Wintrust Financial Corp

Melissa Donaldson

Advancing diversity, equity and inclusion (DEI) must evolve to a do-or-die company mission.   Survival by the fittest is the name of the game. A past employer’s value statement was, “It isn’t good unless it’s win-win-win.” Getting to win-win-win with DEI is achievable, but not without focus, intention and accountability. Done right, companies can win in the marketplace, leaders can win over their teams, and employees win more support and opportunities.   Deciding where to begin can be befuddling. A recentBoston Consulting Group study found that diversifying leadership teams leads to better innovation and improved financial outcomes.Yes and please!The required shift is to pivot away from discussing the virtues of DEI to actually fostering an inclusive workplace where everyone can excel.Advancing DEI is an everybody issue.Bold promiseswithout integrated action is at best misleading, at worse amoral. From organizational culture, to leadership practices, to individual contribution – there are actionable elements for diversifying the leadership pipeline to drive organizational success.

INCLUSIVE ORGANIZATION

There will be little progress in diversifying leadership levels until promotion inequityisaddressed.  

• Clearly define the leadership brand. Broadly communicate core competencies and values that give evidence of inclusive leadership. Go beyond academic definitions and instead focus on idiosyncrasies germane to the firm’s unique DNA.Reward modeled behavior and outcomes.

• Carefully examine talent lifecycle data (i.e., hires, promotions, terminations, and compensation), sliced by business unit, level, gender, race and ethnicity to pinpoint indications of adverse impact among worker groups.As the saying goes, “In God we trust.  All others must bring data.” Individuals can deceive, but numbers won’t lie. Follow the trail and eradicate problematic practices and policies that inhibit progress. Share key data points regularlywith Board of Directors to underscore the commitment to advancing diversity.

• Invest in effective programs designed to accelerate talent development, particularly among underrepresented groups in leadership ranks. Express the value of everyone’s contributionto organizational success. Widely share success stories with pride. Being transparent about commitment andaccountability counteracts cynicism and half-hearted actions.  

• Operationalize output from annual talent and succession reviews, such as, selecting diverse cohorts of cross-functional top talent, for coursework, rotational assignments or special appointments to build skill capacity and overall effectiveness.Insist that senior executives serve as individual sponsors for eachnamed top talent.   

INCLUSIVE LEADERS

Like it or not, leaders are the lynchpin to progress.While somewhat ominous, the reality is that classic leadership practices for unleashing the best in all talent are likewise applicable here.   The differences lie in self-consciousness, meaningful effort and objective personnel decision making.

• Be conscious of language use.Wordscan provide comfort, yet fall short of makingreal connections. One such culprit is the “diverse”trope usedto describe those not considered part of the relative majority population.The undertone is, “You are different from me.  I’m uncomfortable and must tolerate you.”   See each person’s humanness, or risk their detecting vibes of condescension. Get to know the whole person, regardless of appearance, to  discover unrealized commonalities.

"Getting to win-win-win with DEI is achievable, but not without focus, intention and accountability".

• Conduct objective talent assessments against performance standards through an unbiased lens. Bias can be disruptive in numerous ways, if left unchecked.For example, leaders hiring for diversity, but managing for sameness in an attempt to clone tradition .Performance evaluation ratings reveallarge gaps between worker groups, or unevenlevying of company policies among team members. Disenfranchised employees will withhold necessary effort to getting work done if they perceive marginalization. Storiesswapped between employees can morph into formal complaints.It is best to avoid appearances of favoritism and disparate treatment.  

• Ensure all team members have relevant individual development plans outlining available resources that support growth, including potential mentors. Remove obstacles that impede full utilization of the capabilities embodied in each person. Suspend judgement and listen for perceived barriers to successful outcomes according to individual need.  

INDIVIDUAL INCLUSION

Barring discriminatory hiring practices, everyemployee earned a spot on the team and deserves to be respected, included and valued.Employees must  be proactive,gain positive visibility, and persevere through adversity.

• Stay prepared for when the call comes.There are a plethora of decisions being considered behind closed doors. Anyone can be tapped for stretch assignments without warning. Be ready to ramp up quickly, have self-confidence, and deeply inhale a sense of courage.Gain visibility, t moderate risks and accept the call,instead of declining out of fear.  

• Take full advantage of resources aimed at expanding insights and sharpening skills.   Articulate a career vision focused on maximizing individual contribution and impact.   Sharpen that elevator pitch anticipating chance executive encounters.

• Build an inclusiveprofessional network.Nurture a cross-functional, multi-level and diverse network of trusted advisors as sources of guidance, strategy, and influence.

CONCLUSION

The diversity practices leader is never the sole arbiter for advancing DEI. Neither is human resources or management. It’s a team sport with individual roles and responsibilities throughout the organization.Assess, debate, plan, act!   Rinse and repeat. The return is worth the challenge.