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In the hinterlands of western Odisha, a state in the east coast of India, a movement of grassroots financial inclusion, rural entrepreneurship and women’s empowerment has been brewing for the past decade.

At the centre of it is a women’s co-operative, called Subhalaxmi. The portmanteau comes from the words ‘Subha’, meaning good or foretelling good fortunes, and ‘Laxmi’ the Hindu goddess of prosperity. Run by women, for women, this co-operative is widely hailed for making women equal participants in poverty alleviation through rural entrepreneurship and financial inclusion in one of India’s most underserved regions.

Subhalaxmi Co-operative, the flagship community development initiative of Vedanta’s Aluminium Business, works for ‘sustainable livelihoods’ and ‘women’s empowerment’. From 10 members in 2008, it has over 4100 women members today – a testimony to Vedanta Aluminium’s commitment to the Sustainable Development Goals of Zero Hunger and Gender Equality. The co-operative enables aspiring women with micro-finance, skill development, financial literacy, market linkage and a support system of thousands of equally ambitious women. It also bridges them to various welfare schemes developed by the Indian Government for their socio-economic empowerment.

Women of Odisha who barely ventured beyond their hamlets earlier, run micro-enterprises like fast food centers, poultry & vegetable farms, grocery stores, beauty parlors, tailoring centers and much more, today. The journey wasn’t easy, they battled many stereotypes and regressive social norms to prove that women are equals in entrepreneurship and financial independence. The impact of this initiative is evident in the fact that the original fund base of INR 1000 (equivalent to USD 23 in 2008; each of the 10 founding members contributed INR 100) is today a corpus worth nearly INR 4 crores (around USD 541,000)!

Uniquely, Subhalaxmi Co-operative had created a fundamental shift in people’s mindsets. From being accepting of women as business-owners, they are now proactively encouraging the women in their families to explore entrepreneurial avenues with the co-operative. This shared sense of ownership has made Subhalaxmi a self-sustaining community institution today, vis-à-vis financial performance, social standing and governance. Vedanta Aluminium plans to augment the co-operative’s capabilities to support 20,000 women in this decade.

Read more here.

The World Economic Forum’s Power of Media initiative has developed a first-of-its-kind Audience Representation Index. In collaboration with Accenture and Ipsos, the index provides a benchmark for how well consumers see themselves represented in film and TV, gaming, news and magazines, and sport – and whether those industries are contributing to community and society.

Media and Entertainment brands with a 10-point higher Audience Representation Index score had a 30% higher likelihood of consumers trusting that brand.

The results indicate that the industry has a clear opportunity and mandate to improve across the sectors and geographies studied (US, UK and France):

As crucial as in-content representation is, audiences emphasized the importance of brands driving societal impact through corporate social responsibility activities. This ranked as the most important aspect of representation across all sectors.

LGBTQ+ audiences also struggle to see themselves in content. This presents a real opportunity for increased brand loyalty as half of LGTBQ+ participants said they would stop using a product or service that they deemed non-inclusive.

Yahoo sees diverse representation not only as fundamental to the future of media, but also as a key business indicator. The company is proud to be a leader in attracting diverse voices and perspectives across the world, with a global audience of close to 900 million.

Read the full report here.

WPP reports, "the video games industry is expected to be worth $200 billion in 2023 and much of the investment is being driven by an increasingly diverse audience. Almost half (45%) of European gamers are female, but outdated views and stereotypes are still being upheld by the industry and gaming community alike."

"As a result, there is a remarkable gap in the market when it comes to in-game advertising. A Newzoo study on gaming shows nearly half of UK players (47%) believe diversity is important and 41% avoid games that aren’t inclusive for them.

"By including video games in the media mix, brands can seize an untapped opportunity to reach an enormous, highly engaged, and currently uncatered-to female audience. Critically, they can also play a major part in reshaping the gaming landscape for the better..."

Read more here.

UBS has launched a new portfolio investing only in women-led hedge funds. The Financial Times reports that UBS’s Carmen portfolio is targeting between 10 and 15 funds across the world, having been given the green light after testing in recent weeks.

The FT quotes Claire Tucker, senior investment officer at UBS’s hedge funds unit, who said women had been “under-represented, particularly on the investment side, despite a lack of evidence justifying that by skill or performance differences”.

The article highlights that "hedge funds run by women were able to limit losses better than those run by men during last spring’s market plunge, while also profiting from the subsequent market rebound."

Google announces new initiatives that reaffirm its commitment to African startups, and extends support for underserved communities.

The programs, which include a $3 million Black Founders Fund for African startups and a $3 million Google.org grant to help low-income communities develop entrepreneurial skills and funding, will help Black founders grow their businesses not only by providing capital but also by providing access to the best of Google resources.

It's also welcoming 15 companies from across the continent to the sixth class of its Google for Startups Accelerator: Africa program.

Read more here.

iOS 15 brings new ways to help users focus and improve accessibility.

"Accessibility across iPhone expands with new features for VoiceOver that enable users to explore even more details about the people, text, table data, and other objects within images. In support of neurodiversity, new background sounds help minimize distractions, and for those who are deaf or hard of hearing, Made for iPhone supports new bidirectional hearing aids. Sound Actions customizes Switch Control to work with mouth sounds, and users can now customize display and text size on an app-by-app basis. Apple is also bringing support for recognizing imported audiograms — charts that show the results of a hearing test — to Headphone Accommodations."

Read more here.

Deutsche Bank must appoint women to about half of new senior roles to achieve its 2025 gender target, according to a Financial Times report published Sunday.

Managers at the German bank said on Thursday during a briefing that the lender wanted more women in top management positions.

Its goal is for women to make up 30% of senior executives by 2025, compared to 24% now. The bank has a group of 600 senior executives.

Vacancies for these positions are rare. Deutsche Bank's target can only be met if it hires or promotes a woman in at least half of new senior hires or promotions, according to the FT's calculations.

Read more here.

The Student Freedom Initiative (SFI) has announced that Cisco will give $150 million in order to aid historically Black colleges and universities (HBCUs).

The aid will take the form of $100 million in networking, security, and collaboration technologies, including ongoing technical support with help from cloud security services provider American Virtual Cloud (AVC) Technologies, in order to facilitate advancements to HBCU technology infrastructure and cybersecurity systems.

Read more here.

In the United States alone, one in four people have a disability, yet beauty and personal care products often overlook their challenges and needs. Unilever has worked in partnership with the Muscular Dystrophy Association, non-profit organizations Open Style Lab and The Lighthouse Chicago, and a panel of engineers, designers and occupational therapists, to develop an accessible roll-on deodorant prototype. The feedback will be applied to help improve the product for its future commercial launch.

Last June, Apple CEO Tim Cook announced that the company was launching a Racial Equity and Justice Initiative, pledging $100 million toward education, economic empowerment, and criminal justice reform.

Today the company announced multiple investments that fall within the initiative, which has been spearheaded by Lisa Jackson, Apple’s vice president of environment, policy, and social initiatives.

One investment is the Propel Center in Atlanta. Apple is building on its work with Historically Black Colleges and Universities as a founding partner and $25 million financial backer of the new Center, which will include both a physical campus and virtual platform for HBCU students and faculty.

The curriculum will be developed by Apple and cover topics like machine learning, social justice, entrepreneurship, and app development. Students will have access to potential internship and mentorship opportunities, both through the Propel Center and two new grants that will invest in HBCU engineering programs.

Two recent articles highlight the economic opportunity in reducing inequality in America.

The economic impact of closing the racial wealth gap

The persistent racial wealth gap in the United States is a burden on black Americans as well as the overall economy. New research quantifies the impact of closing the gap and identifies key sources of this socioeconomic inequity.

The future of work in black America

Research shows that automation trends may be widening the racial wealth gap. This article reveals possible interventions that may help African American workers prepare for the future.

55 organizations representing 13 industries, with more than 6.5 million employees worldwide and with headquarters in three continents have committed to building more equitable and just workplaces.

The World Economic Forum has today launched the Partnering for Racial Justice in Business initiative, which will see a coalition of organizations commit to building equitable and just workplaces for professionals with under-represented racial and ethnic identities.

The Partnering for Racial Justice in Business initiative has been designed to operationalize and coordinate commitments to eradicate racism in the workplace and set new global standards for racial equity in business. It also provides a platform for businesses to collectively advocate for inclusive policy change.

“At AstraZeneca, we are committed to driving racial equity in our workplace and access to our medicines, through our clinical trials and beyond. This includes ensuring our workforce is representative of the communities in which we operate and taking meaningful actions at each stage of our talent pipeline. We also aim to be part of the solution in the world around us by addressing the needs of diverse patient populations. This initiative directly aligns with these goals, and we are proud to join as a founding partner.”

"Across our company, we are committed to creating opportunities for ALL people, and in particular for those who often face barriers to employment. We are pleased to join the World Economic Forum’s Partnership for Racial Justice in Business. The initiative directly aligns with our longstanding work to advance racial equality and economic opportunity for people and communities of colour through initiatives including reskilling and job training."

"BlackRock is committed to helping build a better, fairer society, starting within our own organization. We believe that a strong culture, in which inclusion and belonging are paramount, creates room for all employees to drive our purpose of helping more and more people experience financial wellbeing. As a founding member of the Forum's Racial Justice in Business Initiative, we are building on our commitment to cultivate and advance diversity and inclusion of all forms."

"As business leaders, we must reflect and face the truth that our resources and efforts have not really impacted everyone equally. To create truly inclusive workplaces, we must be more intentional and take a holistic approach to diversity and inclusion across all dimensions. At Bloomberg, we remain committed to equality in the workplace and greater representation across our workforce. We’ve demonstrated our firm commitment toward racial and ethnic justice by putting in place targeted, company-wide initiatives to accelerate the careers and leadership potential of high-performing employees from underrepresented groups."

"BCG has developed Total Societal Impact (TSI) as a measure of an organization’s economic, social, and environmental effects on the world. TSI stands alongside Total Shareholder Return (TSR) as a driver of corporate strategy. We work with the world’s largest organizations and governments to ensure that racial equity is fully considered, measured, and advanced by this lens. Achieving sustainable impact requires a holistic approach that addresses business drivers, social and systemic change, and team and cultural factors."

"The time has come for corporate leaders to step up — it is long overdue. Bridgewater’s culture is rooted in equity and rewards based on merit. There’s a natural alignment between our way of being and the goals of the Partnership for Racial Justice in Business. We don’t claim to have all the answers on the biggest societal questions. But as a founding member of the Partnership, we are committed to ongoing improvement at our own company, and to collective action that creates more equitable workplaces across the world."

"At Capgemini building an inclusive and sustainable future for all is at the heart of our purpose. Diversity and equality are a non-negotiable cornerstone of our workplace and, beyond that, the communities in which we live. As a global leader we recognize that we have the power and the platform to take meaningful action in the fight for racial justice everywhere and that it is our responsibility to do so. It is with the conviction that we are stronger together on the path to racial justice in business that Capgemini is proud to be a founding member of this initiative."

"Centene was built on a steadfast set of values, including the belief that everyone deserves access to high-quality healthcare with dignity. Our purpose of improving the health of the communities we serve could not be brought to life without the dedication of our diverse and inclusive workforce. Recognizing the crucial need for a national dialogue around human dignity, civil rights, and racial justice, and our responsibility to serve as a strong and active partner in that conversation, we are pleased to be a founding member of the World Economic Forum’s Partnering for Racial Justice in Business initiative.”

"At Cisco, our mission is to create a more inclusive future for all. We’re excited to be a part of this initiative and look forward to joining forces with The World Economic Forum and partnering organizations to help make our world more just, equitable, and inclusive."

“CEOs must stand up for their beliefs and use their considerable influence to promote racial and ethnic justice—not only in the workplace but everywhere. As a Fortune 200 CEO who stands for the humanity and dignity of all people, I’m proud that Cognizant is a founding member of WEF’s Partnering for Racial Justice in Business initiative.”

“At Dentsu we believe every person deserves the right to be treated equally, with dignity, and that we cannot be fully inclusive until we are anti-racist. We are committed to dismantling racism in the workplace and to being a catalyst for change in our industry and society by partnering with our clients, industry networks and major advocacy organizations like The Forum to ensure we create sustained social justice change and reform beyond this catalytic moment.”

“Dialogue, debate and sharing of experiences are invaluable ingredients in solving racial inequality. All segments of society have a responsibility to address these challenges and Deutsche Bank is committed to doing our part to foster a more just and equitable future in our work around the globe.”

“A commitment to inclusiveness and social equity is crucial during changing and disruptive times. At EY, we strive to build a better, more equitable, working world in which differences are valued and everyone can thrive. Together with the other founding members of the Partnering for Racial Justice in Business initiative, we stand against systemic inequities, discrimination, and racism, and stand for building a better working world.”

“At Facebook, we are committed to advancing equity and racial justice. We are investing in the Black community, elevating Black voices, directly funding racial justice organizations, and building a more diverse and inclusive workforce. We are also taking steps to ensure diversity, inclusion, and transparency in our policy development process. Our participation in the Partnering for Racial Justice in Business initiative is part of our effort to do more – working with leading peer companies to make tangible progress.”

“Google is proud to join as a founding member of the World Economic Forum Partnering for Racial Justice in Business initiative. Diversity, equity and inclusion have always been core values for us as a company, but we know there’s more we must do to live up to those values. That’s why last year we made a set of commitments to help fight systemic racism and advance racial equity inside and outside of our walls. We look forward to working with other members of this partnership to turn this moment of reckoning on racial equity into sustained, meaningful change for underrepresented communities around the world.”

“We all have a shared responsibility to counteract racism and be an ally for those who fight for racial justice, representation and equality. Symbolic support is not enough – it’s time to take joint action.”

"Henry Schein is pleased to join the World Economic Forum’s Partnering for Racial Justice in Business Initiative. As the world’s largest healthcare solutions provider to office-based dental and medical practitioners, we are witness to the disparities in healthcare caused by racial inequity, and we are committed to doing our part to end the scourge of racism anywhere it exists.”

"At IBM we are committed to building a culture of inclusivity in the workplace and having IBMers serve as advocates around our brand values both inside and outside of the organization. We are honoured and proud to partner with the Forum on the Partnering for Racial Justice in Business initiative to drive meaningful, impactful and sustainable change globally around issues of equality and equity."

“At IKEA, we side with the many, and we believe that a better everyday is also an equal everyday. We are committed to create a fair and equal workplace, for everyone no matter ethnicity, race or nationality. We see three main reasons; It is about fairness, it’s about reflecting the diversity of our customer base to meet the dreams and needs of our customers in better ways. And finally, it opens up for more and new opportunities to attract and recruit the best talents. By working together with WEF and other businesses we hope to accelerate the pace and scale of change to create more fair and just workplaces and society.”

“2020 was a year when Jacobs’ commitment to standing against injustice was galvanized like never before as we focused on unleashing opportunity for all our staff, with specific emphasis on our black employees. Jacobs is excited to see the Forum join us in our efforts to increase the representation of racially and ethnically diverse leaders in our industry – and through their partnership, help lead the charge against the racism and inequity that exists in the wider communities that we serve.”

“There is an urgent need to take on the inequities rooted in systemic racism that impact diverse communities. As the largest and most broadly-based healthcare company in the world, we are uniquely positioned to make a meaningful difference through science, business, public health, and philanthropy. We are proud to continue our long-standing partnership with the World Economic Forum to address social and racial inequities, and drive systemic reform on a global scale.”

“This initiative is an important step in helping accountable business leaders do more to change the foundational systems that interfere with achieving equity. Kaiser Permanente is taking bold actions within our organization to evolve and advance our equity, diversity and inclusion strategy, and we look forward to being part of this coalition both to help its work and learn from others.”

“Racial injustice isn’t a U.S. problem; it’s a human problem. Fighting it requires more than personal commitment to change and a decisive shift from intent to action. Business leaders must be authentically-engaged stewards to drive progress for the next generation, to deliver fundamental outcomes of belonging and workplace joy and justice. We must be actively anti-racist, in any form, whether micro-aggressions, discrimination, segregation, conscious bias or blind spots. While all people want to be safe, and to be seen and to be supported, we need to go even further and actually inspire. Lead by example and tenacity. Kearney is all-in committed to partnering for racial justice in business.”

“Over the last year, the world has seen the impact that comes from a failure to turn well intentioned words into action when it comes to tackling racial inequity. This has affected people across the globe, in all walks of life. If we’re truly committed to turning the corner, we need to learn from this, and not let the moment pass. I’m privileged to represent KPMG in the Partnering for Racial Justice in Business initiative, and work alongside other leaders to help eliminate racial bias from the workplace and drive change across society more broadly.”

“The new global standards established by Partnering for Racial Justice in Business comes at a time of heightened global focus on racial injustice, underscored by a pandemic that has disproportionately affected Black and Latino communities in the United States, along with other marginalized communities worldwide. We believe companies - critical enablers of wealth creation and professional mobility - must play a leading role in building a more equitable future for all. And as an organization that exists to create economic opportunity for the entire global workforce, we are honored to join this initiative."

“Mayo Clinic stands united in strong commitment towards antiracism and rejecting all discrimination. Our vision is to create a global environment of empowered belonging for everyone. This vision of belonging is a welcoming culture, where all voices and perspectives are encouraged, acknowledged, celebrated and valued.”

"Maersk is proud to be a member of Partnering for Racial Justice in Business. Racial inequity and injustice impacts on the communities we serve and on our employees. We are early in our journey compared to others and therefore deeply value the opportunity to learn from our partners and to drive meaningful change in our own business.”

“In order to have an economy that works for everyone, we all have an obligation to address the inequalities that have existed for too long; that includes systemic racism. At Mastercard, we believe that our success comes by ensuring decency, wellbeing and inclusion are part of everything we do. Bringing together groups like this creates the potential for greater impact, accelerating our ability to learn from one another and deliver action at scale.”

“Over a decade of research tells us that racial and ethnic diversity can give companies a performance edge. McKinsey is proud to be a founding member of this new coalition that is working to tackle issues of racial injustice in the workplace and identify solutions that work across the globe."

“As leaders, we are often in positions of power and privilege—meaning we are also often in a position to drive forward meaningful change within and beyond our organizations. The new global standards established by Partnering for Racial Justice in Business are a step toward increased accountability, transparency, and intentional action for addressing racial injustice with an acute awareness of the global Black experience. Microsoft is on its own D&I journey, and we have much to learn, but we are honored to join this initiative and to reaffirm and deepen our commitments."

“At Nestlé, a diverse and inclusive culture is the foundation of our strength. By joining the WEF coalition for racial justice in business initiative we aim to use our voice to drive for changes that root out institutional racism in society. We also want to learn from our partners and continue challenging ourselves to do better.”

“The journey for racial equality has long been part of PepsiCo’s DNA. Whilst there are areas we have made good progress, we know we have a lot of work to do in the fight against systemic racism and inequality, and we are committed to being agents of positive, structural change in our workplace and the world.”

“At P&G, we aspire to create a company and a world where equality and inclusion is achievable for all people. For us, this starts with ensuring equitable and inclusive workplaces, and drives the actions we take with our brands and business partners and throughout communities around the world. The Partnering for Racial Justice in Business initiative will help foster cross-sector collaboration towards this aspiration and enable P&G and many companies to accelerate progress faster than any of us could do alone, and we’re proud to lend our support.”

"While we can't control what happens in the world, we can - and should - always strive to influence and change it for the better. That is the underlying premise of our purpose, and within PwC and the communities in which we live and work, we are committed to fostering an environment that stands for inclusion and equality, and that allows people of all backgrounds to thrive and succeed."

"At Salesforce, we stand with the Black community against racism, violence, and hate — and for justice and equality. We look forward to partnering with leaders across the world to urgently advance racial equality and drive meaningful change."

“As a global organization that runs with purpose, we will only have done our jobs if we create opportunities for every employee to flourish and for social justice to prevail. We must understand the role we play, the things we can do better, and the actions we can take to ensure equality for all. Let our work together be a shining example of the change we are advocating."

"At Standard Chartered we are proud of our unique diversity and the many benefits it unlocks for our colleagues, clients and communities. This is why we’ve joined the Partnering for Racial Justice in Business initiative - to bring together like-minded organizations and provide inclusive and fair workplaces for under-represented groups.”

“As business leaders we have a critical role to play in ensuring that the world we will build is more inclusive, fair and just. Tata Consultancy Services has put in place significant initiatives on the diversity and inclusion front, to play our part in achieving this. We are pleased to join the Forum's new eco-system of like minded progressive partners to ensure racial justice is served in the time to come. We must move forward with courage, empathy and an open mindset. We must move forward together.”

“Creating a diverse and inclusive workplace is both the right thing to do and an important business priority – diversity fosters creativity, innovation and connection to the markets that we serve. The Coca-Cola Company is proud to join the ‘Partnering for Racial Justice in Business’ initiative, which seeks to create positive change in the workplace and make a difference in the world.”

“DTCC is proud to be a founding member of the Partnering for Racial Justice in Business initiative. Racism and racial injustice are critical issues that continue to impact societies around the world, and it is time that we – as a collective business community – strengthen our efforts to drive real change and deliver a message that we will not tolerate it in any form or at any time. We need to create an environment where all employees feel they are treated fairly and equitably and can do their best work, so that organizations can deliver maximum value to clients.”

“The world is at an important point of reckoning to address racial equity and representation. As a company that powers movement, it’s our goal to ensure everyone can move freely and safely, whether physically, economically or socially. We’re excited about partnering with the WEF to continue our work to fight racism and be a champion for equity in the workplace, and beyond.”

“Creating a diverse and inclusive organization requires intentional advocacy to combat racism and elimination of unconscious bias. It requires leaders to commit to dismantling barriers to an equitable culture. The Partnering for Racial Justice in Business initiative aims to set new industry standards and drive action to achieve racial equity. Unilever is proud to join this group of industry leaders to help us deliver our social commitments to drive equity, diversity and inclusion in our own workplace, across our value chain and into wider society.”

"As Martin Luther King Jr. reminds us, 'The arc of the moral universe is long, but it bends towards justice'. It is our responsibility, as a global brand that influences millions of lives across the world, to accelerate every attempt towards equity and justice. So Wipro gladly joins this important initiative. We are stepping up to this moment, and we will do everything we can do to help us all rise up and, together, strive for racial justice.

"Wipro seeks to access as many different resources as possible, so we can learn from them, and introduce inclusive practices into our hiring, retention and employee growth approach. Without a doubt, we must be inclusive in our hiring process, must create new platforms to engage and alleviate existing racial tensions, encourage racial empathy, and cultivate a fully inclusive and welcoming workplace. We want to ensure legal protections to end discrimination. By joining the Forum’s Partnering for Racial Justice in Business initiative, we hope to cross-pollinate ideas with fellow industry leaders who are philosophically aligned with this belief, and accordingly help develop a set of industry standards and best practices."

UBS builds the commercial case for companies to become more diverse and inclusive, considering some of the misconceptions that hinder firms from becoming more diverse, particularly private firms that have fewer resources than large listed multinational companies.

The paper suggests practical steps or principles for firms of all sizes to become more diverse and inclusive, which can help to deliver better financial performance and more positive social outcomes.

Read more here.

Read here for more on the diversity and inclusion topic in a wider sustainability context.

The destructive potential of prejudice