Coca-Cola’s diversity, equity and inclusion summit aims to level the playing field

This year’s FIFA Women’s World Cup brought to life its motto – Beyond Greatness – in more ways than one, with record-smashing match attendance and viewership from audiences across the world. 

Against this landmark moment for women in sports, Coca-Cola, a long-time sponsor of the event, hosted Level the Playing Field, a one-day diversity, equity and inclusion (DEI) summit in Sydney, Australia.

In addition to speeches from business and societal changemakers such as Saudi women’s rights activist Manal Al Sharif and Australian paralympian Dylan Alcott, Level the Playing Field featured a keynote from Nobel laureate and activist Malala Yousafzai. 

Ms Yousafzai acknowledged her father as the driving force behind her advocacy voice, having encouraged and nurtured it from her early years. “My father was a feminist before he understood what it meant,” she said, adding that he demonstrated how actions should be prioritised over labels in order to achieve gender equality.

A RIPPLE EFFECT OF CHANGE

In a move to empower underrepresented groups in business and society, Coca-Cola unveiled a five-year partnership with microloan non-profit Kiva at the summit. Known as Change Make Her, the collaboration is geared towards enhancing financial accessibility for underrepresented entrepreneurs globally, including the ASEAN region.

Ms Claudia Lorenzo, president, Coca-Cola ASEAN and South Pacific, identified a crucial obstacle to equality: The lack of economic opportunity for women, which encompasses access to credit, finance and business training.  

“Over the next five years, Change Make Her will act as a revolving loan fund, supporting entrepreneurs across a number of impact areas, including sustainable agriculture, climate resilience, water and retail,” said Ms Lorenzo. 

“We chose to work with Kiva due to its streamlined approach in linking lenders with borrowers via crowdfunding microfinance. There’s ample data showing that this approach effectively provides loans to people who lack access to commercial banking services,” she continued.  

The ultimate objective of Change Make Her is to initiate a ripple effect that will impact future generations, as the pioneering group of entrepreneurs go on to create jobs and drive prosperity in their communities, shared Ms Lorenzo. 

THE BOTTOM LINE ON DEI

Ms Lorenzo noted that Coca-Cola’s commitment to DEI isn’t just good for society, it’s beneficial on an organisational level, too. 

Citing data indicating inclusive cultures foster healthier and happier workers and that diverse companies outperform less diverse ones by 36 per cent in profitability, she highlighted the correlation between DEI efforts and increased workforce engagement. “It’s in our interest to build a workforce that mirrors the markets we serve. We will continue to champion equal opportunity, both in the communities we engage with and in the workplace,” she said. 

In addition, Coca-Cola has committed to achieving 50 per cent female leadership globally by 2030. This requires putting in place clear metrics, routines and strategies, while consistently spotlighting and prioritising DEI within the organisation. 

Across the region, Coca-Cola’s capability-building programme aims to offer additional developmental opportunities for women seeking to advance from mid to senior management positions. 

Elaborating on key initiatives, Ms Lorenzo shared: “Our focus is on accelerating the readiness of women to take on leadership roles through an array of approaches, such as individual development plans, short-term assignments, professional coaching and mentorship.” 

Ms Lorenzo is keenly aware of the significance of having other women at the top: “When I started my career, I was one of the few female leaders in the room. This is why I’m committed to walking the talk and advancing the further integration of DEI principles.”

REFLECTIONS OF A DEI VETERAN

In her three-decade-long career at Coca-Cola, Ms Lorenzo has garnered a wealth of insights in the DEI realm, including the importance of providing a platform for discussions, engaging in active listening, being authentic and being willing to embrace the challenges of diversity.  

The latter entails getting comfortable with being uncomfortable, she said. 

“Whether these differences are neurological, physical or cultural, people might subconsciously, or consciously, be uncomfortable when dealing with someone who’s not the same. To authentically embrace diversity, people need to lean into that feeling and allow their curiosity to help them better understand differences,” Ms Lorenzo explained.  

She believes that fostering an environment where individuals can authentically express themselves at work cultivates a more empathetic and inclusive workplace culture.

Moreover, encouraging authenticity enhances employee loyalty and satisfaction. “People are more productive because they’re not burning energy trying to maintain a facade,” said Ms Lorenzo. 

There are also far-reaching benefits to working towards a world where workplaces and society are truly equitable: The World Economic Forum estimates that advancing women’s equality would result in US$12 trillion (S$16.2 trillion) added to the global gross domestic product by 2025. 

Reflecting on the Level the Playing Field summit, Ms Lorenzo said that the gathering was able to build on the historic momentum generated by this year’s FIFA Women’s World Cup. “It was a fruitful discussion that inspired us, challenged us, and left us all feeling refreshed and empowered about the steps we can take to drive positive change.” 

Read The Coca-Cola Company’s report on diversity, equity and inclusion in the workplace.