Business Diversity Principles

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Document: DOC-2023-0003-0001

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To Whom It May Concern,

As a business leader who understands firsthand that diversity is essential to the competitiveness of business and to the American economic landscape, I write to urge the Department of Commerce to take swift action in establishing the Business Diversity Principles Initiative (“BDP Initiative”). Clear vision and actionable strategy are key drivers of success in any business endeavor, and I applaud the Department of Commerce for developing an initiative that outlines six specific, actionable principles for businesses to incorporate to drive equity, innovation, and economic growth within their companies and communities at large. Providing businesses with a universally applicable set of best practices for operationalizing diversity is a critical first step in scaling its economic and societal benefits.

There is no shortage of data to support the business imperative for diversity strategies. Diverse businesses are better positioned to compete. Teams with diverse backgrounds and perspectives are more adept at identifying potential pitfalls and challenges from various angles. Diversity creates well-rounded strategies and more effective risk mitigation approaches, which enhance a company's capacity to navigate complexities, economic uncertainties, and market fluctuations while capitalizing on opportunities. Specifically with respect to corporate leadership, companies that have a high percentage of BIPOC managers have been shown to perform better across various sectors.

To maximize impact, it will be important for the finalized BFD Initiative to include strong supportive data to reinforce the business imperative and move a critical mass of the private sector toward voluntarily embracing its principles.

Thank you for the opportunity to provide this comment and I stand ready to support the advancement of this initiative.

Sources:

1) Diversity matters even more: The case for holistic impact (2023, December 5). McKinsey. https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact
2) The state of diversity in global private markets: 2022 (2022). McKinsey. https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/the-state-of-diversity-in-global-private-markets-2022
3) Capturing the Diversity Benefit: Workforce Diversity Linked to Financial Performance. (2023, November 28). As You Sow. https://www.asyousow.org/report-page/2023-capturing-the-diversity-benefit

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