Confronting Inequality in Banking
Image courtesy Jhon David @jackhammer
There is no guidebook for confronting inequality, injustice, and oppression in banking. However, many tools exist to grasp better the dynamics and the voices at play in a particular situation. Take time to learn about the unique challenges a diverse range of marginalized groups face, such as persons who identify as queer or transgender, people from historically underrepresented ethnic and religious groups, and people with disabilities.
Many books are available, and the ideal place to start depends on your background and interests. One or two do the trick, however. I recommend reading Ijeoma Oluo's So You Want to Talk About Race if you want to increase your understanding and capacity to participate in race discourse. Because it is the most challenging topic for leaders to confront — and it is typically the root cause of other misuses of power in banking — I have focused on race in these recommendations. You may learn more about how women of color are treated in banking in Minda Harts' The Memo: What Women of Color Need to Know to Secure a Seat at The Table. Jodi Patterson's The Bold World is a great book to read if you want to learn more about identity, gender, and ethnicity. Finally, Dolly Chugh's The Person You Mean to Be: How Good People Fight Bias is a more general guide to leading inclusively.
The Uncomfortable should be embraced.
As a leader in today's society, you are confronted with many difficult changes and human dynamics that might be difficult to comprehend, translate, and grasp. That's fine, in any case.
Only through acknowledging and embracing our discomfort with racism, sexism, and other forms of injustice in banking can we begin to confront these issues head-on. Push yourself to speak openly about uncomfortable subjects. Recognize that you will never be flawless. When you make a mistake, admit it, express gratitude when someone corrects you, listen to those who have been hurt or silenced, and resolve to improve. Afterward, pick yourself up and try to do better.
As a leader, your behaviors are twice as powerful. As well as showing others that it is okay to stand up for others, you are sending a message.
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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.