Spreading the net

Increasingly companies are seeing that diversification is the only way they can drive their business, as inclusion encourages progress and innovation from within. And it’s certainly worked in this case. By Helia Phoenix

Geri Thomas is SVP, Human Resources and Corporate Diversity and Inclusion Executive. It is a grand title, but this interest in diversity is something that has always been a part of her life: a life that has seen great change in the way diversity is handled at corporate level. “30 years ago I was the Equal Employment Opportunity manager for the legacy bank,” she explains. “Things have come full circle from Affirmative Action to diversity and inclusion. I have seen it go from compliance to inclusion and it is no longer just about law and what you have to do, but rather what you want to do because it is the right thing to do.”

The modern American workplace is far more diverse place than it was just 10 years ago. There are increasing examples of women and minority candidates (both in terms of ethnic origin and sexual orientation) in senior levels in business. But women and minorities have been in Bank of America’s workforce since its inception; Thomas gives example of how in 1847 in St Louis a special banking day was named each week exclusively for women, and in the 1920s the Bank of Italy’s Women's Department named its first female manager and Vice President in the country. “We are committed to diversity and inclusion,” states Thomas, and she’s not kidding: nearly 70 percent of the bank’s workforce are women and of that population just over 50 percent are officials or in management positions. 44 percent of the workforce is minorities. There are two female executives reporting to the CEO and have minorities and women in senior level positions making a significant difference throughout the bank.

The figures don’t lie. Bank of America has one of the most successful diversity and inclusion records in American industry, earning it first place in DiversityInc’s Top 50 Companies for Diversity Profiles for 2007. The culture of diversity that has been in place since the bank’s birth is still firmly in place today. Every associate in their workplace is accountable for diversity, according to Thomas, and progress is measured in a variety of ways. They ensure a diverse candidate slate (which means diversity of thought, background, and experience). Diversity training is provided, as well as associate engagement and recognizing associates for diversity and inclusion efforts. The bank regularly leverages their affinity groups, line of business diversity councils and Corporate Global Diversity and Inclusion Council for talent. The bank’s diversity efforts are also broadcast to employees, in business-as-usual meetings or formal communications on the internal Web site or internal broadcasts.

While Thomas has seen diversity transition from compliance to inclusion, she maintains it has always been a vital element in the workplace. “For us, business is a 24-hour clock,” she explains. “For us to meet our business needs it is critical that our workforce reflects where we do business and meets our diverse customer needs. Diversity of thought and background is critical to our success.” Bank of America’s strategy is inclusive and is an integrated strategy, which is part of the way they do business, part of their business plans and company initiatives: it is – as Thomas puts it – “integrated into everything we do”. It makes good business sense for them to have products and services relevant to the diverse communities and customers that they serve. She gives me the examples of in-language materials/ATMs, bilingual associates, GLBT (and other affinity) credit cards, accessible banking for disabled customers and ensuring they do business with diverse suppliers.

Some critics of inclusion claim that diversity recruitment gives women or minority candidates an advantage over white males. But to adopt this ideology is to miss the fundamental logic behind inclusion. “It’s about an even playing field, and not about advantaging one person over the other,” agrees Thomas. “Our commitment to diversity is about creating an environment in which all associates can fulfill their potential without barriers, and in which the team is made stronger by the diverse backgrounds, experiences and perspectives of individuals. It's about giving all of us – individually and together – the best possible chance to succeed. We respect and value not only our differences related to race, gender, gender identity, ethnicity, disability, sex and sexual orientation, but also diversity of viewpoint, experience, talents and ideas. We strive to empower all associates to excel on the job and reach their full potential, and reward and recognize associates based on performance and results.” A grand statement, but more than that: these are words that are ingrained in the very culture of Bank of America.

Mid-way to success?

Some enterprises have found that they are successfully recruiting entry level or mid-level diversity candidates, but recruiting for senior or C-level positions is notoriously difficult. How can enterprise tackle this problem? For Bank of America, a dedicated diversity recruiting group is the solution. This group works “to find top diverse talent for management and executive positions,” says Thomas. “We attend various diversity recruiting events and partner with all the aforementioned multiple diverse organizations in an effort to ensure we are finding diversity of thought and experience. Also, every associate is responsible for diversity and inclusion.” This means executives, senior leaders and managers are engaged and continue to network talent inside and outside the company; no mean feat, but it will ensure you continue attracting and retaining top diverse talent. For HR executives looking to widen access for minority candidates, Thomas suggests partnering with diverse recruiting firms and associations, as well as leveraging your internal Affinity Groups and executives.

Moving forwards?

The contemporary American workplace may be more diverse than 10 years ago, but there is still have a long way to go before we achieve truly equal employment opportunities. The US’ Don’t Ask, Don’t Tell military policy has come under great scrutiny this year in contrast to the European approach, where – for example – the British Army has recruitment stalls at the Mardi Gras events.

“I believe we all can learn from each other,” says Thomas, when I ask her to comment on this. “We have so much to gain by learning an individuals’ culture, his/her background, their professional and personal experiences as well as diversity of thought and unique perspective on an issue. It is about sharing and exchanging best practices and solving issues without having barriers. Bank of America’s approach to diversity domestically in some ways is slightly different than our diversity approach overseas. We recognize that a US centric diversity approach may not necessarily work in our global markets. It has to be culturally driven and specific to the country and their needs. Diversity and inclusion are part of our culture and core values.” Thomas says they work to actively promote an environment where all associates have the opportunity to achieve personal success and can contribute to the growth of the business: owning value, owning the vision. Diversity drives ingenuity and innovation as well as higher customer and employee satisfaction resulting in better business results and shareholder value. Everyone’s a winner.

Locating in diversity

Of course, this all sounds great in theory, but some enterprises have found practical difficulties when trying to locate pools of appropriate talent. Bank of America goes to multiple diversity recruiting events throughout the year to engage and meet top diverse talent, telling them about the bank, the culture and opportunities for growth: a great way to meet potential candidates. It’s worth noting the bank also partners with organizations like the National Association of Black Accountants, the National Black MBA Association, the National Association of Hispanic MBAs, the Association of Latino Professionals in Accounting and Finance, the National Association of Asian American Professionals and the National Association of Women MBAs (a rich source of skilled, employable diverse talent – nice work if you can get it!). It’s not all about hiring either. As DiversityInc pointed out, Bank of America retains 90 percent of its white managers, 90 percent of black managers, 89 percent of Asian managers and 88 percent of Latino managers: great statistics to quote at potential employees.

Given this evidence, the bank’s diversity initiatives have been a great success. It might be hard to draw up a successful diversity initiative or action plan, but for Thomas, it’s a no-brainer. “Encouraging a diverse, inclusive workplace gives the business advantage of understanding and meeting the needs of diverse customers, clients and shareholders,” she smiles. “Diversity also provides fresh ideas and perspectives, which promote ingenuity.” Having diversity and inclusion integrated into business plans, HR initiatives, products and services and throughout every part of your enterprise is vital: it is absolutely how they do business, Thomas tells me. As the products offered in varying sectors are so similar in today’s competitive marketplace, integration and diversity could be the key differentiation between you and your rivals – and the key to your success.