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.
Chapter 1: How systemic bias is a drag on economic growth
Chapter 2: How improved diversity can drive better decision making
Chapter 3: Where are we now? The proof is in the pandemic
From lockdown to slowdown, COVID 19 intensified deep inequities in the economy. To move ahead, smart companies are embracing a diverse and inclusive labor force that mirrors their customers, communities and employees. Equality and diversity are not just good policy but also good business.
Too often, these issues are viewed through a divisive political lens. But the economics of the issue are both clear and compelling — the more inclusive the economy, the faster it grows. It isn’t a zero-sum game. Building an economy that works for each of us means an economy that provides more for all of us.
Where to start? From housing to employment to healthcare and across a variety of other interconnected dimensions, listen in as our chief economist Diane Swonk and her guests explore how your company can drive equality and growth in our Economics of Diversity
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