Executive
Perspectives

Rethink & Broaden Diversity,
Equity, and Inclusion to Createa Competitive Advantage
March 2022

Talent: Unprecedented urgency

Business: Recognition of potential

Society: Growing expectations

Top 3

76%

1.3x

~40%

90%

$50bn+“Bias” and “lackof fair treatment
at work” are 2 of
top 3 factors mostcorrelated withretention risk
during the Great
Resignation (2021)1

Of the global
workforce believes
diversity at work
is a critical factor
when considering
employment2

Higherprocurement ROI
for companies witha strong supplier
diversity focus vs.
average comparable
business3

Of S&P 500
companies
discussed
diversity on
earnings calls 4of Gen-Zers believe
companies shouldtake action onsocial issues5

In pledges toaddress racial
equity by top 50
US companies inthe 3 months aftersummer 2021
protests6

Copyright © 2022 by Boston Consulting Group. All rights reserved. BCG Executive Perspectives updated 16 March 2022 Version 2.0

Broader, multidimensional approach to DEI critical to drive step-change…

1. BCG Future Forum pulse, conducted Nov 1-12, 2021 . Number of completed responses = 10,279. Countries covered: US, UK, Australia, France, Germany, and Japan; 2. Employee expectations rise as brands address DEI initiatives," Agility P R
Solutions, 2020; 3. Supplier Diversity P erformance Study, Hackett Group; 4. RBC 2020; 5. Brighthouse analysis; 6. Washington P ost; Other sources: BCG analysis, web search; HBR

2

Talent
How do we attract and build a diverse
workforce?

How do we ensure truly equitable andunbiased workplace environment?
How do we drive engagement andoverall employer brand perception
catering to all employees?

Source: BCG experience

Business

Society

How do we integrate an equity andinclusion lens in all business
operations?

How do we effectively use our(company's) identity, voice, andinfluence to catalyze social change?

How do we drive innovation and value
creation through more inclusive
practices, products, and services?

How do we most successfully amplify
commitments within industry?

How do we leverage supplier anddistributor diversity as a competitive
advantage?

Copyright © 2022 by Boston Consulting Group. All rights reserved. BCG Executive Perspectives updated 16 March 2022 Version 2.0…yet questions remain on how to effectively progress in these three areas

How do we measure the impact of ourdirect activity and its multiplier effect?

3

Summary

Rethink and broaden DEI to create competitive advantage
2

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1 The past decade saw increasing implementation of formal DEI programs – yet the goal is still far away due to a narrow focus
Social movements, COVID-19 impact, and Great Resignation increased the urgency on businesses to act as agents of change

The expectations for corporate advancement of DEI have become more expansive in scope:

1

TRENDS

3

Talent: Stronger outcomes expected – with challenges rooted in emphasis on leadership-track talent and use of broad
demographic categories (e.g., women, LGBTQ+) that fail to recognize individual (functional and emotional) needs

4

Business: Recognition that DEI lens can unlock significant value via innovation, better-fit products, stronger value chains, andaddressing underserved communities' needs

5 Society: Growing pressure on companies from customers, investors, and stakeholders to advance the social good via
advocacy, philanthropy, convening and mobilization of partners

2

IMPLICATIONSFOR LEADERS

Source: BCG experience and analyses

1

Shift the mindset from DEI as a “do-good” signaling move to a lever of long-term, sustainable advantage

2

Amplify the talent impact:• Expand beyond traditional DEI segments, recognize the complexity of identities and changes in needs over time
• Address needs co-related with happiness and motivation - and create nuanced, end-to-end solutions

3

Unlock DEI as a driver of business opportunities: remove bias from own operations, innovate propositions to serve broader
segments, cooperate with ecosystem partners

4

Use society's ESG expectations to drive change: revisit DEI KPIs, make visible commitment to bold action, advance advocacy
4Implementation of DEI programs is increasing – yet they have a largely
narrow focus

Narrow
focus on
DEI so far

Diversity

EquityInclusion

Improve representation, esp. in leadership

Drive fair outcomes in hiring & advancement

Mitigate bias & create psychological safety~70%

Of companies have diversity
programs, in many countries 1

Annual spending on diversity, equity,& inclusion training in the US 2

Only

67%+

Of staff feels their firm is inclusiv eand respectful of their identity3

Up to

75%

Of target employees do not feel benefit from DEI
programs 1~50%

Business76%

Of companies have no DEI goals as part of theirbusiness strategy4~7%

Of companies' spending is directed to diverse suppliers5

Society42%

of people believe business is not doing enough toaddress systemic injustice6

27%

Of executives see lack of internal alignment/action on social
issues as a barrier7

TalentChallenges
remain$8bn

Only

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1.1

Of diverse employees feel their day-to-day is free of bias 3

1. BCG "Redefining Diversity Equity and Inclusion" 2021; 2. BCG "It's time to reimagine diversity and inclusion", May 2021 3. BCG DIAL survey 4. HR Dive 5. Hackett Group; 6. Edelman Trust Survey 2022; When it comes to each of the following areas, pleaseindicate if you think business is going too far and overstepping what it should be doing, is doing just the right amount in r egard to this activity, or is not going far enough in its actions and should be doing more. 3-point scale; code 3, “not doing enough”; code 1,“overstepping”. General population, 27-mkt avg; 7. P orter Novelli Study 2021; Other sources: BCG DIAL Survey; BCG P ublications and experience; HBR

5

1.2 Global social movements and impacts of COVID-19 have increased
pressure on businesses

COVID-19 disproportionately impacted minorities

Copyright © 2022 by Boston Consulting Group. All rights reserved. BCG Executive Perspectives updated 16 March 2022 Version 2.0

Global social and political movements intensified pressures~1.5x

women globally have experienced~80% Ofsome form of sexual harassment

Higher rate ofleav ing jobs for
caregiv ers1 during
COVID globally

LGBTQ+
protests

Rise in Asian
hate crime in~340% the US in 2021
vs. 2020
Of US hate
~50% crimes motivatedby anti-Black bias
Indigenous
women
march

Only

35%
Of US working moms wholeft during the pandemicplan to return to work v s
pre-pandemic

1Versus non-caregivers; Source: International Labor Organization; Our World in Data; NY Times; Forbes; The Guardian; Business In sider; Bank of America; Bloomberg, BCG research4%
Increase in female
unemployment in India duringsecond wave (vs 1% for men)

6

Talent expects DEI efforts from companies…

76%

Of job seekers view
workforce diversity as
an important factor when
considering employment
opportunities1…and believe not enough is done – despite many initiatives
DEI program(s) varies by country – gender programs most common% respondents that indicated their company had the particular diversity program or initiatives 5

Gender

43%
53%
44%

Of those looking for new employment say it is important thatcompany speaks out on DEI 2
Of Gen Z consumers expect firms to hav e div erse seniorleadership 3

Of LGBTQ job-seekers did not apply for a job/declined a
job offer due to perceived noninclusive culture4

71%

64%

LGBTQ+

42%

50%

36%

40%

65%
64%

48%

41%

77%

59%

63%

50%

yet…
Up to

75%

Of targeted employees
do not feel personal
benefit from them4

66%

State their companies are'not doing a lot of work'on the topic of DEI 6

1. Glassdoor 2. Employee expectations rise as brands address DEI initiatives," Agility P R Solutions, 2020, 3. Race and Representation Branding Study Dashboard"; 4. BCG DIAL Survey 2020; The range presents different countries; 5. BCG DIAL Survey; Q – "Does yourcompany have any programs, initiatives or activities in place to promote the following types of diversity?" A. Y/N/Not sure; re-based Y/N answers; removed "Not sure" N=32,537; 6. CNBC "Majority of employees want to work for a company that values diversity, equity
and inclusion, survey show" - NBC|SurveyMonkey Workforce Survey. The poll was conducted among 8,233 employed adults across the U .S. from April 8-18. Source: BCG experience and analysis; BCG DIAL survey 2020; International Labor Organization, Our World in
7
Data, NY Times, Forbes, The Guardian

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1.3 Talent: Majority of employees increasingly expect stronger DEI outcomes1.3

Talent: Challenges are rooted in a narrow focus, overly simplistic approach, andfailure to address underlying needs - among other factors

Traditionally, DEI has taken anarrow, overly simplistic approach

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As a result, they don't tend to inspire positive employee outcomes

Narrow focus on leadership track
Concentrates on high-potential, C-suite talent

Use of demographic DEI categories
Man
Woman

Straight
LGBTQ

White
Black
Asian
Other

80%

Correlation ofsatisfying needs
with happiness

50%

Correlation ofsatisfying needs
with motiv ation

50%

Correlation ofsatisfying needs withlong-term retention

Notably, they overlook true underpinning needs correlated with happiness
Example: US women

Put employees "in a box," not recognizing full
spectrum and multiplicity of identities

Overlook the real needs that drive
happiness, retention, motivation
Focus on tactical policies and technical benefits
without solving for underlying needs
Source: BCG's US Workforce Survey, 2021, BCG analyses, Note: n=3,345 full time working women; Note: average MaxDiff scores used

3 out of the top 4

Top 5

Needs that US women often selfrank as most important include
compensation, benefits and worklife balance – yet they are notwithin top 10 biggest drivers ofhappiness

Needs most correlated withwomen's happiness are moreheavily grounded in their day-today experience: e.g., feeling valued,
supported, fairly treated,
respected, and important

Similar results observed for the male population
8

1.4 Business: Increasing recognition that a DEI-forward lens embedded in

Copyright © 2022 by Boston Consulting Group. All rights reserved. BCG Executive Perspectives updated 16 March 2022 Version 2.0

business strategy can unlock significant value and advantage

Companies are increasingly making DEI a fully integrated part of their strategy:
Innovate business models

Strengthen value chain

Build "better fit" products

Serve underserved markets

Support diverse entrepreneurs capitalize on under-inv ested
businesses, innovative ideas andaccess to marginalized groups

Tap into div erse suppliers to
expand & better tailor own product

Expand consumer base via
propositions for unmet needs

Establish and driv e demand in
nascent/marginalized markets

Widen supplier base to reduce
dependence & promote competition

Build brand loyalty by addressing
specific communities' needs

Capture unexplored sales
potential

Micro-distribution

Div erse v endor
dev elopment program

Drug suitability
for minorities

Better serv e
un- and under-banked• Workshops with women & ethnic
minority suppliers on retail practices,buyer relations, brand building,financial planning, capital access, etc.

• Training 250 clinical investigators fromminority backgrounds to recruit morediverse trial participants – in order toensure wider-applicability of drug acrossracial demographics• Employed community managers to build
trust in underrepresented communities• Introduced new credit risk assessment
to remove bias & ensure equity• Help rural marginalized women be
entrepreneurs - use their networks toreach communities with nutritious food
• Provide training in sales, management,
finance, nutrition & wider support

180%

Incremental income increasein Brazil rural communities

1. National Medical Fellows hips
Source: BCG analys is and experience; HBR; pres s s earch$2.1bnPurchases from diverse
suppliers in 2018-2020

to NMF to$100M Committed
increase DEI in clinical trials
1

$30bn

Lending pledge forunderserved areas91.5 Society: Growing pressure on companies from customers, investors, and

INVESTORS:
Recognize DEI activism in society as a signal of impact

CONSUMERS:
Demand more corporate involvement on social issues
Of Gen-Zers believe companies
should act on social issues1

90%

88%

… and 91% of Millennials in the
US would switch brands tothose championing a cause1

Of institutional investors subject ESG
to the same scrutiny as financial
considerations2… giv en 80%+ of studies show
ESGs result in better performance3

Companies increasingly engage in societal DEI initiatives
1 Vocal advocate for a cause

2

Philanthropy: channelingresources to expert groups

Support women in sport

Pledged funds topromoting racial justiceLaunched campaign “Dream Crazier"with Serena Williams to combat thestereotypes placed on women athletes

Set up inclusion advisory board to
identify the resources and funds todonate to fighting social injustices+35M

Views on YouTube
and Twitter in 2 days

$10M

Pledged in 2021 for social
justice initiatives externally3

Convening at forums to
advocate for public policy

Mobilizing partners to
4 drive systemic change

Adv ocate US racial
justice policies
Advocate for US policing reform, set out
policy recommendations & commitments
to address the racial wealth gap
Commitment to minority-$20B+ owned small businesses 4

Improv e access to healthcarePartnered with South African government
and Transnet to provide free health care,health education, disease screening in 70
rural communities via health trains

14m

People benefiting, 3m
patients receiving medication

1. BCG Brighthouse analysis 2. 21 Edelman Trust Barometer Special Report: Institutional Investors. Q7. P lease indicate the extent to which you agree or disa gree with the following statements regarding shareholder activism. 4-point scale; top 2 box;
3. BCG research of 51 ESG studies; 'ESG and Financial P erformance: Aggregated Evidence From more than 2000 empirical Studies' by G. Friede, T.Busch, A. Bassen; 4. Commitment via capital, grants, low-cost debt and technical assistance, including focusedinvestments in historically underserved and undercapitalized communities; Other sources: BCG analysis, experience, press search; Business Roundtable

10

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stakeholders to advance the social good

Shift your mindset and attack the issues from a broader DEI perspective

Implications for leaders

1

Shift the mindset from DEI as a “do-good” move to “must-have” lever of sustainable advantage• Apply across your people, stakeholders, business ecosystem, and wider society• Ensure necessary investment in DEI across leadership priorities, core diversity team, and resourcing for holistic DEI strategy• Embed in performance goals of leaders and managers across the enterprise

2

3

4

Amplify talent impact

Unlock DEI as a driver of strategy

Use ESG expectations to drive change• Expand the field of view – refocusing efforts on
the entire workforce• Recognize DEI as powerful lens for opportunities dedicate sufficient investment & innovation focus• Recognize the complexity of needs, and how
they evolve over an employee's career and life

• Anchor in authentic levers for your company• Revisit DEI KPIs – expand to both leading1
indicators and broader measures capturing
people, business, and societal impact• Reinvent how to develop (nuanced) solutions– address emotional needs, not just functional
and technical ones

• Develop new & inclusive products and businessmodels; innovate to reach the underserved• Make visible commitment to bold action
and drive transparency of outcomes• Incorporate DEI practices across your ecosystem– e.g., diverse suppliers• Extend reach and impact with policy andadvocacy agenda

1. Leading indicators consist of inclusion, retention, advancement (not only representation); Source: BCG analys is and case experience

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211

Shift the mindset from DEI as a “do-good” signaling move to lever oflong-term, sustainable business advantage

Historical approach:Diversity for diversity's sakeApproach needed to accelerate:
Apply business to the why,
go deep on the how
VA L UE VIEW

VA L UE VIEW

Moral
obligation

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2.1• It is the right thing to do'• Focus on equality, equal opportunity,
respect• Hope for higher creativity/innovation

Business, talent& socio-economic
enablement

A CTION

A CTION

Committing
to improvediversity

Using DE& I torealize ourfull potential

Source: BCG experience, BCG articles (Amplified Calls for Racial Equity Need Amplified Responses, Redefining Diversity Equity and Inclusion)122.2 Amplify talent impact: recognize the complexity of contexts that can shape
how employees’ needs change over time

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Understand how needs change over time for broader workforce

Case study

1

Expand the focus from top talent to the entire workforce2

Go beyond demographic categories (e.g., women, LGBTQ+) when designing employee value proposition.
Understand both employees' emotional (e.g., “I want to feel in control”) and functional needs (“I needpredictability”) – and which ones matter most to drive happiness, retention, and motivation

3

Recognize these needs are dynamic and change over the course of the employee's career and personal life

Copyright © 2022 by Boston Consulting Group. All rights reserved. BCG Executive Perspectives updated 16 March 2022 Version 2.0

Gabrielle Novacek
Managing Director & Partner, BCG

Gabrielle explains how
partner's life-threatening
medical diagnosis led to a
powerful breakthrough inreimagining DEI

YOUNG & EAGER

RISING STAR

WORKING MOM

EXEC LEADER

Ambitious start of career
Ne e ds: learn and feel
challenged & inspired

Dual-career household,first managerial job
Ne e ds: feel confident,
supported, productiveFirst child, home-owner
Ne e ds: feel secure and haveflexibility

Mom of two, C-suite,
charity founder
Ne e ds: feel connected withpeers, flexibility

Source: BCG experience, BCG articles (Amplified Calls for Racial Equity Need Amplified Responses, Redefining Diversity Equity and Inclusion)

Our lives were turned
upside down in aheartbeat, and part of what
I had to sort out was how
would I be a caregiver inthe context of my job
Gabrielle Novacek, BCG

13

2.2 Reinvent how to develop solutions: address employee needs and create
nuanced, holistic solutions

1

2

3

Tap into employees' decision making

Recognize cohorts with similar needs• Embrace employees’ agency in their careers• Go beyond overly simplistic demographic
buckets to groups with shared needs(e.g., caregivers, not just moms)

Create solutions for the entire careerand personal journey of each cohort• Understand underlying causes of
employees’ departures/discontentment• Identify emotional and functional needs thatmatter most to happiness, motivation andretention• Find clusters of demographic & attitudinalpatterns that best predict key needs• Analytically derive “communities” withunique sets of needs and experiences

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• Rethink and develop more nuanced
solutions addressing parts of one's identitythat really matter• Devise a more holistic set of interventions- ones that address an employee's emotional
needs (e.g., feeling supported) beyond
functional benefits (e.g., part-time)

Open continuous (anonymous) feedback loop and regularly refine solutions tobetter capture nuances of foundational needs and evolving employee journeys
Source: BCG experience; BCG articles (Amplified Calls for Racial Equity Need Amplified Responses, Redefining Diversity Equityand Inclusion, Reinventing Gender Diversity P rograms for a P ost-P andemic World)14

2.3 Unlock business opportunities via DEI: innovate propositions to serve
broader segments and build advantage in your ecosystem

Case studies
Products for people
with disabilities
AssistiveTouch: enable users
with upper body disabilities tonavigate Apple Watch features

Assess own practices & remove
inherent bias from operations

Innovate areas to serve
marginalized segments

Spearhead DEI in yourecosystem & supply chain

Assess your customer base vs. thedemographics of the areas you serve

Identify dimensions where company
can create greater social DEI: e.g.,
promoting equal opportunity/health care

Benchmark supplier div ersity withcustomer base and competitor set

Rev iew your marketing & sales
practices for bias: e.g., customer
targeting/screening, algorithms
Test your brands, products/services,messaging/imaging with arepresentativ e set of customers

Identify DEI drivers for customer
acquisition
Integrate focus on underserv ed
segments into customer insights
Use human-centered design to develop
new products & business models
Catalyze partnerships to accelerate

Source: BCG experience, analyses and experience, FT, Ujjivan, Kaiser Permanente

Set and de-av erage targets basedon supplier base & opportunity space
Embed diversity in supplierscorecards/assessment

Eye-tracking enabling full iPad
control only with a user's eyes

Launched "Virtual Plus careplan" app to deliver accessible,
equitable care during COVID-19

Collaborate with suppliers to
improve performance

Connect members to nonmedical community programs(e.g., housing)

Cultiv ate next gen of (diverse)
suppliers (e.g., trainings)

Support 2,000+ businesses
owned by the underrepresented

15

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2.4 Use ESG expectations to drive change: revisit DEI KPIs, make visible
commitment to bold action, and advance advocacy

External

Internal

Revisit KPIs to set clear goals

Take bold transparent action

Advance advocacy agenda

Define what “good” looks like1

Appoint chief div ersity officer

Educate employees on social issues

Maintain focus on demographics inrecruitment, yet go beyond – measure
long-term inclusion indicators 2

Ensure senior leaders are champions

Go beyond donation-matching,provide additional stipends for giving

Expand metrics across employee life
cycle; tailor to each new “community”

Connect KPIs to broader set ofbusiness & societal impact goals
Embed external DEI KPIs in allleaders' pay & benefits

Establish transparent, specificcriteria for assessment

Allocate sufficient resources,
capital, and innovation focus to DEI

Identify DEI areas relev ant to you
Report metrics to hold leaders
accountable
Don’t let the external narrative jumpahead without strong action plan

Use ESGs to recommend and v etcauses deserving of employee-support

Become v ocal advocate for socialchange in public forums
Build coalitions to convene with peers
to driv e sustained impact at scale

Set up the infrastructure to facilitatechange (e.g., think-tank partnerships)

1. E.g., via staff-wide survey/diverse focus groups; 2. E.g., retention, advancement; 3. Diversity, Equity, Inclusion & belonging; 4. Approach to designing product experiences with a justice lens in the productdevelopment lifecycle and a playbook for inclusive & diverse illustrations in branding; 5. Defined as global women and ethnically diverse men; 6. As of Dec 31 2021; Source: BCG experience; Paypal; web search

Case study• DIE&B3 Roundtable to act asa catalyst for change• Strong advocate for public
policies e.g., Equality Act• Justice by Design4 to build
equity in product design• Developed products
supporting financial security• Supplier diversity program5
assists in suppliercertification, factoring DEI in
scoring, etc.
• Track net disposable income
and set targets for workforce

56%

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Of workforce identifies
as diverse5, 616

Diversity

Driving representation of various demographic and identity groups inside the organization so that employees from diverse
backgrounds are represented and successful across functions, geographic areas, and seniority levels.

EquityEnsuring equal opportunity and comparability in outcomes for all. Leveling the playing field by supporting underrepresented
staff to provide the same opportunities for career advancement as majority-group employees.

Inclusion

Creating a work environment in which all staff feel valued and empowered to bring their authentic selves and true perspectives
to light at work, and feel psychologically safe to do so. Ensuring all staff have positive and supportive workplace experience.

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Glossary | Diversity, Equity, and Inclusion

17

Amplified Calls for
Racial Equity Need
Amplified Responses

It’s Time to
Reimagine Diversity,
Equity, and Inclusion

Inclusive Cultures
Have Healthier andHappier Workers

Reinventing Gender
Diversity Programs fora Post-PandemicWorld

A New LGBTQ
Workforce Has
Arrived—Inclusive
Cultures Must Follow

With Caregivers in
Crisis, Companies
Need to Step Up

The Importance ofBeing Equitable in
Product Design

Financial Institutions
Can Help Break the
Cycle of Racial
Inequality

Racial Equity in
Banking Starts with
Busting the Myths

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Additional perspectives on Diversity, Equity, and Inclusion

Click here to read past editions of Executive Perspectives
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