Between a global pandemic impacting the physical and mental health of employees across the globe and a national reckoning with racial injustice, a focus on workplace culture has never been more important.
Nicsa members explored these transformative forces through the lens of inclusion and wellness during the first day of GMM 2020, held virtually on October 7.
INCLUSION
A panel of industry thought-leaders kicked off the concurrent sessions by discussing how to build inclusive and engaging work environments.
Sarah Maynard, Global Head, External Inclusion & Diversity Strategies and Programs at CFA Institute, moderated the event, which featured panelists from Raymond James, Franklin Templeton, CFA Institute, and State Street.
“The death of George Floyd highlighted a tragic roll call of lost lives and pervasive racism,” Maynard said. “Society’s demand for change is more visible, more vocal than it’s been in a long time, and the expectations of us all are high. In the investment industry, we can make a difference as both investors and in our businesses by bringing inclusion and diversity into our work.”
Regina Curry, Chief Diversity Officer at Franklin Templeton, cited a 2018 Harvard Business Review study on advantage blindness.
“In that research, there is this idea that being advantaged or having ‘privilege’ can be very uncomfortable for senior leaders – the very folks that you’re bringing together in this space. And that can trigger some defense mechanisms.”
“In a practical sense, I think it’s important to have a clear understanding of the type of experiences that your underrepresented employees are having,” she said. “Quite frankly, I think you need to ask them, whether it’s through focus groups, conversations with senior leaders, or guided discussions with employee resource groups. In this moment, people have become more empowered to speak about their experiences than ever before. We need to listen, understand, and determine how to intervene.”
Renee Baker, Head of PCG Advisor Inclusion Networks at Raymond James, agreed, adding that inclusion is found at the intersection of diversity and belonging.
“It’s about inviting and valuing all voices to achieve business goals – and emphasizing the perspectives that all of our advisors are bringing to the table, whether related to race, gender, thought, experience, or identity,” she said. “Our vision is to be as unique as the people we serve. It is also imperative, especially in this environment, to create a sense of trust when it comes to inclusion. “
Paul Francisco, Chief Diversity Officer at State Street, offered a unique and fitting analogy.
“I think of all of the components of a salad —tomatoes, shallots, sardines, cheese,” he said. “All of those standalone elements are good in their own right, and all of those elements bring a different perspective, or flavor, to that salad. But it’s the dressing that brings it all together. So for me, inclusion is that dressing, if you will, that culture norm that brings it all together into a cohesive and fulfilling outcome.”
WELLNESS
Later, panelists from FIS, Fidelity, and Results-Based Coaching Associates convened to explore the impact of the past six months on employee wellness. Catherine Goonetileke, Partner, EY, moderated the session, which focused on building and leveraging employee assistance programs (EAPs), among other strategies.
Michelle Bruno, VP, Global Benefits & Wellness, said FIS has administered several employee surveys throughout the crisis to gauge where its employees worldwide stand in terms of well-being.
“What we heard initially was that COVID was taking a toll on individuals’ mental health through isolation, uncertainty, economic distress, and social despair,” she said.
“In some countries, laptops are not prevalent; we boxed up desktops, put them on a truck, took them to people’s homes, set them up,” she said. “We have challenges in some of those countries where many members of a family live in one house and have little space to work. Work-life balance is also a challenge; since employees are sitting at home with their computer, they have trouble turning it off. We are anxious to see what the results of our latest survey will show, based upon the new tools and resources we’ve provided employees.”
Cindy Wolpert, Executive Coach and Founder, Results-Based Coaching Associates, said she’s working with leaders to address stress management needs amid both a pandemic and the California wildfires.
“A lot of leaders in the San Francisco Bay area have to be ready to flee from fires at a moment’s notice,” she said. “They’re balancing the safety of their family and loved ones with trying to meet their deadlines. People are challenged with being able to focus, retaining what’s told to them, and recalling what they’re telling others. And the absorption rate of information is low. That’s adding extra stress to the system.”
Beth Adler, Strategic Benefits Initiatives at Fidelity, said benefits are only worthwhile if employees are aware of them, adding that a maintaining steady drumbeat of communication is most effective — especially in times of stress and anxiety.
“Associates only have so much mindshare — there are a lot of competing priorities throughout the day,” she said. “Having a consistent pace of messaging allows us to reach people at the time that they need help, so they can take action right away and get that needed support.”
Fidelity’s goal is to respond in the moment and in a detailed manner. Adler said associates tend to reach out for support at the time when they need it, and disregard messaging when they don’t.
“Following the death of George Floyd, an emotionally taxing time, our CEO sent communications ensuring affected associates knew that there were resources available to help, including our new EAP,” she said. “We also repromoted our caregiving benefits when summer camps started closing and the school year started up again. These communications resonated with employees; we saw a spike in registrations each time.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the Nicsa panel, they do not necessarily reflect the views of Nicsa or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
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