• Learn: Use these interactions and viewpoints to inform not just their development, but your own as well. I’ve benefitted at least as much as the employees who I’ve worked with and mentored over the years. Following the recent social unrest of 2020, I gained invaluable perspectives by listening to Black colleagues and associates. This helped me realize there is even greater purpose in ensuring we are intentional about creating opportunities for more diversity in the financial services industry.
Be A Sponsor
Another great way to get involved is to look for existing groups in your organization, community or our industry that would value the sponsorship of a seasoned executive.
When I became leader of Nationwide Financial, I reached out to colleagues to explore how I could support diverse associates in our company. We identified an opportunity for me to serve as executive sponsor of the Nationwide Latino Alliance, a group of Latinx associates that comes together to network, celebrate culture and support the community. My involvement with this group has taught me a lot about this important and growing segment of our associate and customer base.
Recently, I was proud to invite one of the group’s executive sponsors, J.J. Perez, to lead our Corporate Solutions team and join the Nationwide Financial leadership team. He’s already bringing exciting new perspectives to the table and adding tremendous value to the team.
Think Beyond Your Own Organization
Don’t limit your thinking. The challenges we face are rooted in issues that span our entire culture. You may be perfectly positioned to drive change in more than just your own company.
In the aftermath of last year’s social justice protests, I asked my leaders to help me reflect on how we could respond as an organization. The conversation quickly evolved to some of the barriers to diversity in our industry, which we soon realized are contributing factors to the wealth gap in our country.
Nationwide Retirement Institute research showed that nearly 90% of Black college students considering a financial services career report they believe there are challenges that specifically affect Black advisors and financial professionals in the industry today. This sentiment is echoed by current Black advisors and financial professionals, indicating a clear barrier for our diversity pipeline (Source: Nationwide RISE research 2018).
We knew this was too big of an issue to address on our own. Kristi Rodriguez, who sits on my leadership team as head of the Nationwide Retirement Institute, stepped up to lead the creation of the Financial Alliance for Racial Equity (FARE). Her team spearheaded the creation of a coalition of leading financial services organizations and associations, including Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute and Huntington, in partnership with six Historically Black Colleges and Universities, including Hampton University, Howard University, Lincoln University, Virginia State University, Virginia Union University and Winston-Salem State University.
This group is working together to develop an industry-wide strategy, focusing on efforts to recruit more diverse students to the profession, invest in young professionals with high potential and position them for leadership roles in the future.
Milestones like Women’s History month are a great time to reflect on where your organization is on its journey. But being an Ally and leading change must remain an ongoing priority throughout the year. While I see more diverse leaders than ever at Nationwide and across the industry, we still have a long way to go. That’s why it’s more important than ever for leaders to work with their HR and DEI partners to ensure you have the right plan of action.
I know I’m not the only leader who cares about this issue, and I applaud those who are actively making a difference. For those who feel they can’t afford to take their eye off business results, I say you can’t afford not to leverage the power of inclusion in your organization because I’ve seen firsthand how it creates higher performance leading to better business outcomes.
John Carter is president and COO of Nationwide Financial.