T. Rowe Price Announces First-Ever Diversity & Inclusion Report
(3BL Media/Justmeans) - Promoting diversity in companies creates a workplace culture that is more vibrant and equal. Many companies are developing specific programs to advance equality and inclusion. Southwest Airlines, for instance, has a Diversity Council and Allstate has increased its procurement spend with diverse suppliers. The trend now grows stronger with asset management firm T. Rowe Price, which in 2014 launched its D&I Strategic Plan to attract, develop and retain talent, value its associates and holder leaders accountable for results.
Three years have passed and the company is now reporting the results of its D&I efforts. Its main objective was that at least 30 percent of interviewees for senior-level roles were diverse and that the effort has resulted in an increase in minority leadership. Associate working groups have also provided valuable insights into how best to forward diversity. Besides, D&I goals have had an impact on leadership performance.
“The firm has made some notable progress in diversity and inclusion” says Angela Roseboro, the company's head of D&I. “This report provides a comprehensive view of the work the firm has been doing over the past several years.”
To achieve these results, T. Rowe Price implemented several actions. Back in 2014, it carried out a three-day program to introduce top diverse M.B.A. candidates to the firm. In 2015, it launched PRIDE @ T. Rowe Price, the firm’s lesbian, gay, bisexual, and transgender business resource group. Last year, the Women’s Roundtable launched a mentoring program.
Now, 45 percent of the workforce is female, with 26 percent from a minority background. In terms of senior leadership, the figure stands at 31 percent female and 17 percent minority, going up to 32 and 23 percent, respectively, when it comes to new hires. “While there is always more work to be done and more progress to be made, the firm remains committed to advancing diversity and inclusion. This report demonstrates the firm’s steadfast commitment to diversity and inclusion,” adds Ms. Roseboro.
The company is also taking steps to help early-career candidates get a foot in the door with several partnerships with diverse organizations and relationships with core universities. The partnerships allows the company to access new pools of talent and have better chances of improving their ability to attract a diverse candidate pipeline. With internship and fellowship programs, they expose candidates to a career in asset management and give them an opportunity to know the firm and its business culture.
The LGBT+ community has also been a big component of the T&I drive. Last year, the company created a network of volunteer leaders and coworkers who self-identify as allies. It also identified commercial opportunities and launched campaigns to broaden and diversify T. Rowe Price’s marketing base to include LGBT+ individuals and families.
Elsewhere, Ethnic Diversity Roundtable (EDR) prompted T. Rowe Price to look for ways to be more inclusive and worked with local organizations serving diverse communities. It also launched a corporate partnership with the Boys & Girls Club of Gilmor Homes in Baltimore. It supported M.B.A. and undergraduate recruiting in investments, resulting in 14 diverse hires out of a total of 23, among other actions.
The Women’s Roundtable hosted three major leadership development speaker series events in Maryland, London, and Tampa, with approximately 500 women in attendance. Female leaders and new talent could learn from top female executives and network across the firm. It also hosted Diversity Dialogue modules to foster learning and development of mid-level female associates across the firm. Topics included influence, negotiation, networking, and executive presence. Finally, it launched biannual welcome events for new senior-level female hires to promote networking and retention of senior-level women across the firm
Picture credit: T. Rowe Price