By Fredrick Lee
20% of Fortune 500 companies have diversity officers
More-diverse corporations outperform less-diverse competitors by 35%
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Diversity and inclusion is a profitable avenue for corporations not to ignore. However, recent bad press from corporations like Gucci and Prada raise questions about their commitment to diversity. Many chief diversity officers lack leadership support, resources and training. Perhaps this makes promoting diversity a harder commitment and sets these executives up for failure.
Why This Matters: Only 20% of Fortune 500 companies employ chief diversity officers. In many cases corporate leaders listed diversity at the bottom of the top eight business strategies for their corporations. It’s easy to see why more than half of surveyed chief diversity officers in a 2018 McKinsey study, feels there is little or no support from corporate leaders for their work.