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私募股权如何赶上多样性

经过Lorenna Buck,,,,坎坎·萨姆塔尼(Kanchan Samtani),,,,Sara Kuller,,,,Vinay Shandal,,,,and罗素·凯尔纳(Russell Kellner)

PE拥有的公司构成了强大的经济力量,并有很大的机会领导多样性,公平和包容性。

• A BCG survey of more than 4,000 employees in US-based firms revealed that the PE sector has more work to do than others in addressing DEI in their organizations. Many firms are starting from a lower base, with fewer programs in place to promote DEI.

• The share of employees at PE-owned firms who said they had witnessed discrimination was 13 percentage points higher than at public companies. And 29% of respondents from PE firms (vs 22% at public companies) said they were uncomfortable reporting such incidents.

But PE firms have characteristics that will enable them to make strides in DEI—their size, for instance. Clickhere要了解有关PE公司如何以及为什么要促进DEI努力的更多信息。

私募股权公司共同构成了强大的经济力量。在美国,他们产生了大约5%的GDP,2019年雇用了近900万人。因此,为了推动业务增加多样性,公平和包容性(DEI),这些公司可能会产生很大的不同。然而,PE拥有的公司在采取行动方面是公开交易的同行。这需要改变。

PE-backed companies certainly have a significantopportunity to lead in diversity and inclusion。The nature of PE portfolio companies—their ownership structure, focus on near-term action, and smaller size, all of which allow them to be more nimble—could prove a big advantage in accelerating change.

实际上,当这些公司确实实施DEI计划时,它们对所有员工的影响都比在公开交易的公司中更大。例如,BCG分析发现,在PE拥有的公司中,许多白人报告了多样性计划的个人收益是公共交易公司的两倍。

Given the diversity dividends—from increased resilience to enhanced innovation—as well as the risks of inaction, such as reputational damage and an inability to retain top talent, PE firms need to lead the way.

A Moment for Action

Even in normal times, PE portfolio companies would have powerful reasons to pay more attention to diversity and inclusion. An abundance of research has confirmed that diverse teams increase companies’ resilience and agility. And, as BCG has found,领导团队的多样性增强了公司创新的能力and leads to tangible improvements in their financial performance.

But these are not normal times. The pandemic has disproportionately affected communities of color. Black employees have been laid off at higher rates and rehired at lower rates than their white counterparts, reducing diversity in the workforce—as happened during the Great Recession. In the shift to remote work and learning, women have shouldered more of the burden of caregiving and home responsibilities than men, driving female employees to leave the workforce at higher rates than their male counterparts.

与此同时,致命的spa枪击事件之后tlanta, anti-Asian racism—which has been growing at an alarming rate in recent years—has emerged as an issue that must be urgently addressed.

而且,美国并不需要解决不公正现象。例如,在印度,种姓制度继续以与美国种族相同的方式使社会和经济不平等永存。这些基于种姓的歧视性态度仍然存在于印度以外的地方,并在美国的科技公司中被发现。类似的问题与中国对其非洲移民社区和欧洲对移民工人的待遇有关,他们通常是劳动力中最脆弱的人之一,面临从歧视到语言和机构障碍的挑战。PE公司及其投资组合公司可以在防止和逆转这些不平等,促进真正包容的工作环境以及作为首选雇主中脱颖而出。

这种环境使每个行业的公司都需要采取更加艰难的步骤,以增加内部的多样性和包容性,充当变革的催化剂,并领导运动以实现劳动力公平的运动。

Over the past year, public announcements from large companies denouncing racism and promising to do better have, for example, been followed by commitments to racial equity of $66 billion. This suggests that when the corporate sector decides to move, it can do so at scale. So the question for PE firm leadership should be: When it comes to diversity, equity, and inclusion, how fast can the sector move the needle?

一场艰苦的战斗

从最近对美国公司4,000多名员工的BCG调查中,重要的发现出现了说明为什么PE部门比其他人在其组织中解决DEI的工作要做更多的工作。

First, many firms are starting from a lower base. Compared with publicly traded companies, PE-backed firms have fewer programs, initiatives, and activities in place to promote DEI. (See Exhibit 1.) In our research, employees pointed to gaps in gender, race or ethnicity, and LGBTQ programming in areas such as mental health and wellness, flexible working, antidiscrimination initiatives, paid maternity leave, and clear criteria for performance reviews.

In terms of the actions companies have taken to address racial and social equity, we found a 10-percentage-point gap between publicly traded companies and the PE sector, with only 55% of PE-backed firms having recently moved to address these issues.This lack of focus on DEI creates knock-on effects that could dent firms’ bottom line and ability to compete.

在我们的调查中,例如,empl的比例oyees at PE-owned firms who said they had witnessed discrimination was 13 percentage points higher than at public companies. And while 22% of employees at public companies indicated they felt uncomfortable reporting such incidents, this rose to 29% among respondents from PE firms. (See Exhibit 2.)

同时,大约30%至40%的PE支持公司的不同员工报告说,与招聘,保留,晋升,以及对DEI的领导层缺乏领导力有关的公司的性别多样性和包容性的障碍。在调查中,这一发现对所有多样性群体(性别,LGBTQ,种族或种族)的受访者持持持同态度,而PE拥有的公司中的7个百分点比在公开交易的公司中高出7个百分点。

Breaking this down, the biggest gap between the responses of employees at PE-owned firms and those at publicly traded companies emerged when respondents were asked about barriers to retention. Among gender-diverse respondents, 41% cited this as an obstacle (12 percentage points higher than in public companies) and among LGBTQ respondents, 32% did so (9% percentage points higher than in public companies).

这些差异的部分原因可以在私募股权的性质中找到。这些公司的增长非常迅速,他们的重点一直在扩大业务,而不是建立支持DEI的基础设施。

什么都不做的成本

无论出于根本原因,DEI表现不佳都会为企业带来实际成本。不足以消除与多样性相关的招聘障碍的公司将被迫花费更多的时间和资源来招聘员工取代离开的人。

消除这些障碍很重要,不仅是因为这是正确的事情。实施全面的DEI策略也是PE公司的最佳财务利益。

体育公司越来越多地认识到有必要帮助改变其投资组合公司。在过去的一年中,许多人将董事会多样性设定为他们拥有的公司的第一个也是最立即行动的目标。凯雷的信贷额度是最近且高度创新的倡议,它为其投资组合中的公司提供多样化的领导力提供了经济激励。

This is a good start. But much more can and should be done within portfolio companies. At the board level, diversity metrics should be measured and tracked. Succession planning of key leadership positions should aim to diversify management teams over time. And finally, PE firms should encourage and enable their portfolio companies to invest in high-priority DEI initiatives that will enable these companies to develop an inclusive culture while outperforming their peers.

Asset owners also have a role to play as limited partners to PE. While they have been public in calling for more action in this area, they have so far failed to hold general partners (GPs) accountable, primarily out of fear of disrupting their access to funds and their ability to co-invest. But again, if GPs do care about their fiduciary responsibility, DEI is an important part of this.

进步的股息

尽管PE拥有的公司目前落后于公开交易的同行,但好消息是,将其正确的PE公司有可能超过公共交易。

正如我们的研究表明的那样,与上市公司相比,解决这些问题的PE支持的公司可以从员工影响中受益。在拥有DEI计划的PE拥有的公司中,经历积极影响的员工比例高于公共公司。(见图表3)

尽管这些计划旨在支持各种员工,但每个人都受益。例如,在调查中,PE拥有的公司的白人男性报告说,他们个人从多样性计划中受益,其价格类似于不同员工报告的速度。这些利率比在公开交易公司工作的受访者中高出19个百分点,我们发现这不仅在东北或西海岸都是如此,而且在美国的所有地区,都强调我们的发现对大多数人说明了这一点PE拥有公司的员工。

对体育公司的优势之一是,在较小,更敏捷的公司中实施此类计划时,实现买入更容易。此外,由于在PE拥有的公司中经常发现的组织结构平坦,DEI计划的影响可以更快地感觉到。

The Way Forward

Given clear evidence of the across-the-board advantages to PE firms from DEI initiatives, the question for their leaders is where they should start.

BCG has developed four “no regrets” strategies that, in our research, have consistently been deemed the most effective measures by all diversity groups. These come with little downside but have the potential to generate substantial value:

  • 包容性政策。Implement antidiscrimination policies.
  • Career Transparency.Establish clear performance review criteria and allow for regular formal feedback while providing coaching and professional development programs.
  • 工作与生活解决方案。帮助员工与职业生涯一起管理家庭;措施包括提供带薪育儿假和灵活的工作计划,使员工可以选择何时何地工作。
  • 整体健康。Introduce programs that support employees experiencing physical or mental challenges and that foster good physical and mental health.

但是,如果要避免意想不到的后果,必须仔细考虑企业促进DEI的方式。

例如,在没有热情的文化和透明的职业道路的情况下,诸如增加特定多样性集团的招聘诸如招聘之类的倡议可能会适得其反,使该计划变成了旋转门,使公司的多样性少于以前。

And while giving women flexible work options may improve retention, if the corporate culture sees working mothers as less ambitious or motivated, it can hamper their opportunities for career advancement.

Moreover, although some might question the rationale for firm-wide initiatives—as opposed to those targeted at diverse employees—these more comprehensive programs have the advantage of creating benefits across the enterprise and not singling out an individual group.

例如,阐明绩效审查标准使所有员工受益。但是对于不同群体的成员,优势要大得多,因为多样化的员工不太可能收到可行的反馈。此外,管理者在始终如一地为其所有直接报告应用计划时,而不是仅仅针对团队中的一两个不同的员工,更有可能采取包容性行为,从而加快了整个组织多样性的进步。

And finally, rather than focusing only on mothers, giving all parents extended leave and flexible work options changes work-life balance expectations for employees of all gender identities and helps create a culture where parental responsibilities are no longer at odds with career ambitions.

In other words, firm-wide initiatives can transform the entire culture of an organization in ways that disproportionately improve the engagement, retention, and promotion rates of diverse employees.

PE多样性必须

The arguments for the PE sector to step up its action on DEI are compelling. For PE-owned firms, putting in place these strategies can be easier than it is for large corporate entities.

As smaller businesses, they tend to be less weighed down by the layers of bureaucracy and complex organization structures found in many publicly traded companies. Moreover, by prioritizing DEI, PE-owned firms can reap benefits internally, such as greater levels of innovation and an increased ability to attract top talent.

因为在美国公开上市公司的PE拥有的公司几乎是两倍,因此这些公司的外部影响更大。如果PE股东在整个投资组合中实施多样性计划,那么到出售投资组合公司时,即使这些公司最终不是PE拥有的,这些计划的积极影响也可能会持续下去。

我们认为,这是私募股权的真理。通过成为公司部门更广泛的运动的一部分,PE拥有的公司可以为朝着更加多样化和公平世界的进步做出重大贡献。

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私募股权如何赶上多样性

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