WEBVTT - Price on Tracking Diversity, Equity and Inclusion Progress 0:00:00.160 --> 0:00:04.160 This is Bloomberg Business Week with Carol Masser and Bloomberg 0:00:04.240 --> 0:00:08.239 Quick Takes Tim Stinovic from Bloomberg Radio. The backstory on 0:00:08.280 --> 0:00:10.800 our next guest company's name will tell you a lot 0:00:10.840 --> 0:00:12.840 about what they hope to be doing, and that is 0:00:13.119 --> 0:00:16.720 creating a safer workplace for employees, just like Canaries did 0:00:16.960 --> 0:00:19.919 in the coal mines. Let's bring in Mandy Price. She's 0:00:19.960 --> 0:00:22.680 CEO and co founder of Canaries. It's a platform for 0:00:23.079 --> 0:00:28.760 compiling and tracking demographic demographic data for companies. It's also 0:00:29.000 --> 0:00:32.880 pulling in together data on employees, executive leadership, and governing boards. 0:00:32.960 --> 0:00:35.080 Her company works with the likes of Young Brands and 0:00:35.080 --> 0:00:38.280 even Marcus and the Dallas Mavericks, among others, and many 0:00:38.360 --> 0:00:40.880 joins us on the phone in Dallas. Mandy, Welcome to Bloomberg. 0:00:42.280 --> 0:00:45.400 Hi Carol, how are you. I'm doing well. I'm doing well. Um, 0:00:45.400 --> 0:00:47.479 tell us a little bit more about your company and 0:00:47.520 --> 0:00:49.639 what you are doing and really what you've set out 0:00:49.680 --> 0:00:51.760 to do. I'm curious how you got there in the 0:00:51.840 --> 0:00:56.200 first place. Yeah, sure so. Um. As a woman of color, 0:00:56.240 --> 0:01:01.480 I had challenges in the workplace like many represented employees space, 0:01:01.640 --> 0:01:06.080 but I have to also unique perspective and experience of 0:01:06.520 --> 0:01:11.160 helping to drive my organization's diversity initiatives. So I designed 0:01:11.600 --> 0:01:14.560 UM my law firm. Before Canaries, I was a practicing 0:01:14.600 --> 0:01:18.880 attorney and UH as far as with the Women's Task Force, 0:01:18.959 --> 0:01:21.520 the Hiring Committee, and and also leading up the Black 0:01:21.560 --> 0:01:23.800 of r G group. So I knew the unique challenges 0:01:23.840 --> 0:01:28.440 that organizations had really trying to movies initiative sports and 0:01:28.560 --> 0:01:32.000 knew that there needed to be away for organizations to 0:01:32.080 --> 0:01:34.920 really measure and track their progress. What we see is 0:01:34.959 --> 0:01:39.120 that a lot of organizations are measuring diversity in tracking that, 0:01:39.360 --> 0:01:41.280 but we have to go beyond that. We have to 0:01:41.360 --> 0:01:44.440 really be able to have a measurement tool for equity 0:01:44.480 --> 0:01:47.640 and inclusion and ensure that we're creating that workplace where 0:01:47.640 --> 0:01:52.480 everyone's arrived. How do you measure that? So we do 0:01:52.560 --> 0:01:55.200 all kinds of assessments. We do assus that's not only 0:01:55.280 --> 0:01:59.200 with respect to the employees, but also assessments with respect 0:01:59.240 --> 0:02:03.240 to the company UH policies, practices, the way the organization 0:02:03.320 --> 0:02:05.920 is operating. We know that the systems we put in 0:02:06.000 --> 0:02:09.040 place to perpetuate in equity and so that's one of 0:02:09.040 --> 0:02:10.679 the first things we do when we're working with a 0:02:10.760 --> 0:02:13.320 client is sit down and really looking at not only 0:02:13.320 --> 0:02:17.480 their talent acquisition, the performance management, the way their pay 0:02:17.919 --> 0:02:20.720 structures are set up, to ensure that we're putting in 0:02:20.880 --> 0:02:24.919 research best practices, to ensure we are reducing those in 0:02:24.960 --> 0:02:27.200 equities that are with within the workplace. Well, because it's 0:02:27.200 --> 0:02:30.120 interesting and I am curious in your own personal experience. Um, 0:02:30.160 --> 0:02:32.600 when you're working at the law firm and then you know, 0:02:32.639 --> 0:02:35.520 maybe putting your company together raising money. I mean, what 0:02:35.800 --> 0:02:40.160 are the structural problems that you see that currently exists 0:02:40.160 --> 0:02:45.079 in our system that that really prevent equality and diversity 0:02:45.080 --> 0:02:50.640 and inclusion to its fullest extent. Carol, will be your 0:02:50.680 --> 0:02:55.720 aug day? Yeah, there's an easy question. Well, but but 0:02:55.800 --> 0:02:57.639 I love talking to leaders like you because I get 0:02:57.680 --> 0:03:00.760 a better on understanding, especially if you see something firsthand, 0:03:00.800 --> 0:03:03.240 like because we've been you listen, you know this better 0:03:03.240 --> 0:03:06.280 than I do. Mandy. We've been talking about this four decades, 0:03:06.880 --> 0:03:09.600 and I do hope that things are changing in the 0:03:09.639 --> 0:03:13.440 past year. That it's not just about talking, it's about actions, 0:03:13.480 --> 0:03:17.160 being deliberate, being intentional, so that the systems changed and 0:03:17.160 --> 0:03:21.440 that we do create a much more equal society. You know, 0:03:21.520 --> 0:03:24.280 your your spot on and I think what we're starting 0:03:24.280 --> 0:03:26.520 to see if that organizations understand that you have to 0:03:26.560 --> 0:03:29.760 have a system based approach, because for so long, what 0:03:29.840 --> 0:03:33.880 we heard and what the organization's focus was was on 0:03:34.160 --> 0:03:36.720 increasing the pipeline. They felt that, you know, the the 0:03:36.960 --> 0:03:39.640 entire issue is really around the pipe on the talent 0:03:39.640 --> 0:03:44.000 acquisition system. But that's just one uh piece of the pie. 0:03:44.200 --> 0:03:46.880 And so what we need to do and what research 0:03:46.920 --> 0:03:49.520 has shown, right when we look at McKenzie in Sport 0:03:50.000 --> 0:03:52.440 every year they've been doing it for five I believe 0:03:52.440 --> 0:03:55.119 it's going to be the sixth year, they see that 0:03:55.600 --> 0:03:58.280 only a handful of the organizations have the systems and 0:03:58.320 --> 0:04:03.520 structures in place to you actually reduce the inequities that 0:04:03.560 --> 0:04:06.520 we see from an organizational standpoint. So I think the 0:04:06.560 --> 0:04:09.200 fact that we're starting to think about this from an 0:04:09.320 --> 0:04:13.320 organizational intervention perspective as opposed to rely on only on 0:04:13.360 --> 0:04:17.080 those individual interventions, which we have typically seen instance of 0:04:17.560 --> 0:04:21.240 um UH some type of unconscious biased training or other 0:04:21.360 --> 0:04:25.360 d I compliance training is really based off reducing discrimination, 0:04:25.800 --> 0:04:27.680 which really doesn't get to the heart of the issue 0:04:27.800 --> 0:04:30.520 as far as our systems and our policies. Now, Carol, 0:04:30.760 --> 0:04:32.320 I'm going to highlight just a couple of things, Like 0:04:32.360 --> 0:04:37.040 I said that organizations can do from a structural standpoint. So, Mandy, 0:04:37.080 --> 0:04:39.719 I kind of asked you a loaded question and a 0:04:39.760 --> 0:04:42.240 big question, And as you said, we could probably talk 0:04:42.279 --> 0:04:44.880 for hours about it, uh in terms of how do 0:04:44.920 --> 0:04:47.880 we really get two changes when it comes to D 0:04:48.000 --> 0:04:51.360 and I UH and equities within the workplace? And you 0:04:51.520 --> 0:04:53.800 said you had some some points that you wanted to make, 0:04:53.880 --> 0:04:57.360 so let me let me toss it back to you. Yeah, 0:04:57.480 --> 0:04:59.479 So some of these things we do when we're working 0:04:59.480 --> 0:05:02.240 with our client, right because, UM, what you hit on 0:05:02.440 --> 0:05:05.880 exactly the problem that a lot of organizations and leaders have, 0:05:06.120 --> 0:05:08.440 which is where do I even start right? How do 0:05:08.480 --> 0:05:11.400 we even start thinking about this from a systems and 0:05:11.560 --> 0:05:14.000 organizational perspective? And so some of the things we do 0:05:14.080 --> 0:05:16.800 is help them with that diagnosis. So we're looking at 0:05:16.839 --> 0:05:19.840 things like, UM, when we when we look at your 0:05:19.839 --> 0:05:24.320 pay practices, are you by seeing UH pay in someone's salary, 0:05:24.400 --> 0:05:27.400 are you looking at prior salary history to determine their 0:05:27.440 --> 0:05:30.280 current salaries or are you looking at just the job 0:05:30.839 --> 0:05:33.760 uh and and the experience required for the job. Because 0:05:33.760 --> 0:05:36.880 we know that these pay disparities and equities exist within 0:05:36.920 --> 0:05:40.200 our society so when we do that common practice that 0:05:40.279 --> 0:05:43.640 most organizations do, which is using salary history and the 0:05:43.720 --> 0:05:49.120 interviewing hiring process process, what we see is that organizations 0:05:49.320 --> 0:05:53.240 have these disparities that are coming into their own workplace 0:05:53.279 --> 0:05:55.960 that they didn't intend just because of the disparity that 0:05:56.040 --> 0:05:59.160 existence in society. And so those are the types of 0:05:59.200 --> 0:06:02.800 analysis and and reviews that we do to ensure that 0:06:03.120 --> 0:06:07.200 we're having a sound structure and policy within our organization 0:06:07.600 --> 0:06:10.960 to reduce an eliminate even equities as much as possible. Now, 0:06:10.960 --> 0:06:13.440 I have to say in planning for this interview, um 0:06:13.640 --> 0:06:17.279 our producer Donnie who was involved in it, and he said, 0:06:17.640 --> 0:06:19.880 you know what's interesting too, is they've got this platform 0:06:19.920 --> 0:06:24.640 that basically let's you know, various employees. From what I 0:06:24.720 --> 0:06:28.279 understand is, you know, if they want to post something 0:06:28.279 --> 0:06:31.120 on their employer, they can do it anonymously. And that 0:06:31.240 --> 0:06:33.600 is I think even on your is pretty fairly prominent 0:06:33.640 --> 0:06:35.400 on your website. Talk to us about why this is 0:06:35.440 --> 0:06:39.840 such an important ability to be able to do. Yeah, 0:06:39.880 --> 0:06:43.520 it's critical because unless employees have a safe way to 0:06:43.640 --> 0:06:49.440 provide feedback, organizations don't know the and opportunities that exist 0:06:49.520 --> 0:06:55.159 within their workplace. That safe mechanism to allow employees to 0:06:55.200 --> 0:06:58.400 provide that feedback so that organizations can make the need 0:06:58.440 --> 0:07:01.920 to change. One of the things that also uh really 0:07:02.400 --> 0:07:05.719 uh we've had our our systems set up is because 0:07:07.440 --> 0:07:10.840 Talent says that looking for an employee that value diversity, 0:07:10.840 --> 0:07:14.880 equity inclusion is one of the most important things for 0:07:15.120 --> 0:07:18.120 a potential employer. So we have a lot of potential 0:07:18.160 --> 0:07:23.400 applicants that come to our platforms looking companies diversity equity 0:07:23.440 --> 0:07:25.880 inclusion initiatives, which we all track on our platform as 0:07:25.920 --> 0:07:28.679 well to really learn what are the employers of choice 0:07:28.720 --> 0:07:31.840 in the companies that values really reflect their own values, 0:07:32.360 --> 0:07:34.240 you know. One of the other things, and I am 0:07:34.240 --> 0:07:36.080 curious when you start working with the company is like, 0:07:36.720 --> 0:07:39.400 what is the first thing that you want to look 0:07:39.440 --> 0:07:42.520 at and what is the kind of most common problem 0:07:42.600 --> 0:07:45.440 that you find when it comes to these issues at 0:07:45.480 --> 0:07:50.920 a company. So the most common problem that we see 0:07:50.960 --> 0:07:54.800 is that organizations haven't been measuring and tracking this at all. Um, 0:07:54.880 --> 0:07:58.080 we measure diversity, but they're not measuring equity and inclusion. 0:07:58.120 --> 0:08:00.800 Are looking at their systems from this kind of equity 0:08:00.880 --> 0:08:05.200 and inclusion lens and so uh, which is really baffling, right, 0:08:05.400 --> 0:08:09.840 UM and they're different, right, they're different. Yeah, they're different. 0:08:09.920 --> 0:08:12.680 You know, when we think about diversity, diversity is you know, 0:08:12.720 --> 0:08:16.680 individual's identity, that's gender, that's raised, that's you know, your 0:08:16.720 --> 0:08:19.880 religious background. Those are all diversity factors. When we think 0:08:19.920 --> 0:08:22.920 about inclusion, that is, I feel like I belong in 0:08:22.960 --> 0:08:25.800 this workplace no matter what my identity is. And then 0:08:25.800 --> 0:08:28.440 when we think about equity, that is, I have the 0:08:28.480 --> 0:08:31.880 same access and opportunities no matter what my identity is either. 0:08:32.000 --> 0:08:36.480 And so it's important for organizations to not only look at, uh, 0:08:36.960 --> 0:08:39.840 diversity and to have that measurement around diversity, but to 0:08:39.920 --> 0:08:42.400 really make sure that they're measuring inclusion and equity within 0:08:42.400 --> 0:08:44.640 the organization as well. Okay, one of the things I 0:08:44.640 --> 0:08:47.520 wanted to ask you your own experience in creating a 0:08:47.520 --> 0:08:52.200 company raising funding for that company? What was it like? 0:08:52.320 --> 0:08:55.320 How hard was it as as a black a woman? 0:08:57.480 --> 0:09:00.160 So it was difficult. I mean when we look at 0:09:00.160 --> 0:09:03.360 the funding disparities that exist for women and then also 0:09:03.880 --> 0:09:07.480 women of color, Um, it's fast. You know. Uh, we 0:09:07.720 --> 0:09:11.440 women of color only received point six percent of venture 0:09:11.440 --> 0:09:14.679 capital funding, so not even one and um, when you 0:09:14.720 --> 0:09:16.920 look at the amount of funding received, it's at much 0:09:16.960 --> 0:09:19.920 lower rate. So um, you know, we we encountered a 0:09:19.920 --> 0:09:22.120 lot of challenges and one of the things just why 0:09:22.480 --> 0:09:25.600 you know, diversity so important in the corporate perspective studying 0:09:25.720 --> 0:09:28.400 is to ensure that we're getting that diversity of opinion 0:09:28.440 --> 0:09:31.640 and perspectives and experiences. But what we've seen in venture 0:09:31.679 --> 0:09:34.400 capital is the same, is that there's not a lot 0:09:34.440 --> 0:09:38.839 of diversity with respect to venture capitalists, and so it's 0:09:38.880 --> 0:09:42.240 hard sometimes to see the opportunity that exists within various markets. 0:09:42.240 --> 0:09:45.000 So I know, when we first started Canaries, it was 0:09:45.160 --> 0:09:48.440 three years ago. It was before the emphasis that we're 0:09:48.440 --> 0:09:52.400 seeing now on corporate diversity equally inclusion initiatives, and we 0:09:52.480 --> 0:09:54.600 had a lot of venture capitalists that couldn't see the 0:09:54.600 --> 0:09:58.680 potential in the company and didn't really uh understand the 0:09:58.760 --> 0:10:01.560 market potential. And so I think that's why it's so 0:10:01.760 --> 0:10:06.000 key and critical that we have diversity, not with only 0:10:06.040 --> 0:10:09.200 within a corporate study, but within every ecosystem, including the 0:10:09.240 --> 0:10:11.439 venture capital ecosystem. Right, I feel like from all the 0:10:11.480 --> 0:10:13.240 conversations I've had, it's gonna be you know, we talked 0:10:13.240 --> 0:10:15.480 about pipelines, but it's going to be everywhere and and 0:10:15.520 --> 0:10:19.600 getting entrepreneurs certainly into the investment world and having the 0:10:19.640 --> 0:10:23.720 ability to bring especially minority and entrepreneurs to bring their 0:10:23.800 --> 0:10:28.160 ideas out is really really key. Um quickly twenty seconds. 0:10:28.160 --> 0:10:31.199 A piece of advice for entrepreneurs who are looking to 0:10:31.200 --> 0:10:35.040 to fund who might be coming up against closed doors, 0:10:37.240 --> 0:10:39.280 I would say to never give up. You have to 0:10:39.320 --> 0:10:41.840 be tenacious to be an entrepreneur. You got to have 0:10:41.880 --> 0:10:44.520 a lot of grid and you gotta believe in yourself. 0:10:44.600 --> 0:10:48.319 So uh, that would be my My key word of 0:10:48.360 --> 0:10:51.520 advice is to keep going. Yeah, it's a good one. 0:10:51.600 --> 0:10:53.200 It's a simple one, but it's a good one, no 0:10:53.240 --> 0:10:54.880 doubt about it. Many thank you so much, and I 0:10:54.960 --> 0:10:57.520 hope we can check in again down the road. She's 0:10:57.559 --> 0:11:00.080 co founder and chief executive officer of Canaries. On a 0:11:00.120 --> 0:11:01.880 phone from Dallas, Texas.