P2P

61 I L T A N E T . O R G Customers similarly prefer brands with authentic commitments to and demonstrations of diversity. Recent surveys found that "consumers are prepared to walk away from dishonest and inauthentic online brands that don't play fair" (Fair Play Talks), and "74% of consumers said the recent Black Lives Matter protests have made it more important to support businesses that work to improve diversity and inclusion" (Christie). A true commitment to and investment in DEI has a direct impact on a business' image and reputation, even more so following the events of last summer. Deloitte- owned agency Heat conducted a study that found brands with high diversity scores were preferred by consumers by 83% and if they showed diversity in advertising, they reaped "improved perception among consumers and stock market gains" (Christie). In the legal industries, customers are increasingly holding firms accountable for diversity standards: In 2019, 170 general counsel and corporate legal officers signed an open letter to law firms insisting on more diverse representation (Simmons). Customers should not need to force such changes; firms should be leading the charge. As McKinsey summarizes, "Given the higher returns that diversity is expected to bring, we believe it is better to invest now, since winners will pull further ahead and laggards will fall further behind" (Hunt). DEI is a solid return on investment from a financial perspective in terms of profitability, innovation, and talent acquisition. But beyond the business case, DEI presents the opportunity for a business to change the world for the better. When people see more diversity around them, it becomes more normal and they may accept different viewpoints, improve cultural competency, and reduce extremist views (Man). To realize this goal, firms will need to make real, sustained investments and efforts in DEI with resources like time and money to change their cultures, educate their employees, incorporate DEI into every aspect of the business model, and so much more (Kaul). There is no quick fix. Each element of DEI builds upon the others, and they must all be deliberately fostered to achieve recognition, respect, and inclusion for all. Future Peer to Peer articles will provide more concrete steps, but businesses may start their DEI journey by communicating to employees the importance of and need for DEI in the workplace. DEI should become a core value demonstrated by employees at every level and in every department. Raise awareness of unconscious bias and work to diminish it (Kaul). Change takes time, so why wait? ILTA "DEI is a solid return on investment from a financial perspective in terms of profitability, innovation, and talent acquisition."

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