What's more, a 2019 study by leadership advisory and search firm Russell Reynolds Associates found that 63% of diversity chiefs in the S&P 500 were appointed or promoted within the past three years. The increasing demand is encouraging and reflects a consensus that companies are willing and ready to create inclusive cultures, but it also raises questions about how organizations can help CDOs be most effective in their roles.

Companies may be looking to take swift action to address the crises at hand, but an organization's D&I strategy is constantly evolving and should focus on the bigger picture — creating an inclusive environment where everyone can feel a sense of belonging and be empowered to bring their full selves to work. D&I is not a check-the-box, one-and-done activity, but a journey that consistently changes directions. Each organization must chart a course that is right for its business and its people.

As the EY Global diversity & inclusiveness officer, I've experienced this firsthand as we've worked as an organization to shape D&I programming and policy for more than 300,000 people across 150 countries around the world. While there may not be a one-size-fits-all approach to D&I, there are best practices that CDOs and their leadership teams can consider.

Having a seat in the C-suite

Where a diversity leader is situated within an organization can dictate the level of impact and change accomplished. What was once a junior post in HR of the 2000s, intended primarily to monitor representation and diversity from a compliance perspective, has evolved for many into a C-suite position with the title and responsibility to match. CDOs are better positioned on the executive team, and as a business-owned function, to not only respond to changes outside of the organization that affect their people but to ensure support from senior leaders to enact programs and resources that drive meaningful change and help foster an overall inclusive and diverse culture.

Having a seat at the leadership table does come with its own set of challenges. D&I leaders are expected to wear many different hats, serving as advocates, technical experts, strategic advisors and communicators both to internal colleagues and, often, external stakeholders. As the demand for companies to be more transparent and to address societal issues increases, so too does the need for experienced D&I practitioners to lead organizations forward.

Aligning with talent

Time and time again, research has shown us that diverse teams, combined with an inclusive culture, drive better decision-making, innovation and organizational agility. Chief diversity officers are charged with meeting the unique needs of a diverse workforce, and this is better achieved when they have an active pulse on the evolving needs of their people. By partnering with their organization's talent and hiring function, CDOs can stay attuned to make sure that HR priorities and business goals are aligned.

A steady communication cadence with talent and the C-suite can also encourage CDOs to enact initiatives that push an organization forward and allow their people to bring their full selves to work. For instance, evolving benefits can be offered like flexible work arrangements, health and well-being reimbursements, updated parental leave policies and more. This is achieved when CDOs stay connected to and aware of people's feelings and needs. At EY, we regularly conduct our Global People Survey to confirm that our formal and informal cultures match, which helps guide our D&I journey in the most efficient direction.

Setting the tone from the top

It's not enough for a chief diversity officer to be an active member of the leadership team — an organization's commitment to D&I is only successful with complete buy-in from top leaders, upper executives and decision-makers. This starts with putting D&I on the agenda, literally and figuratively.

When senior leadership embodies personal accountability by creating and encouraging D&I norms, it trickles down to every person at the organization and empowers the CDO's messages and initiatives. To continue aligning, especially as the risk profile for companies increases, senior leaders and CDOs should have a shared vision of success. This includes establishing mutually agreed-upon, clear expectations and outcomes, shared ownership and monitoring and measuring what they are aiming to accomplish.

To continue holding our leaders accountable, our highest governing body at the firm has signed a Global Executive Diversity & Inclusion Statement to reaffirm their commitment to building and sustaining a diverse global workforce and fostering an inclusive workplace environment. By championing D&I as a collective effort, it demonstrates focus toward progress.

When the D&I commitment is set from the top of an organization, it helps when people look for signals from their leaders for reassurance and guidance during times of uncertainty. An organization's visible and vocal commitment to D&I carries weight. Ongoing disruptions have accelerated the D&I conversation and are allowing companies to be broader and bolder in their actions.

It's time to lean into our D&I efforts, not shy away from them. While we can't control all that happens in the world, we can affect our individual spheres of influence. By anticipating bumps along the way, and focusing on evolution rather than perfection, CDOs and organizations can do right by their people and values and unlock their organization's full potential.

Karyn Twaronite is global diversity & inclusiveness officer at Ernst & Young LLP (EY). The views reflected in this article are the views of the author and do not necessarily reflect the views of Ernst & Young LLP and other members of the global EY organization.

Read more: 

• Building diversity and inclusion: A modern guide
• Diversity, inclusion and belonging: How do we get there?
• Shareholders, workers call on Google to fix 'diversity crisis'