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Wachovias Commitment to Diversity

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Title: Wachovias Commitment to Diversity


1
  • Wachovias Commitment to Diversity
  • Diversity Best Practices ConferenceEngagement of
    Diversity Councils
  • February 26, 2007
  • Rosie SaezSenior Vice PresidentDirector of
    Leadership PracticesWachovia Corporation

2
History of Our Journey
3
Wachovias vision and values
  • Vision To be the best, most trusted and admired
    financial services company.
  • Values
  • Integrity
  • Respect and Value the Individual
  • Teamwork
  • Service
  • Personal Excellence and Accountability
  • Winning

4
Wachovias diversity values statement
Diversity at Wachovia is a business imperative.
Aligning with our customer base, engaging our
communities, and attracting and retaining
talented individuals are critical to our success.
We are committed to long-term positive culture
change and seek to incorporate diversity into all
aspects of our business. Every individual at
Wachovia has an ongoing responsibility to advance
diversity.We are committed to being an
inclusive company where all people are treated
fairly, recognized for their individuality,
promoted based on performance, and encouraged to
reach their full potential. We believe in
recognizing, understanding, and respecting
differences among all people. These differences
include but are not limited to race, gender,
sexual orientation, work/life status, ethnic
origin, culture, spiritual beliefs and practices,
age, level, physical/mental ability, and veteran
status.
5
Core principles and beliefs
  • Engaging issues of inclusion across difference
    and valuing diversity in the workplace results in
    bottom-line outcomes.
  • Comprehensive and strategic organizational
    culture change is critical to ensure inclusion
    and full engagement of all employees. Engaging in
    dialogue across difference is foundational to
    changing our culture.
  • Leaders must understand the current state and
    perspectives of diverse groups and learn to name,
    embrace and value them.

6
Diversity philosophy and approach
Work at all levels
  • Individual
  • Group
  • System

Model of Inclusion
7
Diversity phases
  • Start Up
  • Identify diversity opportunitiesand problems
  • Provide basic education and awareness
  • Develop top leadership
  • Develop vision, goals, andbusiness case
  • Demonstrate commitmentto diversity
  • Define diversity

Capacity Building Develop internal
champions Address organizational obstaclesto and
support of diversity Get the diversity message
out
Institutionalization Identify and
institutionalize thedesired culture change Make
diversity a part of daily business
8
Increased Emphasis onLeader Accountabilities
  • Build personal diversity awareness
  • Demonstrate commitment
  • Personally lead diversity in business unit
  • Recruit, hire, develop and promote a diverse
    workforce
  • Hold self and others accountable for diversity

9
Executive commitment
  • Corporate Diversity Council
  • Chaired by CEO Ken Thompson
  • Made up of a diverse representation of
    leadersand employees
  • Determines and directs strategic plan
  • Business Unit Diversity Councils
  • Chaired by Operating Committee member
  • Made up of a diverse representation of
    leadersand employees
  • Responsible for integration and execution
    ofdiversity strategy

10
Support and infrastructure
Diversity Councils Corporate and business unit
infrastructure
Diversity Integration Practice
Recruiting and Retention Senior leader selection
process Human Capital Planning Diversity
Recruiting INROADS internship program Participatio
n in nationalconferences Employee Resource
Networks Tracking of engagement for each identity
group
Education and Development Diversity
Workshops Leadership Development and
Coaching Internal and External Consultants Diversi
ty Learning Resources Diversity Learning
Teams Internal Best Practice Sharing
Communications Diversity Intranet Consistent
messagesfrom CEO Business unit-specificcommunica
tions Participation in keysurveys
11
Role of Corporate Diversity Council
  • Define corporate objectives relative to
    diversity.
  • Raise awareness and sensitivity to diversity in
    the corporation.
  • Objectively determine the current state of
    affairs in the corporation.
  • Make recommendations to the CEO and Operating
    Committee in the form of strategies and action
    plans.
  • Identify what the corporation should measure and
    to monitor progress toward the goals we define.
  • Ensure that corporate diversity strategies and
    actions are implemented effectively
  • Continuously reinforce the principles and
    practices of diversity at Wachovia

12
Council Member Expectations
  • Be willing to serve up to a 3 year term.
  • Be a member of a sub-committee.
  • See participation as a priority members are
    fully committed.
  • Understand why they are involved. Their personal
    and professional meaning of diversity is clear to
    them and shared with others.
  • Clear about the business reasons for the divrsity
    commitment, able to speak it and share it with
    others.
  • Take full responsibility to do their individual
    work on group identity membership.
  • Model diversity skills and continued learning.

13
Strategic plan
  • Continue to build and institutionalize an
    inclusive culture throughout the company.
  • Hold leaders at all levels of the company
    accountable for achieving measurable results on
    the diversity components of their business plans.
  • Increase diverse representation at the
    senior-most levels.
  • Ensure meaningful development and retention for
    diverse identity groups.
  • Drive the deployment of customer, community and
    supplier diversity strategies in a way that
    aligns with the companys diversity mission and
    values.

14
Integrating Diversity throughout
  • Emerging Markets
  • Ethnographic research
  • Wealth Management customer strategy
  • Spanish Language website
  • Partnership with National Association of Minority
    Automobile Dealers
  • Community Outreach
  • Outstanding CRA grade
  • Alignment of philanthropy with diversity goals
  • Community development programs
  • Supplier Diversity
  • MWBE scholarships
  • Scorecard

15
Monitoring progress
  • CEO Diversity Reviews
  • Diversity Scorecard
  • Employee Engagement Survey

16
Continuing on our diversity journey
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