{"id":1583,"date":"2019-03-14T18:29:58","date_gmt":"2019-03-14T18:29:58","guid":{"rendered":"https:\/\/albanknews.com\/?p=1583"},"modified":"2019-03-14T18:29:58","modified_gmt":"2019-03-14T18:29:58","slug":"diversifying-our-most-important-asset","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1583","title":{"rendered":"Diversifying Our Most Important Asset"},"content":{"rendered":"

by Rob Nichols, American Bankers Association<\/em><\/p>\n

They say you can\u2019t improve what you don\u2019t measure. That is why ABA has established a dashboard that shows the gender, ethnic and generational breakdown of our workforce, from the customer service operators to the C-suite. This snapshot is a critical first step in a self-assessment of progress towards our goal to be the kind of diverse, equitable and inclusive workplace that attracts and retains the best talent. It shows where we are and where we have room to improve; for example, it shows our staff is 39 percent non-white, 37 percent Gen X and that 45 percent of SVPs and up are women.<\/p>\n

We want top talent for the same reason banks\u2014many of whom have landed on \u201cgreat place to work\u201d lists, as ABA did last year\u2014do: Because it helps us succeed. And there\u2019s no denying that success is boosted by a diverse workforce.<\/p>\n

I appointed a staff task force in 2017 to explore how ABA can enhance our own approach to diversity and inclusion, and the group\u2019s report made a strong business case for taking our efforts to the next level. Consider that 43 percent of millennials\u2014now our largest generation\u2014is nonwhite, and that the U.S. is projected to not have a single racial or ethnic majority by 2055. That alone tells you that if you don\u2019t have a diverse workforce in the fairly near future, you won\u2019t have a workforce. Studies have also shown that companies with greater gender and ethnic diversity are more likely to outperform those with less.<\/p>\n

But the most important case for diversity is simple: Ensuring your institution\u2019s employees and leaders reflect the communities they serve\u2014and treating all employees equitably, making them feel included\u2014is the right thing to do.<\/p>\n

Banking leaders have told me they wholeheartedly agree, and some are further along in their DE&I efforts than others. Some, for example, have landed on Forbes\u2019 Best Employers for Diversity list, while others, including those operating far from diversity-rich cities, are still grappling with attracting diverse talent. Remember, though, that workplace diversity isn\u2019t just about color; it\u2019s about ensuring you have a range of perspectives and experiences informing your decisions. That can come from anyone whose background is different from yours. Think gender, age, military service, disabilities, sexual orientation, religion, socioeconomic status, etc.<\/p>\n

The good news is banks don\u2019t have to figure all this out on their own. There also are a host of organizations that are eager to share their insights to help you get it right, and ABA offers training, conferences and resources in this space\u2014all cataloged at aba.com\/Diversity. In addition, the Offices of Minority and Women Inclusion at the eight financial regulatory agencies held a summit last fall where banks and others who are further down the path towards a model DE&I workplace shared best practices related to employment and procurement practices. The ideas exchanged ranged from participating on the boards of colleges, utilizing minority and women owned recruiting firms and offering internships and mentoring to students at local low-income, minority-majority high schools.<\/p>\n

Similar suggestions were included in testimony during the first hearing, held in February, of the new House Financial Services Diversity & Inclusion subcommittee\u2014a panel whose very existence is a testament to the social, commercial and economic importance of this issue.<\/p>\n

Carla Harris, vice chair of wealth management at Morgan Stanley and a popular speaker on issues related to diversity and inclusion, offered her own advice at ABA\u2019s 2018 Annual Convention in New York. Among her suggestions:<\/p>\n