Y’all Means All. Our commitment to diversity, equity, and inclusion in our business community.

By: Vanessa Wagner, Director of Business Development & Strategic Programs

The Golden Isles Development Authority (GIDA) is committed to finding ways to increase and celebrate diversity, equity, and inclusion in our business community. To be successful in this critical endeavor for the Golden Isles, our team is continuously exploring and learning best practices from other communities and organizations alike.

Last month our President and CEO, Ryan Moore, was invited to moderate the Georgia Economic Developers Association (GEDA) panel on diversity and inclusion. The discussion, “We are Family! Diversity, Equity & Inclusion in Your Community,” explored how the various ways communities and organizations are supporting diversity and inclusion.

Panelists for the discussion represented a range of experiences and programs and included:

Throughout the discussion, each speaker touched on the value created by adding new, different voices to the decision-making table.

Lemuel LaRoche, whose program Chess and Community utilize chess to help youth develop critical thinking, problem-solving, and planning skills, shared, “There is something valuable about adding a new, different voice to the table. When people know and feel that they are valued, it’s incredible.”

Nina Johnson went further to emphasize the importance of including new voices but also taking action on the new ideas that follow, “When you ask folks for their input, be clear that they want you to follow through.”

Ryan Moore challenged the speakers to share the impact that their respective programs are having on the success of organizations.

Leia Dedic was a wealth of data that supported the economic impacts of diversity and inclusion. This information was top-of-mind, after her participation in the The Savannah Area Good Corporation Citizen Project. Leia shared data that proved growth in sales revenue, customer base, innovation, and profits including:

  • Companies that exhibit gender and ethnic diversity are, respectively, 15% and 35% more likely to outperform less diverse peers.
  • Companies with higher diversity in management earned, on average, 38% more revenue than companies with lower diversity. Diversity of gender, country of origin, career path and industry background are highly correlated to innovation.
  • Organizations in the top 25% when it comes to gender diversity among executive leadership teams are 21% more likely to be profitable and 27% better at creating value.
  • More diverse companies experience innovation which results in 2.3 times higher cash flow per employee.
  • By replacing just one man with one woman on the board or in senior management, firms could experience an 8–13 basis point increase in their Return on Assets.
  • Hiring an individual with a criminal background results in less turnover.
  • Opening job opportunities to individuals with a criminal background significantly increase your labor pool as 1 in 3 adults in America have a criminal background.
  • A 2018 study by Accenture reports that businesses that actively seek to employ people with disabilities outperform businesses that do not. Their revenues were 28% higher, net income was two times more, and profit margins were higher by 30%. Additionally, the Department of Labor found that employers who embraced disability saw a 90% increase in employee retention.

Finally, all speakers ended with the shared message to not be afraid to start the conversation with your community or organization.

“Don’t let the fear of messing up, or cancel culture, stop you from progressing. You may or may not be the most qualified, but don’t be afraid to start,” Leia Dedic.

The GIDA team is actively involved with various organizations that support diversity, equity, and inclusion in the Golden Isles and beyond. For example, the Boys and Girls Club of Southeast Georgia, STAR Foundation of Coastal Georgia, and OUT Georgia Business Alliance.

If you would like to discuss ways to further diversity, equity, and inclusion in the Golden Isles, particularly our business community, we welcome the opportunity to start the conversation.