Business leader, entrepreneur, and inclusivity proponent Michael Patrick Carroll recently announced that he has joined CEO Action for Diversity and Inclusion, a coalition aimed at rallying “the business community to advance diversity and inclusion within the workplace.”
Currently, less than 1% of Fortune 500 CEOs are Black/African American; only 25% of female CEOs are in the S&P 500; just 29% of employers have programs that focus on the retention of LGBTQ+ talent; while 15 million people of working age in the United States are living with visible and nonvisible disabilities. By bringing together CEOs of the world’s leading companies and business organizations, the coalition hopes to leverage “their individual and collective voices to advance diversity and inclusion in the workplace.”
Michael Patrick Carroll is the CEO and Founder of CARROLL, a prominent real estate investment, and development company. Founded on the concepts of proactive management, redevelopment, and specific submarket selection, the company possesses a diverse portfolio of multifamily investment properties. Established in 2004, CARROLL has acquired more than $7.6 billion in assets, sold more than $4.2 billion, and developed more than $200 million in properties for its institutional partners, private investors, and principals. Today, the company has more than $5 billion in managed assets and owns more than 30,000 commercial and residential properties along the Eastern Coast of the United States.
Patrick Carroll’s success is largely attributed to his proactive commitment to inclusion and diversity within his business model. Taking the pledge required by participants in CEO Action for Diversity and Inclusion allows him to take another stride toward changing the future of how businesses operate.
Patrick Carroll’s Pledge to CEO Action for Diversity and Inclusion
CEO Action for Diversity and Inclusion is the largest CEO-driven business commitment to advance diversity and inclusion in the workplace. The coalition represents more than 2,000 CEOs and 13 million employees from leading organizations in 85 industries across all 50 states. It serves as a hub for information sharing, idea generation, and program development. All CEOs who join the coalition take a pledge outlining a specific set of actions they will take to “cultivate a trusting environment where all ideas are welcomed, and employees feel comfortable and empowered to have discussions about diversity and inclusion.”
As inequalities spread across our country, there is an immediate demand to “address and alleviate racial, ethnic, and other tensions and to promote diversity within our communities.” The commitment made by these participating CEOs addresses concerns related to the topic and promises that all participating individuals will implement the following pledges in their companies:
- A pledge to continue to make their workplaces trusting places to have complex, and sometimes difficult, conversations about diversity and inclusion
- A pledge to implement and expand unconscious bias education
- A pledge to share best – and unsuccessful – practices
- A pledge to create and share strategic inclusion and diversity plans with the board of directors
The CEOs and presidents who have signed the pledge contribute to the promotion of actionable change across numerous industries. Currently, the coalition reports taking action in the following categories: affinity groups and networks, board engagement, COVID-19 response, cultural awareness, developing diverse talent, disability initiatives, diversity councils, diversity philanthropy and community investment, education and training, engaging men, employee resource groups (ERGs), gender strategies, leadership, leveraging technology, LGBTQ+ equality, mentoring and sponsorship, metrics and accountability, race in the workplace, recruiting diverse talent, responding to 2020 racial tensions, responding to Charlottesville, succession planning, supplier diversity, veterans’ initiatives, and work/life flexibility and benefits.
The diverse range of actions pledged by participants has positively influenced dozens of industries, including those of contributing CEOs and those outside of the coalition. Industries most impacted include accounting; advertising, media and entertainment; aerospace and defense; apparel; automotive; chemical and industrial; consumer products; education; engineering and construction; financial services; food and beverage; health and wellness; healthcare; home and real estate; information technology; insurance; law; mail and freight delivery; manufacturing and logistics; mining and materials; nonprofit organizations; oil and gas; pharmaceuticals and life sciences; retail; telecommunications; travel and leisure; and wholesalers.
An Ongoing Commitment to Change
As we all know, change is not immediate. It takes persistence and dedication from those fighting for a cause, but small changes add up and can ultimately alter the trajectory of future generations. M. Patrick Carroll understands this. As a business leader, he has long been committed to inclusion and diversity within his own company – through both his hiring and management practices.
The current multigenerational leadership team that represents CARROLL has been a driving force behind the company’s success. Diversity allows for innovation and collaboration and ultimately improves the organization’s performance and bottom line.
According to research conducted by McKinsey, companies in the top quartile of racial and ethnic diversity are 36% more likely to see financial returns above their respective national industry medians; likewise, companies in the top quartile for gender diversity are 25% more likely to see financial returns above their respective national industry medians. Diversity and inclusion pay off.
Numerous studies support this theory and have led M. Patrick Carroll to assemble a team representing a broad range of employees in terms of age, gender, and ethnicity. He reports, “We don’t want to simply cater to demographics; we want our workforce to mirror the markets we work in.” By gathering a diverse set of minds to strategically develop an avant-garde platform for the company, CARROLL is able to capture the attention of all prospective clients and demonstrate a multigenerational understanding of consumer demands. M. Patrick Carroll’s initiative is changing the dynamics of the real estate industry, which is historically known for its homogeneity and exclusivity. That is on the verge of changing.
As part of his company’s culture, Michael Patrick Carroll promotes learning, collaboration, and inclusivity, supporting all individuals to recognize opportunities and pursue potential. He strategically hires individuals with an entrepreneurial spirit who can help move his company and employees forward while also adapting to changes within the marketplace. Employees are offered an opportunity to excel in their roles, setting a new path for their future. They are prompted to foster relationships and share goals, which nurtures a team mentality that is often overlooked in the competitive nature of today’s real estate industry.
Inclusivity proponent M. Patrick Carroll also promotes a philanthropic mindset and acts as a role model by personally contributing to more than 50 charities worldwide. With a commitment to health, wellness, and early childhood development, he also sits on the board of the Boys and Girls Club and serves as a motivational speaker and health activist. He has a vision for the future that supports an economic shift in companies by implementing diverse business models.
As a result of his dedication to a positive work culture – one that supports both diversity and inclusion – M. Patrick Carroll possesses an entrepreneurial and innovative attitude that creates a sense of togetherness within his company. He compares its culture to that of a family, consistently focused on delivering the highest standard of performance and giving back.
Promoting Change Within Your Business Model
To be part of positive change for the future, companies across the globe can take actions similar to those of the CEOs who participate in this coalition. They can ensure the representation of diverse talent, enable equal opportunity through fairness and transparency, promote openness, and foster belonging through unequivocal support for diversity. Only through such actions can we help support the coalition’s goal to improve today’s business models and see the resulting impact on our bottom line.
