As an executive search firm that focuses on recruiting diverse senior-level executives, naturally Bridge Partners LLC is interested in understanding the impact that the current economic environment will have on diversity in the workplace. 

Will employers embrace change and continue to ensure a well-qualified and diverse leadership team that will give them a competitive edge in a shaky economic environment?

Or, will Boards of Directors and leadership teams revert to their personal networks and comfort zones (possibly under the auspices of “saving money”), placing diversity and inclusion initiatives at best on the back-burner, at worst cutting them altogether? If downsizing is the only survival option a company has, who will be the first to go?

The answers to these questions will only become clear over time.  However, given our experiences working with corporations to help them build the business case for diversity, specific to recruitment and retention, we feel we can speak with some authority regarding the costs and benefits of not continuing to invest in these initiatives…..and, in our view, the present economic environment provides a great opportunity with regards to diversity for progressive employers that are open to change. 

Companies that were built-upon and have fostered, a forward-thinking culture will almost certainly have recognized the value/competitive edge of strong diversity programs during prosperous times, and should therefore remain committed to those diversity and inclusion initiatives going forward.  These enlightened companies will capitalize on the fact that a commitment to diversity is an intrinsic part of their economic imperative and employer brand, helping them to hire and retain the very best talent, and to therefore keep their competitive advantage.  

Those companies that did not previously recognize the need for (or value of) diversifying their leadership team are, unfortunately, unlikely to accept the need to change during uncertain times.  Only the most innovative among them will see today’s environment as an opportunity to try a new approach.  For those that do not take this view, high-caliber executives and up-and-coming generations will soon look outside their unwelcoming, non-inclusive environment for better-suited employment opportunities.  And without recruiting/retaining the best talent companies will fail, no matter the economic environment.

Businesses with teams built on a diversity of thought, experience, values and background are especially needed during times when the status quo must be challenged in order to be successful.  So talented executives with a diverse background should take this time to develop a strong personal brand and capitalize on their marketability: create professional social networking profiles, join professional associations, attend networking events, and reach out to personal and professional contacts.

The current economic environment can be an opportunity for professional growth for those who stay ahead of the curve - companies and executives alike.