Issue No. 3 | December 18, 2024

Looking Back and Looking Forward on the Business Standards for 21st Century Leadership

In uncertain economic and political times, it is more important than ever to invest in human-centered business practices. Hiring and retaining top talent, fostering healthy workplaces, delivering greater value to customers, taking care of our planet so all communities can thrive, and being an engaged corporate citizen are just some of the fundamentals of business leadership today. No matter the complexity or challenges ahead, our mission remains to support businesses large and small to have a positive impact on their stakeholders.

Our release this year of the draft Business Standards for 21st Century Leadership is just the beginning of our journey. After gathering feedback from hundreds of people and testing the Standards with companies, we are now finalizing the Standards and working to ensure they offer a clear, credible, and impactful way forward for U.S. businesses. As one of our 2024 corporate pilot participants stated, “In this chaotic environment… following standards that have been vetted by research and [the CRE Alliance] is a safe bet.”

We look forward to the road ahead and we can’t wait to share more about what’s in store. Stay tuned for the official Standards launch in 2025 and read on for more updates, resources, and ways to get involved.

The Corporate Racial Equity (CRE) Alliance newsletter provides timely updates on our corporate standards effort, how to get involved, resources for business leaders, and spotlights the work of our partners.

Hundreds of People from All Walks of Life Helped Shape the Standards This Year

Incorporating feedback from people from all walks of life and across sectors is core to our standards development. This year marked our third and most successful public comment period yet, with a 70 percent increase in participation and unparalleled reach to a broad spectrum of stakeholders.

We held 25 roundtables and deployed two surveys over five months, engaging more than 450 individuals. Participants represented a broad range of experience and expertise, including workers, investors, business leaders, business advisors, young people, civil society leaders, community leaders, under- and unemployed people, standards setters, academics, public sector leaders, and more. We reached a diverse cross-section of demographic groups, including across race, ethnicity, gender, sexual orientation, age, and socio-economic status. 

We also hosted a six-month corporate pilot of the draft standards. Collectively employing over 500,000 workers, this influential cohort included 12 companies (public and private) in the financial services, retail, food and beverage, health care, technology, and transportation industries. The piloting companies tested the draft standards, engaged in peer learning, and received customized support from the CRE Alliance and our dedicated partners. 

We are so thankful to all those who lent their time and expertise to help us strengthen the draft Standards. We are now incorporating the feedback received to finalize the Standards and inform our implementation and standards governance approaches. We will share more results from our 2024 public comment period and corporate pilot upon the official Standards launch in 2025.

Stay in touch for next steps: 

• Business leaders: Express your interest in learning more about how the Standards can benefit your business.
   
• Consultants and business service professionals: We will be providing tools and guidance for incorporating the Standards into your consulting offerings. Sign up to learn more.
   
• Interested individuals: Review the draft Standards, and join our mailing list to receive final launch updates straight to your inbox. 
   

Resource Spotlight

• Check out JUST Capital’s annual People’s Priorities Report, released this month, shedding light on how the American public feels about corporate America and which issues matter most to them now. According to the report, Americans remain optimistic that purpose and profit can go hand in hand.
   
• October 2024 polling analysis by the Leadership Conference on Civil and Human Rights shows clear majorities or supermajorities of Americans, workers, and business leaders support diversity, equity, inclusion, and accessibility initiatives. Review this and other key findings indicating broad support for diversity and inclusion practices in the full report. 
   
• In a recent report by the Congressional Black Caucus (CBC), What Good Looks Like: A Corporate Accountability Report on Diversity, Equity, and Inclusion, the CBC shares its findings from its active engagement with corporate America this year, including finding strong support for diversity, equity, and inclusion. We are thrilled that the CBC recommends the adoption of the Standards as one of three key levers to advance racial and economic equity in business and beyond.
   
• A recent memo published by the National Institute for Workers’ Rights offers legal analysis of the potential ways that backing away from diversity, equity, and inclusion initiatives may increase the risk of discrimination claims.
   
• In a Stanford Social Innovation Review article, PolicyLink’s Managing Director of Corporate Racial Equity, Mahlet Getachew, articulates the imperative and the opportunity for businesses to meet the expectations of their stakeholders and support a flourishing multiracial democracy, including three powerful ways the Standards can support companies in doing so.
   
• In a Harvard Business Review article, Lily Zheng offers practical advice on three things we need to change about DEI to achieve the better workplaces we all deserve. They also identify three things to double-down on. And in this "Women at Work" episode, they share the case and tips for how to ground your efforts in data.
   
• Check out this webinar hosted by Collective Impact Forum for a discussion on how communities pursuing collaborative equity work can navigate increasing headwinds of polarization and division to continue making progress.

Keep in Touch and Stay Up to Date

Learn more about the Corporate Racial Equity Alliance founding partners: FSG, JUST Capital, and PolicyLink.