Despite efforts to promote equity, many employees say companies haven’t done enough. Creating an equitable environment goes beyond hiring a diverse team—and benefits the entire company.
A confluence of crises has brought longstanding social and racial equity issues into sharp focus. These crises have compelled organizations and their leaders to act to advance racial equity and help all communities to thrive by addressing the needs of underserved groups.
At BCG, where diversity is a core founding value, we’ve faced the same challenges in our own business and bring our experiences, insight, and expertise to our clients.
Our Approach to Driving Racial Equity and Inclusion
Many leaders want to invest in corporate philanthropy and racial equity initiatives but aren’t sure how to use these levers to achieve impact. They are also looking to understand how to expand their offerings to better serve customers, including Black, Latinx, and Asian customers and communities; how to better partner with and enable small and minority-owned businesses as suppliers; and how to advance, retain, and invest in underrepresented employees.
Our racial equity consultants partner with a range of clients—large corporations, growing businesses, educational institutions, governments, and the social sector—throughout the journey to diversity, equity, and inclusion (DEI).
Our holistic approach to achieving sustainable impact in DEI is built on three pillars of action:
Team and Culture in Racial Equity
We collaborate along the entire employee life cycle, helping you recruit in new ways, enhancing retention and advancement, establishing pay equity, and fostering inclusion. Our work includes:
- Measuring and Tracking Racial Equity. BCG’s proven diversity and inclusion analytics—and our extensive expertise—ensure that you track the right metrics so you can drive change. Through our 100-day value sprint, for example, we can assess the current racial equity perceptions and experiences of your employees, set progress goals, and define your strategy.
- Implementing Racial-Equity Initiatives. Once we’ve identified your starting point and defined your commitment to racial equity, our collaboration takes many configurations, including formalized employee and executive programs, equitable people processes, support for frontline managers, and employee engagement.
- Transforming Organizational Culture. With corporate purpose as a North Star, leaders develop strategic plans that set and share the vision, establish new ways of working, foster an inclusive culture, develop leaders, and make bold commitments to racial equity strategies.
Business Partners and Practices
When you put your company’s business to work for the greater good as well as your bottom line, both profit immensely. We help you build inclusive strategies, supply chains, products, and distribution channels that advance racial equity and business goals alike.
AN EXAMPLE: UNLEASHING THE POWER OF INCLUSIVE BANKING
How can a company harness the economic power of its business to advance racial equity? Consider the financial sector: finding ways to serve the unbanked and underbanked can add customers and revenue to financial institutions while providing sorely needed solutions for building wealth to Latinx and Black consumers. To these discussions, BCG’s retail banking, public-sector and racial-equity consultants bring knowledge and data about trends, regulations, customer insights, and go-to-market strategies.
BCG also partners with leading organizations within the business community to combat systemic racism and advance racial equity and inclusion in society.
AN EXAMPLE: UNLEASHING THE POWER OF INCLUSIVE BANKING
How can a company harness the economic power of its business to advance racial equity? Consider the financial sector: finding ways to serve the unbanked and underbanked can add customers and revenue to financial institutions while providing sorely needed solutions for building wealth to Latinx and Black consumers. To these discussions, BCG’s retail banking, public-sector and racial-equity consultants bring knowledge and data about trends, regulations, customer insights, and go-to-market strategies.
BCG also partners with leading organizations within the business community to combat systemic racism and advance racial equity and inclusion in society.
Social Impact Work Advancing Racial Equity
We help our clients reach across both the public and the private sectors to build coalitions and bring rigorous problem solving to seemingly intractable challenges, including racial equity.
Our Client Impact Work in Racial Equity
Grameen America. BCG engaged with Grameen America, a microloan provider and CDFI, to enhance access to capital for low-income Black female entrepreneurs across the US. In less than a year, the organization disbursed $2.1 million in loans to hundreds of Black women entrepreneurs.
CEO Action for Racial Equity Fellowship. As a member of CEO Action for Racial Equity, from 2020-2024 we helped identify, develop, and amplify scalable and sustainable policies and corporate best practices that address systemic racism and social injustice to positively impact over 47 million Black Americans and societal well-being.
Business Roundtable on Racial Equity and Justice. We collaborated with 200 CEOs to increase corporate diversity, provide greater transparency on diversity metrics, and create opportunities for people of all backgrounds across America.
Our Insights on Racial Equity
Article
2021年4月29日
Article
2021年2月2日
Misconceptions about Black and Latinx un/underbanked households make it hard for the financial sector to address the problem effectively.
Article
2022年2月2日
To create inclusive workforces and inclusive products, companies must treat inclusion as a business innovation. Bridging the racial wealth gap requires committed resources and responsibilities.
Meet Our Experts in Racial Equity
Our racial-equity consultants support our clients throughout their diversity, equity, and inclusion journey, meeting them at their unique starting points and helping them advance their business and racial-impact goals.
