Accelerating Diversity, Equity and Inclusion Outcomes
The Global Parity Alliance is a cross-industry group of global organizations that are taking holistic action to accelerate diversity, equity and inclusion (DE&I) in the workplace and beyond. Established in collaboration with McKinsey & Company, the Global Parity Alliance seeks to promote better and faster DE&I outcomes, by sharing proven DE&I best practices and practical insights from leading organizations.
The Challenge: Diverse Companies Outperform, but Making Progress on DE&I is Hard
Studies show that ethnically diverse and gender-diverse companies are 36% and 25%, respectively, more likely to financially outperform less-diverse organizations, and have stronger appeal with customers and talent. Additionally, diverse teams are more innovative and creative –with 20% higher rates of innovation– and more likely to re-examine facts and remain objective –with 30% greater ability to spot and reduce risks.
However, making progress on DE&I is hard: approximately 50% of companies make no or little progress in achieving real gains in executive team diversity, and only 5% of companies have shown sustained improvement in gender parity after implementing their efforts to accelerate diversity and inclusion in the workplace.
Sources: McKinsey & Company Diversity Wins dataset (2014-2020), Harvard Business Review "Why Diverse Teams are Smarter" 2016, University of Castilla-La Mancha “Gender diversity within R&D teams: its impact on radicalness of innovation” 2014)
The Objective: Driving Better and Faster DE&I Improvements by Sharing What Works
The Global Parity Alliance’s vision is to drive better and faster DE&I improvements by sharing what works, raising each other’s aspirations, and elevating DE&I actions across organizations beyond the Alliance. To do this, as a first step, the Alliance will identify and showcase DE&I Lighthouses, proven best practices and practical insights from peer organizations that can help others accelerate their DE&I efforts.
Developed with leading Chief Human Resource Officers and Chief Diversity and Inclusion Officers from around the world who are part of the Forum’s peer communities, as well as Forum and McKinsey & Company experts, the Global Parity Alliance is unique in its global, cross-industry and holistic approach. The group’s learnings will support people leaders and business leaders across all functions to take ownership for and deliver DE&I change.
A Holistic and Integrated Approach to Diversity, Equity, Inclusion and Social Justice
The initiative originates from the World Economic Forum’s Centre for the New Economy and Society, which is focused on building prosperous, inclusive and just economies and societies. In addition to its work on economic growth, revival and transformation, work, wages and job creation, and education, skills and learning, the Platform takes an integrated and holistic approach to diversity, equity, inclusion and social justice, and aims to tackle exclusion, bias and discrimination related to race, gender, ability, sexual orientation and all other forms of human diversity. It produces data, standards and insights, such as the Global Gender Gap Report and the Diversity, Equity and Inclusion 4.0 Toolkit, and drives or supports action initiatives, such as the Valuable 500 - Closing the Disability Inclusion Gap, Partnering for Racial Justice in Business, Closing the Gender Gap Country Accelerators, the Partnership for Global LGBTI Equality or the Global Future Council on Equity and Social Justice.