How can MBA programs work with corporations to reduce the racial wealth gap?
Last month, the Kellogg School of Management and Northwestern Mutual co-hosted Gather Against the Gap, an event that explored the issue of the racial wealth gap and its impact on social and economic growth. Dean Francesca Cornelli and John Schlifske ’83 MBA, the chairman, president and CEO at Northwestern Mutual, served as co-hosts.
The one-day conference featured several Kellogg alumni and faculty sharing their expertise and research on a variety of topics. To kick off the event, Dean Cornelli and Schlifske were joined by leadership development advisor Ginny Clarke ’84 MBA and others for a fireside chat on their visions for the future of this work. Kellogg adjunct professor and alum Dwight Hutchins ’91 MBA, a senior partner at Boston Consulting Group, gave an inspiring keynote about research into this area and what corporations can do to make an impact.
The day continued with James Lowry, academic director of the Kellogg Advanced Management Education Program, providing practical guidance on supplier diversity, while adjunct professor Will Towns moderated a panel on channeling capital for Black business development. Cornelli also moderated a panel on scaling Black-owned startups, which included Vistria Group’s Susan Edwards ’10 MBA as a featured speaker.
Throughout the conference, attendees explored ways that their respective organizations can commit to investing in a more diverse future and workforce. Here are just a few of the top takeaways from the day:
- Treat this as a business imperative and gains will be two-fold. Ask questions, show vulnerability and carry through that commitment in a strategic and actionable business plan. Supporting change can enhance community vitality, while also having significant return for your business.
- Sustained action requires sustained leadership. When leaders show up consistently for their impact initiatives, they create a multiplier effect within their organization.
- Challenge your thinking on the partners you align with. Remove any guardrails that may have unconsciously been placed on the types of organizations you think of when hearing “supplier diversity.” Broaden that definition to “business diversity” which includes technology, professional services and other fast-growing industries that can add value to your corporation.
- Have transparency and intentionality around tangible outcomes. When a consumer can understand how the dollars being invested are directly having an effect on their community or issues they align with, it leads to trust, understanding and a greater connection.
“Changes to our systemic environment do not happen overnight, or through one single meeting,” says Schlifske. “However, every conversation leads to stronger roadmaps, action plans and implementations that lead to higher outcomes for communities and business, all in support of driving equality in racial wealth.”
“Addressing the racial wealth gap is of the utmost importance, and we were grateful to partner with Northwestern Mutual to bring together the best academic and business minds for meaningful conversation on how to advance that goal,” said Kellogg Dean Francesca Cornelli. “At Kellogg, we are shaping leaders who will lead courageously, setting priorities at their organizations that can help advance a more equitable society.”
Learn more about Kellogg and our commitment to inclusion and belonging.
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