Employee resource groups harness power of diversity (National HR Awards)

Winner: Best Diversity Program

Employee resource groups harness power of diversity (National HR Awards)
Fidelity Investments Canada values diversity as a key element of its talent management strategy, and also strives to be an employer of choice with open, equitable policies. Courtesy: Fidelity Investments Canada

 

 

 

For Fidelity Investments Canada, a critical ingredient of success means ensuring its workforce mirrors the diversity of the country it operates in.

“As an organization, it’s really important that we reflect our community and our clients,” says Diana Godfrey, vice-president of human resources in Toronto. “If we weren’t a diverse organization, we wouldn’t be doing a very good job of reflecting the community and client community, because we are a very diverse culture and country. I think that’s something we can be very proud of.”

Diversity and inclusion initiatives make Fidelity more effective in serving customers, developing employees and strengthening communities, she says. The company values diversity as a key element of its talent management strategy, and also strives to be an employer of choice with open, equitable policies. 

Fidelity promotes equal opportunity for employees and hiring candidates through education on unconscious bias, the value of diverse teams, harassment and discrimination.

But the most powerful diversity initiatives come via empowered employees, as this ensures continuity in effort, development opportunity and accountability for positive change, says Godfrey.

In 2012, the mutual fund management company found a creative way to ensure diversity would be valued and nurtured within the business, establishing a number of employee resource groups (ERGs) — self-organized collections of employees who have common interests relating to race, ethnicity, gender, sexual orientation, or simply a shared affinity based on similar experiences.

At present, the company supports five ERGs: the Asian Employee Resource Group (AERG), the Latino and Black Employee Resource Group (ASPIRE), the Varying Abilities Employee Resource Group (ENABLE), the LGBTQ Group (PRIDE) and the Women’s Leadership Group (WLG).

The ERGs support the company’s brand while also supporting the professional growth of participants through networking, education, mentoring and career development, she says.

AERG: This 90-member group is dedicated to enhancing Asian culture through events and community service opportunities. Its mission is to provide a support forum, organize networking and professional development events, attract and retain Asian employees, and expand their presence within the community.

This group has sat in during consultants’ presentations, helping to confirm or refocus statements and initiatives towards a more diverse perspective, says Godfrey.

ASPIRE: This 91-member group supports Black and Hispanic employees in achieving leadership excellence. This group began working with Junior Achievement and teaching financial literacy in schools — an initiative Fidelity had intentions of offering down the road, but was unable to find the time, says Godfrey.

“That ERG group showed us that you can do it. It’s not that hard; just get moving.”

ENABLE: This 73-member ERG was established last year in an effort to recognize and support workers with differing abilities. Its goals include assisting in the retention and recruitment of associates with disabilities, as well as advocating for accessibility enhancements on behalf of Fidelity’s clients.

This is the most recently formed ERG at Fidelity, and had the largest number of people in the company’s ERG history attend its first event, says Godfrey. Many attendees were moved by those who spoke of personal experiences.

“For none of these groups do you have to demonstratively be a part of that group, but you can be a friend or an ally or a supporter,” she says.

PRIDE: This 110-member group has successfully boosted levels of appreciation and tolerance for the LGBTQ community through education, says Godfrey. Its mission is to foster a workplace environment that encourages employees to reach their highest potential while being their true selves. The ERG connects LGBTQ workers to professional development forums, community outreach events, and mentoring opportunities.

Over the years, PRIDE has organized a number of company events raising awareness and monetary donations for its many initiatives.

WLG: This 147-member group is dedicated to helping businesswomen develop personally and professionally.  The group celebrates International Women’s Day and offers volunteering and networking opportunities, allowing women to share their experiences and empower one another to achieve their career goals.

The primary purpose of the ERGs is to enhance the understanding of diversity in the workplace, marketplace and community, while promoting an environment of mutual respect, says Godfrey.

Forming the ERGs was an employee-driven decision, she says. By assigning an executive sponsor to each ERG, each group is able to advocate at the highest level of corporate leadership.

When the mission of the ERGs was first communicated, executives quickly stepped up, moved by group members’ stories, says Godfrey.

Through the ERGs, Fidelity employees approach diversity with a grassroots, practical approach that also supports business interests. Key partnerships are formed with stakeholders and managed in line with business interests. And leaders are engaged to help promote workplace diversity while employees are consistently reminded that it is critical to corporate success.

“What makes us different is we’ve found a way to involve them in the business, and found a way to involve them in the community,” she says of the ERGs.

“It’s not just a networking opportunity or a group of like-minded people who share a common interest or background getting together to talk... They’ve created a community amongst themselves but they also reach out to the business and the community, and their contributions make it a better organization.”

Through the ERGs, Fidelity has learned that diversity translates into happier employees, and that both ideas and issues surface more quickly, says Godfrey, noting employee engagement and turnover scores have also improved.

With 1,000 employees on staff, many colleagues will never have the opportunity to work together, but the ERGs allow for an alternative commonality that strengthens bonds between employees.

“It’s created an additional level of communication that wouldn’t have existed and one that’s supported by the company,” she says. “It’s not water-cooler talk… The intent of the program was really about the community, but what it’s become is a way to communicate in the business, too.”

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