Diversity Executive - September 2008 - (Page 46)

John Strangfeld Prudential Financial As one of the largest ﬁnancial services institutions in the world, with some 40,000 employees, and customers that reside around the world, Prudential Financial cannot afford to be non-diverse. “Diversity is a priority and a key business strategy,” said John Strangfeld, chairman and CEO. “It helps us connect to and maximize opportunities with and for our workforce, markets and communities. It’s become much more than a series of programs or an initiative; diversity is the way we think and the way we do business.” At Prudential, there is an integrated approach to diversity, in which the organization seeks out diversity-related opportunities and then crafts approaches to capitalize on those. For example, the organization has a multicultural marketing initiative as part of its insurance organization, and its purpose is to help the business recruit employees, create new business and connect with diverse community organizations. For its employees, Prudential sponsors ﬁve business resource groups: Black Leadership Forum; Asian Paciﬁc Islander American Association; Hispanic Heritage Network; EAGLES, the LGBT network; and ADAPT, the disabled employee network. Each business resource group has one or more executive sponsors. These groups not only provide networking opportunities, but they contribute to the company’s success by supporting professional development and assisting with community relations and marketing initiatives related to their constituents. In 2007, there was a 14 percent increase in business resource group memberships. “We can only prosper from tapping into the full spectrum of talent present in the workforce around the world,” Strangfeld said. “To that end, our company needs to be a place where talented people from a variety of backgrounds and worldviews want to work and can ﬂourish. That means we need to have a culture that recognizes and values the possibilities present in differences, is barrier free where opportunities are concerned and is supportive of our employees’ desire to have fulﬁlling lives outside of work, as well as successful careers. This workforce philosophy translates easily and just as importantly into customer and market strategies.” In this effort, Prudential’s Treasurer’s Organization sponsors a Minority Banking Program that develops relationships with minority-owned banks. Likewise, its Social Investments Program focuses on urban communities and makes responsible investments in affordable housing, economic development, minority entrepreneurship, community health and safety and education. Since the inception of this program, Prudential has invested more than $1 billion. The company’s Supplier Diversity Program establishes a commitment to use minority- and women-owned suppliers. Prudential sets goals for spending with these organizations and tracks progress. Additionally, the company requires its vendors to also use a diverse supplier base. “Diversity and inclusion practices at Prudential have resulted in a heightened sense of awareness and increased sensitivity to workplace diversity issues and opportunities,” Strangfeld said. “In addition, as business and HR planning take place, diversity is routinely incorporated into those processes.” Each year Prudential’s businesses set ﬁnancial and HR objectives. The diversity portion of the HR objectives addresses proﬁle representation for all ranks of employees, environment and diversity leadership. “I also hold my direct reports accountable for their own demonstration of diversity leadership and incorporate that into their annual performance appraisals,” Strangfeld said. “They are encouraged to do the same with their own management teams.” – Lindsay Edmonds Wickman George Chavel Sodexo Inc. Respect is a simple concept that can have monumental effects, and at food and facilities management service company Sodexo Inc., this simple concept goes hand in hand with diversity. The organization strives to create an environment in which all of its 110,000 employees are respected and hence empowered to build a culture in which all individuals are valued. “We leverage our diversity and inclusion (D&I) to provide innovative solutions that make every day a better day for our employees, customers, clients and the communities we serve,” said George Chavel, president and CEO of Sodexo Inc. “This does not happen by accident. It takes focused attention to [ensure] that we are creating an environment where all employees are engaged and feel free to share their passion and ideas.” Not only are Sodexo Inc.’s senior executives committed to diversity and inclusion, but so are the customer-facing employees, who serve more than 6,000 North American clients on-site, according to Chavel. “Diversity and inclusion has become a true differentiator for Sodexo and is synonymous with our brand,” he explained. “We know that companies with positively recognized brands can demand premiums from their clients, which of course contributes to our overall success.” 46 Diversity Executive | www.diversity-executive.com | September/October 2008 http://www.diversity-executive.com

Table of Contents Feed for the Digital Edition of Diversity Executive - September 2008

Diversity Executive - September 2008 Editor's Letter Contents Leadership Connections Guest Editorial Diversity Executive Online 2042: A New Business Era Begins The Rules of Attraction Where to Look for Diverse Talent Like Minds Think Great Culture Teams Target Business Opportunities at Luxottica Retail Special Section Rebalancing Gender At ING Americas, the Color of Diversity Is Orange Profile Business Intelligence Case Study Strategies Advertisers' Index Editorial Resources

Diversity Executive - September 2008

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