Research and experience continue to make the case for improved diversity and inclusion in the workplace. The credit union movement can benefit greatly from focusing on diversity and inclusion as they make plans for continual growth, innovation, and talent acquisition in the marketplace. Jimese Harkley, COO of DiverCity Solutions, mentions some ways that inclusion impacts the bottom line, “Inclusion improves workplace relations among teams and builds trust within interdepartmental relations. It builds more innovative work teams, improves organizational problem-solving, and improves member service.”
Recent studies help back up these claims by showing that inclusive organizations can ultimately enjoy better financial performance. In a 2015 report by global consulting firm McKinsey & Company titled Diversity Matters, the research found that companies that exhibit gender and ethnic diversity are, respectively, 15 percent and 35 percent more likely to financially outperform those that do not. The study found that a diverse workplace helps to attract and retain top talent, strengthen customer orientation, increase employee satisfaction, improve decision making, and enhance the company’s image.
How are credit unions doing with diversity and inclusion? Harkley notes, “It is evident that credit unions have gotten the message on diversity, equity, and inclusion” But continues that, “unfortunately, there are few organizations that go beyond the baseline requirements.”
The National Credit Union Administration (NCUA) has focused more on credit union diversity recently, and in May 2015 even issued an interagency policy on standards for assessing diversity policies and practices in credit unions. NCUA states that, “Credit unions were founded on the premise of people helping people. It makes good business sense to have members, managers, and employees reflect the community credit unions service and for credit unions to serve diverse segments within their communities.” NCUA also produced a voluntary diversity self-assessment questionnaire to help credit unions assess existing policies and practices, and then find opportunities for improvement.
NCUA and Harkley agree that the success of these policies and practices starts with leadership’s commitment to diversity and inclusion. The Board of Directors and Senior Management have the responsibility to promote a culture of diversity and inclusion through their development and support of strong policies and practices. But, Harkley also notes that young professionals can lead from any position on this matter and help encourage a dialogue to improve diversity and inclusion within the credit union. She encourages young professionals to, “Research current policies and procedures. If the credit union has no policies, or if the policies are inconsistent with credit union values, start by asking questions. Use this inquisitiveness to promote positive change and encourage leadership to be more vocal about their intentions to be inclusive.”
Credit unions can do more to lead the way by adopting and encouraging these practices that promote growth, innovation, and talent acquisition. For more ideas on how to start or continue this dialogue, the Mountain West Young Credit Union Professionals will present a free webinar titled The Inclusion Effect: The Benefits of a Fair and Equitable Workplace, featuring Jimese Harkley from DiverCity Solutions.
Join us on January 25, 2018 at 11:00 AM Mountain Time by registering at following link: The Inclusion Effect: The Benefits of a Fair and Equitable Workplace
About Brian Lee
Brian Lee is the Chief Financial Officer at Landings Credit Union in Tempe, AZ. He is a member of the MWCUA and CUNA Young Professional Committees. Brian is also a Credit Union Development Educator and is passionate about the credit union movement.