The pandemic exposed and exacerbated inequalities in a way hard to ignore. It has shined a bright light on how systemic inequalities impact the economy. Grant Thornton Chief Economist Diane Swonk spoke with Grant Thornton National Managing Principal for Public Policy Robert Shea about economic growth and why diversity and inclusion are vital components.
Policymakers, including the Federal Reserve, have recognized the impacts, and are increasing their focus on solutions. Among their goals for full employment is closing the gap between black and white unemployment. Notably, a divided Congress came together on the CARES Act to provide support for the hardest-hit households — many of them Black.
Swonk and Shea discussed studies showing that diverse teams boost financial returns of companies that embrace them. When people work with others different from themselves, they break out of old habits. The teams take more time to deliberate the facts and break a cycle of rubber-stamping. They approach challenges with more creativity and thoughtfulness, delivering innovative responses.
Listen to the full conversation or the individual segments to learn more about increasing diversity, inclusion and financial returns.