The impact of the current recession on efforts to promote diversity and the advancement of women and people of color across sectors was at the center of a special panel held during the 12thAnnual Rainbow Push Wall Street Project’s Economic Summit (January 13-15,09). Co-sponsored by the National Council for Research on Women, the panel featured experts from major companies, the private sector and civil society.
“In today’s challenging environment, we need to prevent back-peddling on the achievements of the last decade. Diversity in leadership and throughout organizational structures is vital in a competitive global economy and we need to do more, not less, to ensure that these efforts move forward,” said Linda Basch (pictured), President of the National Council for Research on Women.
The panel was moderated by Dr. Basch and featured experts from major organizations and companies, including Terri Austin (AIG), Subha Barry (Bank of America/Merrill Lynch), Karen Chouhan (Equanomics UK), Ana Duarte McCarthy (Citi), Gena Lovett (Alexandra Investment Management LLC) and Miriam Muléy (The 85% Niche).
Terri Austin, Chief Diversity Officer of AIG, emphasized the importance of reinforcing the business case for diversity and also finding new avenues for promoting a more inclusive workforce and leadership. “I’m fundamentally an optimist. Yes, we all have reductions and budget cuts in advertising and other areas, but we can still pursue innovative activities, push new products and explore low-cost solutions, such as volunteer programs and conducting more direct media outreach,” she said.
The major challenge, all agreed, was adapting perspectives and strategies to a changing landscape.
Ana Duarte McCarthy, Chief Diversity Officer at Citi stressed the historic continuum of diversity efforts. “While recognizing that we are in the middle of a crisis, we also need to remember that we have weathered these storms before and continue to make progress along the way,” she said.
Latina, Black and Asian women of color represent an estimated one-trillion-dollar consumer segment and a 230-billion-dollar entrepreneurial sector according Miriam Muléy who created her own business, The 85% Niche, in response. “In this economic downturn, businesses that include women of color in their marketing, employee hiring, and supplier engagement efforts will thrive,” she said.
In her closing remarks, Linda Basch summarized the key points of the discussion: the economic crisis was a time of restructuring and cost cutting but also of opportunity and a return to basics in which transparency and team-building were essential.
The annual "Making a Difference for Women" Awards Dinner will be held on March 3, 2009 at Cipriani Wall Street, New York. To order tickets: ncrw@cmevents.net. The NCRW Annual Conference 2009 will take place June 10-12 at The Graduate Center, CUNY.