Executives from The Depository Trust & Clearing Corporation (DTCC) shared their insights at two recent conferences on the importance of Diversity and Inclusion (D&I) and the critical role it will play in spurring long-term growth of the financial services industry. As a long-time proponent of D&I, DTCC leaders, including President and CEO Mike Bodson, spoke about how incorporating the diverse perspectives of DTCC’s global workforce into its mission has helped the firm advance industry-leading solutions that secure and shape the future growth and development of the global financial marketplace.
“DTCC recognizes that integrating D&I into its business practices, processes and organizational culture creates a diverse and inclusive work environment that increases employee motivation, engagement and satisfaction, and ultimately improves organizational performance,” Bodson said. “Recruiting, retaining and promoting diverse employees is one of the biggest challenges facing the industry – and also one of the biggest opportunities to help create long-term sustainable growth.”
DTCC Joins Prominent Firms at ALPFA
At the annual Association of Latino Professionals for America (ALPFA) convention, which brought business owners, students and professionals to New York City for seminars and events geared toward leadership development, networking and employment opportunities, Bodson and Anthony Portannese, DTCC Managing Director, Human Resources, participated in an executive forum that focused on top D&I challenges facing many financial firms today. They were joined by executives from BNY Mellon, PwC, State Street, New York Life and MassMutual, among others, to discuss evolving workplace culture, issues related to attracting and developing Black and Hispanic/Latino talent as well as strategies to address these challenges.
Many of the executives expressed frustration with the slow pace and progress of diversifying the industry’s workforce. Bodson discussed the importance of senior management making D&I a top priority to build a true a culture of inclusion. “As senior leaders, we need to set clear and aggressive goals for D&I and hold our people accountable for results. If we walk-the-walk and talk-the-talk, then the rest of the organization will understand that D&I is a priority for the firm.”
Sponsorship and Mentoring Programs are Key
Bodson explained the business case for D&I and shared insights on work that DTCC is doing in this area as keynote speaker during a conference sponsored by the Center for Talent Innovation (CTI), an organization of senior executives committed to promoting diversity. During the event, the group highlighted the findings of its latest research, “Black Women: Ready to Lead,” of which DTCC is a sponsor.
The CTI research went beyond standard studies of women in the workforce by focusing on the views and needs of Black women. “If we are going to make the changes necessary to ensure black women are more visible in the workplace, then they cannot be invisible in research on the career trajectory of women,” Bodson said.
Bodson noted that one of the most important takeaways of the CTI report is the need to develop formal sponsorship and mentoring programs. He said that while the research, which included case studies and interviews, clearly pointed to the need and benefit of such programs, statistics show this remains inconsistent in the financial services industry.
“As a generation of leaders, most of us would view ourselves as inclusive of gender, race and ethnicity in our approach to talent,” Bodson said. “It is unfortunate, however, to look at the facts and see that the data tells a different story. For our words to have meaning, for our intentions to have impact, for us to leave a legacy that we can be proud of we all need to challenge our firms, our staff and ourselves to make a meaningful effort to address our shortcomings. Admitting them is the right and needed first step, but then we need to prioritize the hiring, development and growth of diverse employees.”
Bodson’s full remarks at CTI can be found here.