Not only does the banking industry have a problem developing more female senior leaders, it also struggles with ethnic diversity.
Kimberly Moore-Wright, the chief teammate officer and head of enterprise diversity at Truist, is working to change that and create a pipeline for the next generation of diverse talent.
So far, she has helped increase the number of ethnically diverse senior leaders at the Charlotte, North Carolina-based bank last year by 16%. Moore-Wright attributes this accomplishment to a recruiting and promotion plan more focused on this goal, including a more diverse interview panel.
Truist is also now "much more intentionally focused in tracking and developing" both women and ethnically diverse leaders, Moore-Wright said.
Moore-Wright also hired Dominica Groom Williams, former head of the office of inclusive engagement at Fannie Mae, as the bank's new head of diversity, equity and inclusion.
Williams, who has 15 years of experience on DEI issues, is tasked with continuing strategic diversity initiatives. These include hiring from historically Black colleges and universities and seeking out contracts with diverse suppliers.
Truist also launched "GRAD" — or "grow, recruit, and accelerate development" — a nine-month program for diverse leaders within the company. In its first year, a few-dozen Truist employees received career coaching and mentoring with company executive leaders. In addition, participants had a chance to shine through completing projects that were then curated by executive leadership.
Moore-Wright also initiated Truist's first pay review in 2021. The review concluded that less than 1% of employees were earning less than expected compared to peers, and those employee's compensation was subsequently adjusted.
In addition to work on diversity, Moore-Wright helped develop a program for employees to pay off student loans. Employees can exchange up to 10 vacation days worth their daily salary with the funds going to pay down school debt.
Moore-Wright originally worked for BB&T as director of marketing and digital sales but became Truist's head of human resources in 2019 after BB&T merged with SunTrust Bank. The bank was already undergoing seismic changes because of the merger, and it proved a fertile time for the company to also improve its executive diversity.
"We are able to have very frank conversations around diversity," she said. "I don't think that 20 years ago we would have those conversations."
Moore-Wright has played a central role as a company communicator and policymaker during the pandemic. She oversaw the company's "Together Safely" program where Truist worked with health and safety experts to inform employees on return-to-work policies and safety protocols.
Moore-Wright also put together an "intentional flexibility" plan to address where employees should work. Under the policy, employees work with their managers on the best approach on being in the office, remote or some type of hybrid plan.
"We are being intentional about why people are in the office," she added. "It should be more than, 'I need you to be in the office just because Tuesday is your office day.'"
