5 Diversity & Inclusion Predictions That Will Impact 2022 and Beyond

2021 was a watershed moment for diversity and inclusion efforts. A confluence of events, including the tragic murders of George Floyd and Breonna Taylor, widespread pandemic-inspired disruption, and shifting cultural norms, illuminated needed changes and prompted leaders to take action.?

As a diversity and innovation consultancy, Culture Shift Labs, sits at the intersection of business, technology and demographic shifts serving Fortune 500’s, tech companies, and the investor community. This unique perspective gives us a wide-angle lens to view the different people and organizations making an impact and propelling this movement forward.

For example, the Knight Foundation has supported and distributed critical research while providing essential funding supporting diversity and inclusion efforts. This was highlighted by their $3.5 million investment in NewsMatch, supporting newsrooms covering communities of color.?

At the same time, organizational leaders like Logitech’s CEO Bracken Darrell, were at the forefront of developing new organizational structures that address racism and bias in the workplace. As Darrell told Insider, “I want people to track exactly what we’ve committed…and if I’m not doing it and we’re not getting it done…I should be fired.”?

Meanwhile, venture capital and private equity have stepped up in a major way. For example, Avanta Ventures, Norwest Venture Capital Partners, and Light Speed Ventures have invested time and talent to advance diversity and inclusion among startups and at their firms. In addition, Derek Jones, an honoree at Culture Shifting Weekend Miami for his work allocating capital to exceptional women and people of color, led GCM Grosvenor as it invested $1.4 billion in diverse managers throughout 2021.

In the past year, we’ve seen incredible contributions from power couples, including Jose Feliciano and Kwanza Jones, and Eddie and Sylvia Brown, who have reshaped what’s possible for diversity and inclusion efforts in higher education. Similarly, Netflix CEO Reed Hastings and his wife, Patty Quillin, announced a $120 million donation to historically black colleges and universities (HBCUs) as a way to help “reverse generations of inequity.”?

Taken together, it’s clear that these initiatives, and many others like them, created a moment that produced a movement that will have lasting repercussions for the year ahead. Here are five ways we believe this movement will progress in the year ahead.

#1 Inclusive Leaders Will Produce Inclusive Cultures?

Company culture is often forged from the top, and last year’s efforts to address years of systemic hiring disparities diversified leadership positions by gender, race, and sexual orientation.?

As a result, company executives, mid-level managers, recruiters, and others who hold influential positions are staffed by teams that more closely resemble their workforce and customer base. While studies consistently show that these companies are more likely to achieve higher profitability, they also perpetuate inclusive cultures that further advance diversity and inclusion efforts.

It’s a self-perpetuating cycle that supports people and improves organizational outcomes.

#2 Private Equity & Venture Capital Will Double-Click the “S” in ESG

Investors are becoming increasingly aware that social metrics can have a significant impact on the bottom line. However, as a report by Bain & Company, notes “proactive firms aren’t waiting for ROI students to pan out before incorporating sustainability and social responsibility into how they invest and operate.”

Moving forward, expect private equity and venture capital to double-click the “S” in ESG, weighing the holistic and bottom-line benefits of “doing well by doing good.”

#3 Collaboration Will Increase Across Divisions, Departments, and Units

Effective diversity and inclusion efforts demand an all-in approach, requiring close collaboration across divisions, departments, and units. We are already seeing this happen at a more regular cadence.

For example, investing teams will need to work closely with their human resources (HR) and corporate development counterparts to advance DE&I initiatives across their investment efforts. At the same time, HR and heads of Learning & Development (L&D) will need to more intimately and intentionally collaborate with company leaders to advance an inclusive workplace culture.

#4 More People Will be Empowered to Enact Organizational Change

Today, people without power and operational budgets are the weak link in the diversity and inclusion chain. We are seeing an uptick in DE&I leaders reporting directly to the CEO and being given bigger budgets that drive systemic change, impact and outcomes!

In the year ahead, everyone will be empowered to enact organizational change.?

# 5 Reporting Metrics Will Bring Accountability & Transparency to Diversity, Equity & Inclusion Efforts

Pledges and promises are easy to make. They create headlines, rank well on Google, and make everyone feel good – except when they go unfulfilled, lack transparency, and external collaboration. In 2022, reporting metrics will bring accountability and transparency to diversity, equity, and inclusion efforts, allowing some companies to boast in their effective efforts while others will need to double down on the practical impact of last year’s pledges.?

Author Bio?

Andrea Hoffman is an advisor, dealmaker, strategist, speaker, author, and founder & CEO of the diversity and innovation management consulting firm Culture Shift Labs (CSL) and Culture Shifting Weekends (CSW). She’s the nation’s leading diversity and innovation expert and is a confidential advisor to Tech, F500s, Non-Profits, the Investor Community, CEOs, millionaires and billionaires. As the co-author of Black is the New Green: Marketing to Affluent African Americans and $50 BILLION Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadership, she has been at the forefront of, and personally dedicated to, racial equality since 1999.