More of the same?

While team diversity is vital, it is inclusion and belonging that unlock its power. To achieve our full potential, we must all believe we have an equal chance of success and be valued for who we are. And when we feel like we belong, we succeed as a team.

Recent news developments have spurred business leaders to publicly address contentious subjects.

CEOs, firm owners, and other C-suite executives are the least likely to agree business leaders should speak out. Compared to 62 percent of the rank and file, this segment approves of leaders speaking out on social and political matters.

Employees who are pleased with their employer's work on DEI concerns are happier. They are also more likely than others to feel they have strong prospects to progress in their careers and are compensated well for their work.

The business case for respecting diversity and inclusion is as important as the social case. Banks that want to prosper after the epidemic need the same attributes as diverse and inclusive cultures—innovation and resilience.

While some firms stagnated last year, others could have taken a break and focused on the numbers. Instead, many of them leaned into discussions about privilege, racism, and how guys can be allies.

A key problem for the banking sector as it strives to recover from the pandemic is hiring the proper talent. The skills gap has long plagued tech companies. Finding qualified staff remains a major concern for executives.

In this talent war, keeping employees happy and motivated is critical. Workplace perceptions of DEI efforts affect work happiness. These employees have a poor Workforce Happiness Index score.

Employees want to work for firms that promote inclusivity, openness, justice, and sustainable business practices.

The ability to saturate the talent lifecycle with diversity and inclusion will determine a company's ability to retain and recruit top personnel.

Since 1998 we have helped the banking sector make diversity is their differentiating strength. We invite you to work with us. Schedule a call.

About Jim Woods

Jim Woods is president of Woods Kovalova Group where he founded the firm in 1998. WKG is a global consulting firm that works with financial industry professionals to solve their most pressing problems and seize their most promising possibilities by breaking the cycle of racial inequality. Jim was recognized as one of the “Most Influential Blacks in Corporate America.”

Jim’s education and work experience have given him expertise in many aspects of the financial sector. He has 25 years of diversity, equity, and inclusion consulting experience, primarily in retail and business banking.

Jim holds deep expertise in organization and banking strategy development. Jim earned a master’s degree in organizational development and human resources from Capella University.