Defying Corporate America’s Diversity Retreat

In a significant shift across corporate America, many companies are stepping back from their Diversity, Equity, and Inclusion (DEI) initiatives; but one company is going against the grain having launched a head turning campaign. In February, Elf Cosmetics launched a campaign called So Many Dicks. Turns out, there are more men named Dick (including Richard, Rich, and Rick) on U.S. public corporate boards than all underrepresented groups COMBINED. In a departure from what’s becoming the norm, this campaign literally calls for more diversity at the board level.

At a time when companies like Google, Meta, PBS, Deloitte, Accenture, GE Aerospace have scaled back their DEI efforts, this campaign by Elf Cosmetics is a bold move. Elf’s end goal via their campaign is to help double the rate of women and people of colour added to boards of directors of public and private companies. The company isn’t just talking – they’re leading by example, standing out as one of only two companies among 4000+ publicly traded entities with a board that’s 78% women and 44% diverse.

Elf’s chosen a two-pronged approach to achieve the goal:

1. Building awareness of the importance of a diverse board via their whitepaper. The immensely captivating campaign website not only includes access to the whitepaper but also contains a captivating video and a number of memorable phrases.
2. Elf is sponsoring 19 people in the 2024 National Association of Corporate Directors (NACD) Accelerate Program to get boardroom-ready. The (NACD) in the US sets the bar for corporate governance across the board (literally) through education and advisory services. The NACD accelerate program is a unique two-year program that creates a pathway for executives with little or no experience in the boardroom to prepare for board service. 

Why is diversity among board of directors important?

The significance of board diversity extends far beyond optics. Board members shape company strategy, governance, and risk management, while setting the tone for organizational mission and goals. Their influence touches everything from major transactions to capital allocations and leadership appointments. Recent data backs this up: McKinsey’s 2023 report reveals that gender-diverse boards are 27% more likely to outperform their less diverse counterparts, while boards with greater racial diversity show 13% better performance.

I am really impressed by Elf’s move not only because it is a noble mission that stands out in a moment like this but also because they’ve pulled together a campaign page that serves as a lesson in marketing that every HR person can learn from.

One can argue that Elf’s ability to take such a bold position might be partly due to their limited dependence on government contracts – a factor that has caused companies like Accenture to step back from DEI commitments. However, the corporate landscape shows varying responses to these pressures. On one hand we have Mark Zuckerberg advocating for more masculinity is good and celebrating aggression. While, Apple’s Tim Cook stood firm as shareholders rejected a proposal to end diversity policies saying, “As the legal landscape around this issue evolves, we may need to make some changes to comply, but our north star of dignity and respect for everyone and our work to that end will never waver.”

The reality is every organization will feel some (if not a lot) of pressure from the current administration but the responses can vary.  Elf isn’t the only one who’s been brave enough to combat the wave against DEI. Other companies like McKinsey, Costco, Delta Airlines, Apple, Procter and Gamble and Sephora have all continued and reinforced their commitment to DEI and in the case of Costco and Apple the Board of Directors rejected proposals to overturn DEI commitments which highlights the importance of having a diverse board. And even if there’s no direct government contracts, the ruling powers can always find other means to put pressure but companies can and should fight it out. I have said this before and I will say this again – corporations today are as powerful if not more powerful than governments. The question isn’t whether they can take a stand – it’s whether they choose to use their influence to drive meaningful change. And whether we stand with them to show our support.

While Elf’s campaign represents just one step toward greater inclusivity in the board room, every step matters. Supporting brands that champion diversity sends a powerful message that consumers care about representation. So next time you’re shopping for cosmetics, consider picking up some Elf products.

P.S. This isn’t sponsored content (though Elf, if you’re reading this, let’s talk! 😉)