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As Diversity Faces Headwinds, 275 Advocates Gather In Martha's Vineyard To Explore New Era
Over the last 6 months, perhaps no white collar industry profession has been forced to change as much as that of the Diversity practitioner.
And while August typically signifies a month of corporate vacations, holidays, and time to unplug, in Martha's Vineyard, it means something different.
A time to unite, convene, and reset.
Collectively, thousands of Black Americans, people of color, and culturally diverse visitors, from places near and far, set their sights on the island to participate in conversations and events, reflecting the United States of America that isn'talways covered on TV.
At seemingly every hotel, restaurant and street corner, influential worlds are colliding, to discuss not only where they've been - but also where they are going - by focusing how they can, together as a collective, build a new path forward for diversity in America, using this moment of heavy rhetoric not as a time to rest, but as an opportunity to take action.
From the Martha's Vineyard African American Film Festival to the Martha's Vineyard Black Book Festival and everything in between, Black intellectuals are coming together to share notes and swap contacts to forge new relationships and invest in each other.
This year, one event, in particular, seemed to take on a different level of importance, The MV Summit, which was celebrating its fourth year. In previous years, the summit had been called the MV CDO Summit, but as with many things related to diversity in the past year, the name evolved for the new era.
Over 275 senior executives, diversity advocates and professionals from across 200 different entities in the business world, education landscape, and medical profession came together for three days of unpacking, deconstructing, and workshopping. Beyond those in attendance, over 100 people ended up on a waiting list as the event reached capacity six months ago.
The ground rules were simple, yet powerful. No video. No photos. Just community, conversation, and connections.
'There truly is strength in unity,' said MV Summit founder Dani Monroe.
In a time when the public narrative and corporate support around diversity seems to perpetuate that demand for this role is ceasing to exist or is on the way out, at the MV Summit, the exact opposite spirit was in play.
'When I started this summit years ago, I saw an opportunity to provide a safe space for Chief Diversity Officers to convene and connect.' she said. At the time, diversity initiatives were flourishing in the government and across private companies.
But the demand this year was at its highest level since its inception. 'It's always been about thought leadership. The truth is, these are business issues, and they impact all of us. Centering these executives and professionals is not just a nice-to-have, it's a must-have," said Monroe.
The Rebranding Of DEI
One of the centerpieces of the Summit was around how the function itself should be acknowledged, with the assault on the mere meaning of the work's title. Both DEI and Chief Diversity Officer, both generally accepted terms for the function for over two decades, have now become lightning rods and third rails. How do you address an acronym that has been essentially co-opted? Do you spell out the words Diversity, Equity, and Inclusion - or do you pivot away from those words altogether? That answer was clear: more important than the label is defining what your why is and what language aligns with your business objective.
Since 2023, U.S. employers have eliminated more than 2,600 jobs with words including "diversity" or "DEI" in the titles or descriptions.
When discussing the topic with the room at large, based on their feedback, it's clear there is a new era taking shape around this practice.
Almost everyone in attendance has had to adjust to the new playing field in three ways.
1. Titles have been adjusted. From 'impact' to 'culture' to 'retention' and 'wellbeing' - the titles of chief diversity officers, and chief diversity, equity and inclusion officers are now being recategorized at an alarming rate with new words, acronyms and language.
2. Reporting structures have changed. No longer are CEO's the defacto direct line to diversity practitioners. From HR to learning and development to business development to communications, many roles have been aligned internally to new reporting lines.
3. Content and language were scrubbed. Corporate websites, both internal and external, have been scrubbed or re-rewritten to mask, rename, or delete mentions of programming, people, and policies related to diversity.
While none of these trends are alarming, they lead to a larger question - are we in a time in which invisible or covert diversity efforts have a better chance of surviving and being successful than louder more visible efforts that may pick up headwinds and derail?
Doubling Down On AI As Strategic Business Partner
As corporations continue to evolve at a rapid pace, one topic at the center of many attendees' minds is how AI will affect their livelihood. While AI can present ongoing challenges and displacement for specific roles or functions, the summittook an optimistic view of how it can amplify human expertise and create new opportunities.
'AI is your strategic business partner - and needs to be leveraged as such,' said Monroe. "Technology has always played a part in corporate evolution - and while this may be moving faster, it's no different. You either get on board or get left behind. This is not a diversity issue, this is a business issue and a leadership development necessity."
According to McKinsey & Company, by 2030, 30% of current U.S. jobs could be automated, with another 60% of roles to be significantly or seriously altered by AI tools. And Goldman Sachs predicts even more disruption - with up to 50% of jobs being fully automated by 2045, driven by ongoing advancements in generative AI and robotics.
'This is the time to learn - and the feedback on AI is that we are, at large, interested, and want to learn - but that learning may need to happen outside the company walls.'
Diversity Is An Emerging Market, Economic Opportunity
From an economic perspective, diversity is a proven driver of innovation and profitability. With America's demographics evolving, including these new, exciting voices allows companies to overcome what has become a historic $6 trillion blind spot with these consumers.
The opportunity: Diversity must be tied into the business.
It is estimated that Black Americans' spending power sits between $1.4 trillion and $1.8 trillion annually, a powerful economic bloc that's comparable to the gross domestic products of Mexico, Canada, and Italy. Latinos' purchasing power in the U.S. reached $3.4 trillion in 2021 and grew more than twice as fast as non-Latino groups. Asian Americans, with $1.3 trillion in buying power, have a median household income of $104,646, well above the average income in the U.S. This demographic has grown 314% over the past two decades — the fastest-growing of all ethnic groups.
Studies consistently show that companies with diverse teams outperform their less diverse counterparts. Tapping into these consumer markets is not only smart, but it is becoming more necessary for robust corporate bottom lines. Why Martha's Vineyard?
Monroe, who has been a resident of Martha's Vineyard for over twenty-five years, wanted to create a comfortable feeling that reflected the larger environment of the Island's legacy and history.
Massachusetts was the first state to abolish slavery, and since the 1800s, Martha's Vineyard, and Inkwell Beach, has been a renowned getaway for Black families, for Black freedom and Black expression. Over time, it has become the summer getaway for former President Barack Obama, former Attorney General Eric Holder, Henry Louis Gates Jr., and the late Vernon Jordan. Maya Angelou once described the town of Oak Bluffs as 'a safe place where we can go as we are and not be questioned.'
And with more eyes and visitors looking to Martha's Vineyard in August as a place for inspiration, the best may still be yet to come.
