Selling Why: 3 Business Imperatives That Have Become More Important to Employees and Customers
By: Shelly-Ann Wilson Henry, CEO & Strategic Communications Leader
Diversity, equity, and inclusion (DEI), corporate social responsibility (CSR) and sustainability issues are becoming more important to employees and customers making them business imperatives rather than nice to have.
2020 has been a challenging year, to say the least. The effects of the COVID-19 pandemic have impacted personal and professional lives globally. And, many organizations had to pivot strategies around operations, human capital, talent acquisition, and how they market their goods and services. In the United States, marketing departments had to incorporate more of a content-driven approach rather than hard “salesy” tactics and narratives to provide information and engage customers, while HR personnel worked to establish or elevate policies and initiatives to create more inclusive workplaces. It was important not to appear tone-deaf to the real issues many were facing and continue to face.
As if that was not enough, the social injustices that Black Americans continue to experience in the United States were compounded by the gruesome death of George Floyd. This opened a level of dialogue around diversity, equity, and inclusion and the work organizations are doing to move the needle that has never been witnessed before. Organizations that had no policies or initiatives in place were forced to address these issues internally, but also to do so externally as customers demanded it. A recent article on Reuters.com titled U.S. companies vow to fight racism but face critics on diversity reiterated that things are different now. It noted that “A Monmouth University poll released on June 2 showed the proportion of Americans who consider racial discrimination to be a big problem has increased from about half in 2015 to about 3 in 4 now.”
Navigating these and other issues that have come to the fore in 2020, has made it clear that employees and customers want to know your “why”. Employees want to know what lies at the core of the organization’s mission and vision and feel empowered to be a part of it. And, customers want to know if their challenges and pain points around social issues are just as important as running a successful business? Do you care about the struggles that minority groups face in America? How are you ensuring that you’re meeting the needs of today’s consumers while minimizing negative impacts on the environment? If these questions are answered internally through an inclusive environment, customers will feel it through your marketing, call center interactions, conversations with the support team, and so on.
Let’s explore the three business imperatives that present solutions to these questions – DEI, CSR, and sustainability. Let’s explore them:
Diversity, Equity, and Inclusion
DEI is important as a business imperative internally first. As noted in a recent article on Merrill Lynch’s website titled Could Companies that Value Workplace Inclusion Fare Better in Times of Crises and Beyond, “There is a wealth of data highlighting links between long-term valuation and inclusive corporate policies, including recruitment practices, pay parity, and cultures of belonging and support,” says VanderBrug. “What’s more, these same factors may reinforce economic resilience and provide a proxy for good management.” And like most business imperatives or policies, DEI also has a direct impact externally in the talent, customers, and partners an organization attracts. For example, potential employees appreciate and benefit from a policy of not asking candidates about salary history, which has no bearing on their worth to future employers. Also, facilitating and encouraging employee resource groups where employees can get support from their peers and a feeling of belonging show customers and partners that they are represented internally.
Corporate Social Responsibility
CSR has long been established as a business imperative and continues to be so. A recent article on Forbes.com titled CMOs Report Massive Shifts In Consumer Behavior And Marketing Strategies Post COVID-19 stated that “79% of CMOs believe customers are paying closer attention to the social activism, outreach and investments of companies during the pandemic, and will reward brands that represent their values with greater loyalty in the long run.” Research also shows that customers want to support organizations that not only do good but help them make a difference as well. So, including customers in your initiatives is also important.
Sustainability
As a business imperative, sustainability is particularly important to the younger generations (Millennials and Gen Z) who many organizations hope to attract, particularly organizations with aging customer bases. Issues of climate change, justice, equality, poverty, and other Sustainable Development Goals (SDGs), as well as sustainable retail products, are primary concerns for these generations. Millennials, which represent the largest generation today, are loyal to organizations that care about the communities they serve. This was noted in the article titled 8 Characteristics of Millennials that Support Sustainable Development Goals (SDGs) – “79% of millennial employees are loyal to companies that care about their effect on society. They believe that corporate social responsibility is key to alleviating poverty and improving life outcomes. They have encouraged their employees to donate their time, and several companies to donate 1% of their profits, to charity.”
Organizations can’t be all things to all people, however, evaluating and deciding whether one or all of these business imperatives align with your business goals is important for reputation, goodwill, and overall success. Schedule a consultation and let us explore what a strategic plan and the accompanying initiatives could look like for your business.