be at the top of every business ' s priority list
Toiya Sosa , Associate Vice President and Chief Diversity Officer at Riverside Health System , explains that CDOs are responsible for establishing “ a DEI strategic plan that diversifies the organisation ’ s workforce at all levels , evaluating existing policies , processes
78 July 2023