Diversity, Inclusion and Innovation in Financial Services

Diversity, Inclusion and Innovation in Financial Services
www.nicsa.org Diversity, Inclusion and Innovation in Financial Services October 26, 2016
www.nicsa.org Moderator: Jim Evans, Senior Human Resources Manager, Capital Group Panelists: Kathryn Burdett, Head of Diversity & Inclusion, Americas, Deutsche Bank Michele Meyer-Shipp, Vice President and Chief Diversity Officer, Prudential Financial, Inc. Sally Pace, Senior Vice President, Marketing and Communication, FTN Financial Darryl Smith, Associate Client Partner, Korn Ferry
www.nicsa.org Our philosophy on sustainable diversity and inclusion Embedded into talent systems Shared responsibility Grounded in the business Globally framed, locally driven Contemporary Sustainable diversity & inclusion
www.nicsa.org Korn Ferry D&I Maturity Model The road to best-in-class: what’s current state and your desired state? Characteristics Stage 1: Foundation Compliance Driven Stage 2: Awareness Values Driven Stage 3: Talent Strategy Integration Talent Performance Driven Stage 4: Operational Strategy Integration Internal Operations Driven Stage 5: Market And Sales Strategy Integration Market Strategy Driven Premise Based on representation: quotas/narrow target goals Based on moral imperative: “The right thing to do” D&I recognized for generating high performing work teams D&I seen as enabler to broad business strategy D&I seen as enhancing marketplace competitive advantage Definition of Diversity/ Diversity Focus Narrow definition Broad definition Defined by intersectionality Definition broadened to include operational disciplines Definition broadened to include concepts in marketing and sales disciplines Responsibility Compliance department Human Resources CDO and HR Broadened to include operational process owners Executives and senior leaders Leadership Involvement No or little leadership involvement or commitment Leaders accept some responsibility for D&I Leaders have D&I goals and accountability D&I seen as an essential leadership competency Line leaders are key D&I change agents Business Case None Awareness that diverse talent may be a benefit to organization Business case for D&I clearly articulated D&I seen as asset and catalyst for innovation D&I enhances business growth and profitability Measurement Strategy None or based solely on litigation avoidance. Metrics based on corporate values indices or existing talent engagement processes Metrics capture talent growth and learning and key talent lifecycle processes Metrics focus on culture change and leadership impact D&I outcomes regularly evaluated for ROI impact across all business lines Resources/ Staffing No or few dedicated resources Dedicated staff and budget Additional resources distributed throughout HR Additional resources distributed throughout operational functions Additional resources distributed throughout marketing, R&D, and customer service functions Approach Reactive approach Inspired approach Visionary approach Operational approach Sustainable approach
www.nicsa.org FTN Financial Philosophy / Vision / Strategy Philosophy Vision Strategy Focus on three distinct elements of diversity and inclusion – • the workforce • the workplace • the marketplace By leveraging each of these, we will build a culture that fosters innovation and maximizes business results. • Commitment to continuous improvement in creating and sustaining a diverse and inclusive workforce. • Dedication to the goal of meaningful diversity and inclusion at every level of the organization, particularly at our four highest levels of leadership. • Lead the way in searching for and providing professional and personal growth opportunities to employees, customers and partners. • Workforce – 1. Recruitment, development and advancement 2. Leadership and accountability 3. D&I engagement • Workplace – 1. Vision, strategy and business case 2. Infrastructure and implementation 3. D&I education and training 4. Assessment, measurement and research • Marketplace – 1. Community, government relations and social responsibility 2. Supplier diversity
www.nicsa.org FTN Financial Best Practices Strategy Workforce • Senior leadership views managing D&I as a core responsibility and to driving business results • Company actively participates in predetermined, high impact promote D&I internally and externally to a variety of groups • Reward and recognize D&I Champions for their commitment Workplace • Develop a diversity and inclusion office and name a Chief Diversity to focus on the implementation of ongoing D&I efforts • Establish a resource library, cultural awareness, skill-building education • Diversity Council, and Employee Resource Groups provide leverage and implement diversity and inclusion best practices Marketplace • Encourage employees to volunteer time and ideas to the community • Identify opportunities for MWDVBEs (Minority, Women, Disabled Business Entrepreneurs) to participate in competitive bidding promote business development
www.nicsa.org Deutsche Bank Philosophy / Vision / Strategy Philosophy Vision Strategy • An inclusive and diverse organization impacts the workforce, workplace and marketplace • Deutsche Bank is committed to an inclusive culture that respects and embraces the diversity of employees, clients and communities.The Bank aims to attract, develop and retain the most capable employees from all cultures and countries, and of all ethnicities, races, genders, sexual orientations, abilities, beliefs, backgrounds and experiences. • Emphasize the strong business case to support a diverse workforce and inclusive culture • Taking D&I to the next level: Embedding D&I in all people-related related processes and transferring ownership from HR to the business business • Successfully embedding D&I requires a multi-channel approach: • Employee Engagement • Regional Leadership • Global Leadership • Franchise Communications
www.nicsa.org Multi-Channel Approach at Deutsche Bank Channel Areas of responsibility Global Leadership • Aligns to Deutsche Bank business strategy • Underpinned by workforce planning • Embeds inclusive people processes to optimize results • Leaders are fully accountable vs. delegating to passionate individuals Regional Leadership • Champion workplace inclusion and related initiatives at the local level • Influences daily work environments • Considers local culture/demographics in workforce planning Employee Engagement • Accelerating workplace inclusion through grassroots channels • Strategic areas of focus for grassroots efforts reinforce the business case for inclusion Franchise Communication • Sharing success stories, role models, and providing inspiration • Impact on workforce, workplace, marketplace Human Resources • Supports decision making through robust franchise-wide D&I workforce analytics • Suite of standard toolkits/best practices • Key external relationships and competitor intelligence • Regional expertise & advice including regulatory requirements • Dissemination of research & new thinking
www.nicsa.org PRUDENTIAL PHILOSOPHY / VISION / STRATEGY ACCOUNTABILITY AND MEASUREMENT To track progress, we set clear accountabilities, goals, and long- and short-term measures of success LEADER COMMITMENT AND ADVOCACY Our Senior Leaders own the diversity and inclusion strategy and demonstrate their clear, unambiguous commitment through their words and actions PEOPLE We aspire to excellence in Diversity & Inclusion and believe that success is closely linked to our ability to make Prudential’s talent a source of strategic differentiation MARKET We seek to understand and take full advantage of the business opportunities for marketing to diverse customer segments COMMUNITY We are committed to advancing Diversity and Inclusion with our business and community partners • Representation • Inclusion • Culture and climate • Talent sourcing and development • Multicultural marketing • Advertising and public relations • Niche products • Supplier diversity • 3rd-party asset managers and minority banking • Impact investing • Philanthropy benefitting underserved communities
www.nicsa.org D&I BEST PRACTICES AT PRUDENTIAL CULTURE Leadership Accountability Culture & Inclusion Commitment from the Top Recruitment Strategies • BRG Refer-A-Friend Program • Talent/Work Groups/Councils Professional Development Programs for Women and PoC • UCLA’s Multidimensional Leadership Program • Transformational Leadership Program Leadership Actions • CEO and direct reports keep D&I in the forefront • 7 BRG Executive Sponsors drive D&I strategy D&I Events • First ever Top 50 Global Women’s Forum • D&I Town Hall Meeting D&I Reporting • Bi-Annual business unit level D&I reporting • Business unit level talent councils Boards & Councils • Prudential of Japan’s President personally chairs their Diversity Advisory Board • Early Derailment & Stay Interviews D&I Education • Appreciating Differences • Unconscious Bias to Conscious Inclusion D&I Awareness • Count Me In! • BRG Professional Development Conference • Value of a Veteran • Gender Continuum Clear D&I Goals Diversity & Inclusion updates from business units and functional areas indicate that Prudential has strong best practices across leadership and talent ecosystems focused on driving strong and sustainable results
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