Around this time in late 2021, I wrote about the urgent need for DEI programs to address the myriad issues of racial and gender equity in the working world. At that point, the call to act felt clear not only to me but also to those who’d been previously deaf to it—significant portions of the population belonged to demographic groups long passed over, ignored, cast aside, or waved away. It felt (and excuse the clunky, on-the-nose metaphor) as though the issues of modern work were being seen no longer in drab and dichotomous black and white, but in technicolor, with all the vibrancy and nuance that that implies.

Here we are two years later, and it feels like progress has been incremental at best. And while incremental progress is better than no progress at all, for many, it’s a distinction without a difference. Minority- and women-led households are still only behind in terms of household wealth and income level, in spite of the enormous push for more inclusion and diversity. And the median retirement account balance for working Americans remains an astonishing $0.

I believe DEI initiatives, well-intentioned though they may be, come up short because they ignore the “E” in the initials. DEI stands for "Diversity, Equity, and Inclusion," and while these programs make significant strides in creating and supporting diverse workforces and ensuring that companies go to great lengths to include more voices from front to back, the equity they discuss is usually in name only. Equity must include ownership for it to move the needle—there must be a financial component at stake to see tangible, monetary gains for a wider swath of the population.

Something has to give. There are a multitude of reasons for the seemingly innumerable ills in the American economy and, not to be alarmist, it feels like the clock is running down on viable, sustainable solutions. As time passes, more businesses are missing out on the possibilities of employee ownership due to a lack of awareness, the strength of other options, or the urgency of their succession needs. All Americans stand to benefit from employee ownership in a way that could improve material outcomes for millions of workers and the communities in which they reside. And we have an obligation to ensure that the businesses that are in greatest need of these solutions are able to explore employee ownership.

There are plenty of examples of ESOPs benefiting closely held businesses, such as Panagora Group, and we need to see that number grow. As part of the NCEOX Initiative, our partnership with the Employee Ownership Expansion Network, we are launching the NCEOX Inclusivity Fund. This fund will focus on outreach to women- and minority-owned businesses to educate them about the benefits of employee ownership for their businesses while also enabling us to create more resources for women- and minority-owned businesses that are also employee-owned. 

We hope that others see the need for this work and are willing and able to contribute to its success. Using employee ownership to preserve community pillars and create sustainable business models is important in building the type of economy that will help us all thrive.

Learn more about the NCEOX Inclusivity Fund and how to contribute.