The key to gaining support for diversity, equity, and inclusion (DEI) across your organization is to clearly communicate the reasons "why" it is important: Faster innovation, better team-building, and increased profits are but a few examples.
Once everyone is on board, the tactical side of embracing DEI — the “how” — can be even more difficult to navigate. But if there’s one industry primed to perform in that regard, it should be asset management.
“We’re an industry that’s all about results,” Tom Wilson, Global Head of Talent Acquisition at Invesco, recently told attendees during Nicsa’s Fearless Leadership Symposium. “Just as we use metrics to hold the companies that we invest in accountable, we have to create accountability around the talent that we bring in the door, their promotion and development, and their retention.”
How to create an environment that eliminates institutional bias around marginalized identities — and reflects the society in which it operates — was the focus of the session, moderated by Jamila Abston, Partner at EY. In addition to Wilson, panelists included Sharyn Jones, Global Head of Talent Management at BNY Mellon, and John Desmond, SVP, Head of Investment Operations Outsourcing NA at Northern Trust.
Abston said that effectively operationalizing DEI within the asset management industry is a matter of weaving values into the fabric of your organization and everything it does. “Is DEI something visible?” she questioned. “Because if you’re bringing new candidates into your firm, something as basic as the diversity on your interview panels speaks a lot about your organization.”
In that spirit, the panel provided the following actionable tips for making DEI a way of life using the “Start, Stop, Continue” technique:
- Stop putting time limits on DEI initiatives, Jones said. “This isn’t about checking a box — it’s an evolution over time, and there’s no end game. We have to make sure we’re not limiting ourselves.”
- Stop chasing perfection. “Allow yourself to be vulnerable,” Jones said.
- Stop thinking that one size fits all. “Different people have different needs, for which there are different solutions,” Desmond said.
- Stop saying ‘Yes’ to everything. “There are so many worthwhile things worth doing in the diversity space, but it’s better to pursue one sustainable goal right out of the gate than to start 10 initiatives that just crawl along,” Wilson said.
- Start ensuring equal visibility in hybrid working environments. Jones recommended that all participants, whether in a conference room or at home, turn on their cameras during video meetings to boost representation. “You want everyone to get the same real estate on the screen,” she said.
- Start playing with inclusive digital tools such as Zoom backgrounds that celebrate special months. “We have backgrounds for things like Disability Awareness Month and Hispanic Heritage month — it’s something simple, but we’ve heard from employees and those we have interviewed that it makes a statement.”
- Start/continue leaning in on data, Wilson said. “Where does the data point to the largest gaps, and do you have the resources in your organization to close those gaps?”
- Continue engaging in difficult conversations. “We have to create an environment of trust where employees can challenge what we’re doing to improve DEI across the organization, whether that means allowing employees to speak during a one-on-one meeting or asking questions anonymously,” Desmond said.
- Continue viewing employees as human beings rather than numbers. “We have DEI metrics, and we publish them across the organization to keep managers accountable,” Desmond said. “But when I talk with employees from traditionally marginalized groups, they tend to focus not on metrics, but whether they are valued and feel they belong.”
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
#DiversityProject
#DiversityandInclusion