Diversity Executive - September 2008 - (Page 51)

we hold ourselves accountable for creating an inclusive environment within our teams.” Diversity is a business initiative that enables Wells Fargo to better serve its diverse customers. “We view diversity and inclusiveness not just as the right thing to do, but as a market share growth opportunity,” Stumpf said. “The more diverse we are, the more responsive we can be to the ﬁnancial needs of our diverse customers and the better we’ll be able to help them succeed ﬁnancially.” Wells Fargo has synthesized diversity and inclusion into its business practices through its “Six Steps to Diversity:” 1) the executive management team is responsible for diversity; 2) people from diverse backgrounds are present in all levels of management; 3) Wells Fargo develops long-term relationships with diverse communities; 4) the company contributes to the diverse communities and groups where it resides; 5) diversity pervades all company communications; and 6) the end result is that Wells Fargo builds a reputation as a diverse company. “All 168,000 of us have to take responsibility for diversity and create a culture that welcomes, respects and takes pride in the individualism of our team members, customers and business partners,” Stumpf said. “These six steps are embedded into our businesses, our bonus programs and performance evaluations. Our business leaders meet regularly with human resources and the Corporate Diversity Council to discuss progress, share best practices and identify our improvement opportunities.” In alignment with the Six Steps to Diversity, every business line has set objectives and measures success on hiring and retaining diverse team members, as well as how the organization serves diverse customers and partners with diverse communities. In 2007, Wells Fargo spent $550 million with diverse suppliers, more than halfway to its 2010 goal of $1 billion. Further, in the most recent team-member diversity survey, about eight of every 10 team members agreed Wells Fargo is known as a diverse company, up from about seven out of 10 in 2005. “We measure diversity at all levels of our company, and in recent years we have increased the ethnic diversity of our team members overall and the diversity of our senior executives. But we’re not satisﬁed, and we still have a long way to go,” Stumpf said. – Lindsay Edmonds Wickman sible,” said CEO Anne M. Mulcahy. “A diverse workforce is more creative, more dynamic and more open to new ideas. As a company that thrives on innovation, diversity is an integral part of our business success.” Xerox has taken several signiﬁcant steps to integrate diversity and inclusion into the fabric of its business. For instance, its Balanced Work Force Strategy (BWF) evaluates senior managers on their ability to hire, retain and promote each employee group, including minorities and women. The BWF also helps keep workforce representation balanced and protects against disparities that could result from organizational restructuring. The company also offers beneﬁts such as child-care subsidies, dependent-care salary redirection, adoption assistance, domestic-partner beneﬁts and after-school care, all of which support the needs of a diverse employee base of more than 58,000 worldwide. To leverage the knowledge and experience of its workforce, Xerox has assigned corporate champions for many of its independent employee caucus groups. The groups represent a wide range of populations including women, minorities and the LGBT community. The corporate champions serve as liaisons to senior management, so caucus group members can have their voices heard by the executives who want and need their insight. “We celebrate diversity of thought, approaches and ideas, and as a result, we’ve created a work environment that prizes individuals of all backgrounds and experiences,” Mulcahy said. “We feel we are better equipped to understand today’s diverse marketplace thanks to a long history of fostering a culture of inclusion and opportunity.” The company also has implemented the Xerox Minority/Female Supplier Program that has purchased and received more than $5.7 billion in goods and services from diverse suppliers, including disabled veterans, during the past 20 years. The results of Xerox’s diversity and inclusion efforts are manifold. In terms of representation, the employee roster is composed of more than 30 percent African-Americans, Latinos, Asians and American Indians. “We have one of the most diverse workforces in the industry, and we believe it’s no coincidence that it’s also one of the most productive and innovative,” Mulcahy said. “What began as good citizenship has morphed into a competitive advantage. It helps us attract, retain and develop the best and brightest talent and fosters a work environment that is collaborative, creative and motivated. At Xerox, diversity is both a source of pride and a factor of our success.” « – Agatha Gilmore Anne M. Mulcahy Xerox Corp. For Xerox Corp., a company whose business is based on creativity and innovation, a culture of diversity and inclusion is a must. “Diversity is critical to keeping Xerox on the cutting edge of what is pos- September/October 2008 | www.diversity-executive.com | Diversity Executive 51 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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