The events of the last two years have forever altered the traditional workplace. The pandemic accelerated existing trends in digitization and automation, while changing the game on collaboration and customer and employee interaction.
In response, as an industry, we quickly adopted new behaviors and routines — many of them likely to stick — that changed how we prioritize all aspects of our lives, including work. As a result, our employee value propositions are changing, many of which were already heavily informed by ethnicity, gender, background, experience and viewpoints. Attracting and retaining talent, especially diverse talent, depends on how well we listen to and understand these changes.
For the past three years, I’ve had the privilege of leveraging the platform of the Most Powerful Woman in Banking, and now the Hall of Fame, to address equality within our industry overall. During this time the question I’m most frequently asked in conversation and on leadership panels is: What’s the one thing that needs to be done to improve diversity in the workplace?
If there was that silver bullet, it would have already been used. Even though we’re attacking the issue in various ways, sweeping societal change moves faster than organizational response. What there continues to be, however, around our industry is a strong urgency to see dramatic improvement across the board.
While we’ve made progress to improve representation at all levels of our companies, much work remains. For me, the answer lies in concentrating our efforts in at least three areas.
Rethink what leadership means
If we didn’t know it before, this past year has proven that traditional leadership models will not take us forward. Leadership must be willing to embrace and allow for the diverse characteristics of its leaders to retain them. For example, does the chief executive have to be a road warrior to be successful? It’s a lifestyle that does not work for many aspiring leaders.
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In addition, we learned that no matter the size of the company or its location, it’s important to have a working knowledge of how geopolitical and global economics affect a business. From supply chain and technology to healthcare and company benefits to regulations and risk, everything this past year was connected through the global pandemic. Gone are the days of the single track to the top. Leaders will need to rethink their talent pipelines and career tracks for future growth, based on a need for a much broader set of skills than ever before.
Listen to employees just as we listen to customers
Increasingly, customers want to know what important brands stand for, just as employees want to work for a company they believe in. We can’t assume the perspectives of leaders today will mirror those of leaders tomorrow, especially given what we’ve learned over the last year about the unique challenges employees face at home and in their communities.
Make investment a continuum
Investing in employees should be considered table stakes: establishing a fair starting wage and maintaining pay equity, diverse recruiting and retention practices, formalized training and development, and competitive benefits. Employers must invest in the necessary tools and resources to help employees develop, build their careers and realize their aspirations. Creative, forward-looking benefits and programs should be offered along a continuum of each employee’s journey to support the diverse demands and challenges in all stages of work and personal life. In that way, we ensure all employees are supported as life’s demands change both in and outside the workplace.
Driving change within our industry takes all of us working every day. That’s the key to making it sustainable. I’m encouraged by strong leaders in top roles like fellow Most Powerful Women
