02.15.22

From Tokenism to Recruiting and Retention: A Look at Top Diversity and Inclusion Issues

by: Brett Carmichael, Nationwide Financial

We had the fortunate chance to interview Brett Carmichael, associate vice president of strategic accounts at Nationwide Financial and a member of BISA’s Diversity, Equity and Inclusion Committee, for his perspective on DEI and how organizations can foster an inclusive environment, as well as recruiting and retaining employees with diversity in mind.

BISA: There is a concern that inclusion and diversity can result in tokenism. How would you suggest leaders approach their employees from minority backgrounds in ways that avoids tokenism and/or make them feel further excluded? 

Carmichael: When you think about diversity, equity and inclusion work many firms are starting to check the diversity box as we are starting to see many people from underrepresented groups all across our industry, but that is only a third of the action needed in truly being committed to this work. Tokenism can be concerning and dangerous especially when a firm is only creating a perception that appears that there is diversity in their hiring practices when in reality their true intentions don’t match. Leaders can offset tokenism by committing to hiring individuals on their respective teams that bring a different dynamic that isn’t currently on their team. Hiring folks that don’t think like them, that don’t look like them, that has a different process than them, etc. will empower your teams in a way that keeps them connected and engaged within your organization. 

The biggest challenge within our industry is that most often the key decision makers are not a part of the underrepresented community. Leaders should consider bringing those from the underrepresented communities into the decision-making process to gain perspective and listen to other considerations. Representation matters. If your employees feel like they have a voice, the more committed they will feel within your organizations.

BISA: Do you have any tips for recruiting and/or retention with diversity in mind? 

Carmichael: When it comes to recruiting, especially in the financial services industry, we are essentially recruiting from the same batch of candidates. Everyone wants that experienced financial professional, the experienced sales leader, the experienced person with five designations,  the college educated, etc. What happens when that candidate pool runs dry or when our aging demographic of professionals retire? As an industry, we have to be willing to take risks. Taking risks could include: softening the qualifications or prerequisites for job postings that might invite a more diverse candidate pool, recruiting outside of our industry or creating clearly mapped career paths for all employees.

As for retention, it’s all about empowerment and representation. If employees from the underrepresented communities within your firm don’t see anyone like them in leadership positions or feel that their voice matters, they will not stay committed to your firm. The family dynamic and community demographics are changing all over, and firms will suffer long term in recruiting, attracting and retaining diverse talent if its leaders don’t elect to adapt.

 

Brett Carmichael is currently the associate vice president of strategic accounts for Nationwide Financial. Brett leads the large the national accounts team that supports both their annuity and life insurance products for financial institutions, independent broker dealers and Wirehouse relationships.