‘Commitments are no longer enough’
Connecticut companies move to diversify their workforces
During Black History Month, companies across the state have touted their support of the African American community. But as many of those firms acknowledge, fulfilling those declarations requires yearround work.
Since the start of the COVID-19 pandemic, a number of major firms have recognized they need to do more to tackle racial injustices and inequalities and make their organizations more diverse and inclusive.
Initiatives such as a new fellowship program at hedge fund giant Bridgewater Associates underscore the seriousness of those efforts, while universities such as UConn said
they are also working to diversify the pipeline of future professionals.
“In order to build that rich and deep understanding of the economies and markets, you’ve got to look at it from a wide variety of
opinions and perspectives,” Alan Bowser, Bridgewater’s chief diversity officer, said in an interview.
“You need diversity of thought. Diversity is literally critical to the success of Bridgewater in our business mission.”
Taking action
Westport-based Bridgewater, the world’s largest hedge fund, has recruited about 40 students for the inaugural class of its new Rising Fellows program. African American students account for the largest under-represented group in the cohort, while Bridgewater also sought applications from other students of color, women and students who are members of the LGBTQ+ community.
All of them are first-year college students.
The program comprises sessions held remotely on weekday evenings that started on Feb. 14 and run until March 4. It aims to provide students an introduction to financial services, help them build skills to understand investing and the global economy, and
allow them to apply their lessons through projects guided by Bridgewater’s investment professionals.
Subsequent opportunities for fellows will include invitations to Bridgewater events and speakers series. Fellows will also be eligible to participate in their sophomore year in the firm’s immersion program.
“This program is not standalone within the suite of things Bridgewater does to build a talent pipeline, particularly a diverse talent pipeline,” Bowser said. “It’s really designed to complement and work with the other things that we do.”
A number of other companies said they also see programs focused on college students as crucial to their diversity, equity and inclusion (DEI) objectives.
“Our approach is multifaceted and includes developing relationships with student affinity groups, showcasing the advantages of a career at Xerox to students of color, investing in students from underrepresented segments through our partnership with (nonprofit) A Better Chance, partnering with a number of historically Black colleges and universities and leveraging our extensive alumni network within our current employee population,” Justin Capella, a spokesman for Norwalk-based information-technology provider Xerox, No. 415 on the 2021 Fortune 500 list, said in an email.
“In a highly competitive talent environment, it is essential to engage and cultivate relationships with minority students to build the next generation of leaders at the company.”
Corporate DEI programs have gained more attention since nationwide protests in 2020 in response to the killings of African Americans such as George Floyd, Breonna Taylor and Ahmaud Arbery.
“A lot of companies are stepping up on the DEI front,” Bob Day, associate dean for undergraduate programs, operations and information management in the University of Connecticut’s School of Business, said in an interview.
“In the summer of 2020, a lot of people had a wake-up call on diversity. But it was kind of happening before then too. Companies were asking us about access to talent in the diversity space and asking, ‘Students from underrepresented groups, how do we get them recruited?’”
Among other recently launched undertakings, Stamford-based Synchrony, No. 187 on the Fortune list and the country’s largest provider of private-label and storebrand credit cards, last May announced a $50 million initiative to support higher education, workforce training and financial literacy for its workforce and underserved communities.
“Our focus on equity, diversity, inclusion and citizenship (EDIC) has expanded exponentially to become business as usual across Synchrony,” Michael Matthews, Synchrony’s chief diversity and corporate responsibility officer, said in an email.
“It’s part of our culture, and it’s how we operate. We elevated EDIC to one of our key strategic imperatives, with board-level accountability. We enter 2022 even more committed to pursuing equality, diversity and inclusion.”
More work to be done
Despite the increasing focus on DEI initiatives, many companies still have workforces that are more racially and ethnically homogeneous than the country as a whole.
Nationwide, about 60 percent of the population were white alone and not Hispanic or Latino, 19 percent were Hispanic or Latino, 13 percent were Black or African American alone, 6 percent were Asian alone, 3 percent were two or more races and 1 percent were American Indian or Alaska native alone, according to 2021 U.S. Census Bureau data.
In Bridgewater’s current workforce, 27 percent identify as members of minority groups — including 3.5 percent who are Black or African American, 7 percent who are Hispanic or Latinx, 15 percent who are Asian and 1.5 percent who are members of other minority groups, according to the firm’s data.
“We didn’t get to the demographic profile of this industry overnight, and we’re not going to change it overnight,” Bowser said. “You have to build programs that are sustainable and that will build talent pools and impact hiring over the long term. And that’s why we think programs like Rising Fellows are so important.”
Xerox reported that among its new hires in 2020 in the U.S., about 65 percent were white, 15 percent were Black, 11 percent were Hispanic or Latino and 6 percent were Asian.
Among Synchrony’s U.S.-based employees, 43 percent are nonwhite — including 20 percent who are Black, 12 percent who are Hispanic and 8 percent who are Asian, according to company data.
“Now more than ever, I believe both candidates and employees want to work for organizations that fully embrace equity, diversity and inclusion,” Matthews said. “Commitments are no longer enough. Businesses that take action to drive cultural and systemic change throughout their entire organizations will have a competitive advantage in attracting and retaining talent.”
At UConn, students who identify as members of minority groups comprise 38 percent of the student population at the university’s flagship campus in Storrs, according to university data.
Officials in the university’s School of Business said they are committed to not only recruiting more students from racial and ethnic minority groups and other underrepresented groups, but also making sure those students feel included after they enroll.
“With every minority student who has registered and is coming into the School of Business, I call them personally and welcome them,” Alfy Roby, interim director of the School of Business’ Office of Diversity Initiatives, said in an interview.
“The charge is not only to connect them, but also retain them through the connectivity of the activities and initiatives that we put together. I want people to say, ‘I like the business school.’”