Staffing & Culture | 06.19.23

Welcoming Diverse Talent: Advice From Black Voices Unmuted

by: BISA Staff

This article is an extension piece of the 2023 issue of the BISA Portfolio Magazine. Read the full issue, available to BISA members, online, and look for your print version in the mail.

Black Voices Unmuted, a subcommittee of the BISA DE&I Committee, was created for BISA members passionate about ensuring Black voices are heard — whether that’s within their organizations, within BISA or within the broader community.

We asked BVU members to share their advice for the industry as we journey toward an inclusive environment for all.

What are one or two actionable strategies companies could incorporate to better include and elevate Black voices?

Brett Carmichael, Nationwide: Companies within the financial services sector have to first be intentional about recruiting and cultivating diverse talent. This starts by the platforms and mediums we use to recruit. Are we going into high schools in underrepresented communities to talk about our industry? Are we targeting universities that have a diverse student bases? Are we crafting our job descriptions/prerequisites in a way that is more inclusive that will attract a diverse candidate pool? Considering these things is a great start.

Once we have the diverse talent, figuring out how we cultivate and nurture them so that they want to stay at your firm is important. Having a robust career development and training platform is key, but equally important is the representation. Diverse talent needs to see others that look like them in C-Suite and executive roles within the organization to believe it is possible to achieve. Without representation, keeping diverse talent at your company will be a challenge.

Gina Riepel, TruStage: The wider adoption of technology in the financial services industry has spurred the introduction of new, digital products and services that are more affordable, and thus more accessible than ever before. Continuing to integrate technology into the industry in a responsible way, with the goal of creating an ecosystem that is more accessible to historically underserved communities, is paramount. Additionally, continuing to commit to efforts designed to make the financial services industry more representative of the population as a whole, will be essential to ensure that it better serves all communities.

John Turner, Selax Brokerage: “Have a seat at the table” — deliberately invite African Americans in management of all levels to have a seat in the room for key decision-making meetings and conversations.  

Additionally, transparently track Black representation for all levels of the business so everyone is held accountable and entry-level employees can potentially be encouraged by seeing another people of their likeness advance, creating a potential path for themselves.

Wendy Galante, Symetra: Symetra is partnering with Historically Black Colleges and Universities (HBCUs) to support students obtaining a post-secondary degree in actuarial science. As part of the partnership with MSU, Symetra will provide multiyear support for 25 Morgan State scholars by 2025, funding tuition and barrier reduction for students enrolled in the Actuarial Science program. We also have three Morgan State students who recently began their 12-week journey in our summer internship program.

 

How can companies benefit from having more Black voices at the table and in leadership positions? What impact have you seen at your company from doing so?

BC: Innovation will soar if a company has BIPOC voices at the table and in leadership positions. We serve an array of customers in our respective businesses that come from different cultures, and who have vastly different experiences. Having associates who look like the American demographic can help your company become that trusted preferred partner within the communities you serve.

I’ve seen this first-hand at Nationwide because our Diversity, Equity and Inclusion council has developed “Diversity Dialogue” conversations that allows associates to sign up each trimester to have a facilitated conversation (by an executive) on various topics. As an example, last year the topic was on inclusive conversations. This year, Nationwide kicked off first-trimester conversations centered around empathy. Giving a platform to all your associates to voluntarily engage in critical conversations is a truly eye-opening experience. We associates are open to all experiences and perspectives; it creates a very inclusive and collaborative environment.

JT: Diversity of thought has been proven to statically make a company more profitable (by 43% as cited by McKinsey & Co.). I am that diversity of thought at my firm, and they have often solicited my opinion on items that gave them a different perspective they would not have thought of themselves. It also made me feel valued.

GR: At CUNA Mutual Group, inclusion is woven into the fabric of our organization and informs our decision making. A specific example would be the creation of our Multicultural Center of Expertise, which researches how to best meet the financial service needs of underserved communities and how to make the financial services industry more inclusive. As part of these efforts, we have partnered with historically Black colleges and Hispanic-serving institutions to create a program that provides internships and recruitment pathways designed to increase the diversity in our ranks and the industry overall.

What is a key area where the industry still needs to grow?

Vanessa Wilson, BMO Wealth Management: A common assumption among industry giants leading into 2020 was that companies simply needed to attract more diverse hires, but current-state data proves that it is equally important to determine why diverse talent leaves and to implement programs that encourage their development, promotion and retention. 

Where there is accountability, there is change. Increasing our representation, decreasing turnover and addressing the advancement of Black and Latino talent is not an HR or Diversity and Inclusion initiative alone. It is something that requires business leadership to move this work forward and to influence meaningful improvements.

The innovative thinking that comes from diverse employees, experiences, perspectives and backgrounds will strengthen our ability to tap into a larger footprint in the market and bring in new customers and will help make BISA an organization that is welcoming and encouraging growth and opportunity. Build a culture of inclusion where everyone feels like they belong by fostering an environment where people count themselves, are open about differences and learn from these differences.

WG: The industry needs to work on recruiting more Black individuals and, secondarily, focus on inclusive environments, training and retention. This can occur through sponsorship and purpose-driven communication to keep Black employees engaged. No one wants to feel invisible or like their contributions aren’t noticed.

BC: Many companies in the financial services industry have made diversity a cornerstone pillar.  Representation of Black leaders in critical roles is important in attracting and retaining talent. Companies also need to make sure that there are clear career pathing opportunities coupled with training/development that allow associates to become better versions of themselves, both professionally and personally. This goes a long way in keeping your diverse talent in house. BVU can help the BISA member firms by bringing continued awareness of issues plaguing the black communities and elevating the true opportunity of helping people in the black community find their financial success because of the wealth that is growing within the community.

JT: The way to help is to share best practices on how to run a management promotional program and/or new hire program that specifically singles out Black candidates, and where to find qualified new Black candidates. Far too often we hear that "they don't apply" or "I can't find them.”  Let's show them where they are and how to find them.

How important are Black-owned and minority-owned banks to minority-owned small businesses and the communities they serve?

VW: Black-owned and minority-owned banks’ support of minority-owned small business in the community demonstrates a philanthropic investment and commitment to the removal of barriers to the health equity and vitality of the communities they serve. This investment reduces the gaps in life expectancy, improves the well-being of the communities and helps to undo the structural racism that affects the health and well-being of so many communities.

WG: Similar cultures and values create a safe space for the meaningful and important financial conversations required, whether the discussion involves a start-up business, expansion or whatever stage in the process. People do business with those they like, trust and feel comfortable with. 

JT: It’s very important to our community because we naturally don’t have the unintentional biases and micro-aggressions that banks have historically had when it comes to Black consumers. If the banks are willing and able to provide capital and services that were/are traditionally restricted or allowed only with limited access — then, they become extremely important to the advancement of the community. 

Fostering an Environment of Inclusion

It’s clear the industry must focus on not just attracting diverse talent, but also addressing the reasons why diverse talent leaves and implementing programs that encourage their development, promotion and retention.

Elevating Black voices in the industry will lead to increased innovation, market expansion and opportunities for growth. By fostering an environment of inclusion, where differences are acknowledged and valued, the financial services industry can create a welcoming and supportive space where all individuals can thrive.