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From Commitment to Action to Advance Racial Equity

By DTCC Staff | December 5, 2022

An essential part of DTCC’s pursuit of excellence is building and nurturing the diverse pool of talent that will shape our organization’s future.

DTCC is committed to recruiting and developing a workforce that reflects our commitment to racial equity and harnesses the power of inclusion. We recognize that advancing these goals will help ensure that we have an innovative, agile, and culturally rich company that will enable us to serve the financial services industry and help shape its future.

Our Diversity, Equity and Inclusion efforts encompass a multi-faceted approach that begins with recruiting top quality talent from a broad range of backgrounds, with the goal to increase the representation of women and people of color across all our departments and at all ranks within our organization.

Yet our mission does not stop when a new recruit joins the company. Our goal is to fully integrate diversity and inclusion into all aspects of the DTCC community by creating an environment where every employee feels valued, respected, and invested in the organization’s success.

Drawing diverse talent to DTCC

As a key part of our program, we have forged connections with Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs) and work on those campuses to draw high-performing graduates to DTCC.

We also aim to enlist EDGE Analysts and Interns that reflect the diversity we seek to achieve across the company and have set specific recruiting goals to fill those classes. Indeed, many of our interns have come to know DTCC through programs like Girls Who Code, Pencil and Rising Stars that aim to open career opportunities for girls and minority students.

For more experienced hires, we deploy a range of targeted recruiting tools, up to and including executive search firms that specialize in diversity.

One particular element that DTCC recruiters have worked on is telling our story, making clear that the benefits and culture at DTCC are best in class, and highlighting the strength of our brand across the financial services industry.

These steps have borne fruit, particularly in our efforts to increase the number of women in our ranks. Traditionally, women have been underrepresented in DTCC’s workforce, making up less than 30 percent of our organization, but in recent years, that figure has ticked up to about 38 percent.

However, meeting our goals means confronting multiple challenges, both internal and external. Not least among them is the upheaval in the workplace triggered by the global pandemic and the simultaneous re-evaluation of the roles and impact of both women and people of color in the workplace.

Women and minority employees have been inspired by the social movements that spread across the world in recent years to reconsider their roles in the workplace and society, contributing to a dynamic and unpredictable job market. DTCC has not been immune to those changes, and we have seen some attrition, particularly among Black talent.

Even as we remain zealous in our efforts to recruit, we are also working to understand the dynamics at play in the broader market and internally that have led to these setbacks. Recognizing the drivers of change will help us develop strategies that can reach across different communities and improve both recruiting and retention.

Career advancement

It is a tribute to DTCC’s culture that the typical tenure of our employees is longer than average for the financial services industry. But while that is something to celebrate, it can sometimes create a challenge for high-potential employees looking to advance their careers.

We want to make sure that we are giving everyone the opportunity for advancement and have increased our efforts across the board to create opportunities for everyone to achieve their career goals.

Through programs like Advancing Women Leaders, DTCC offers a proactive opportunity for women to develop leadership skills that can enable them to move up the ranks. The McKinsey Management Accelerator Program through the McKinsey Black Leadership Academy offers a unique opportunity for mid-career managers to build core management and leadership skills.

Supportive programming extends to our Employee Resource Groups, which enable staff with similar backgrounds and like interests to connect and participate in events that can provide career development and inspiration.

And our talent acquisition team is making a growing effort to identify talent internally and elevate those individuals to hiring managers when opportunities arise. This cross-department approach serves as a career development and advancement support system that can ensure everyone’s career goals are satisfied.

Diversity, equity, and inclusion is work that’s not static. These efforts demand creativity and flexibility in an ever-changing global environment, and DTCC is committed to the task.

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