Guest Commentator: Shahrukh Tarapore, Chief Technology Officer, Archetype Solutions Group
What are some of the ways that organizations can invest their funds, resources, and time into building a more diverse, inclusive business climate within our region?
There is no doubt that businesses can serve as a function for good. Regardless of size or industry, organizations can uplift communities through intentional investments and meaningful resources that level the playing field for those who have been historically underserved or underrepresented.
When showing up in the community to support diversity, equity, and inclusion, aligning your initiatives with overall business objectives is imperative. Additionally, it is essential to acknowledge the systemic barriers that have created inequities in the first place. Fully addressing these barriers will take years and generations.
With that in mind, here are three things companies need to consider when investing funds, resources, and time into building a more diverse and inclusive business climate.
Focus and consistency are virtuous.
Today, it is all too easy to jump onto the latest social justice bandwagon. While a plethora of different causes and initiatives can be affirming to the diverse, inclusive business climate we seek to create, an organization’s honed focus and consistency trumps one-off initiatives spread across several causes. Be intentional when defining where your organization shows up and makes an impact, and be consistent in providing organizationally meaningful funds, resources, and time over a longer period. One volunteering project or donation won’t create a major impact but turning your commitment to DEI into an organizational habit can create a lasting impact that endures over time.
Look for smaller opportunities.
Forego the idea that impact can only be achieved through grand gestures. Continuing the track of honing your focus and maintaining consistency, look for the smaller, perhaps less glamorous opportunities to create change within the business climate. For example, at Archetype, we make investments in companies out of our fund. Knowing that DEI is an issue in the startup world, and keeping our commitment to DEI in mind, it is in our best interest to help uplift communities and encourage individuals to build and grow companies.
For that reason, we are supporting the capacity-building of a Philadelphia-based Community Development Financial Institution (CDFI) organization that specifically engages underserved business leaders. These leaders and organizations may not directly engage in Archetype’s key industries but by partnering to uplift these leaders, they become the seeds that enable their communities to envision what is possible, expanding the breadth of businesses in a diverse and inclusive manner. Ultimately, this will expand the economic pie for everyone.
Think through your employee value proposition.
According to the World Economic Forum (WEF), Gen Z will comprise about 27% of the global workforce by 2025. Moreover, these working professionals demand alignment between their personal and their employer’s values. To attract and retain the best talent today, organizations must put time and effort into defining the employee value proposition that highlights your corporate commitment to DEI and your communities. More than creating a statement or policy, this could mean assessing opportunities for equitable career paths within your organization while also identifying ways to leverage your employees’ talents to serve your communities.
Contributing to a more diverse, inclusive business climate within our region requires commitment. Investing in community creates pathways and opportunities for underrepresented talent to enter the workforce. While there is urgency to solve the systemic barriers of entry that communities face, we must take the long-term view. Organizations must be thoughtful and consistent in their approach to achieve lasting impact. It makes good business sense.
Inclusive Neighborhood Growth
To better align with the strategic pillars that will guide our work toward economic and social prosperity for all people in Greater Philadelphia, the Chamber is evolving the Roadmap for Growth series to Inclusive Neighborhood Growth. This reimagined series will continue to build upon the work of Roadmap for Growth while focusing on building a stronger business climate, increasing economic inclusion, and accelerating economic competitiveness.
Upcoming Event
Securing a Safer City: An Inclusive Neighborhood Growth Issue Forum
Tuesday, October 20, 2022 | 3:00 p.m. – 5:00 p.m. | University City Science Center
Join us in person for an interactive dialogue with regional leaders to better understand the business community’s role in helping curb violence in our neighborhoods. Learn how to protect your business, employees, and clients through initiatives focused on preventing crimes against local businesses.
