Morningstar - Q1 2022 - 16

Dispatches
Welcome to what I'm calling " Culture 2.0. "
Understanding the Current Landscape
The racial reckoning of 2020 continues
to reverberate across the country, weaving its
way into important and transformative
workplace discussions.
Corporations and companies have been forced
to look in the mirror and ask serious questions,
perhaps for the first time, including:
gWhat are we doing to eliminate barriers of
entry into our industry?
gWhat are we doing to promote an empathetic,
diverse work culture?
gHow are the barriers of systematic and
systemic racism being discussed and handled
in our industry?
But have they?
Chief Executive magazine and the Society for
Human Resource Management recently
conducted a study where CEOs were asked, " In
which area would you like your CHRO (chief
human relations officer) to deliver more value? "
The answers were not promising for the
development of diversity, equity, and inclusion
in the workplace. Only 29% wanted their
CHROs to leverage people data to prevent
significant workplace culture issues, and 38%
thought they should focus on sourcing
talent from alternative places.
If change is going to take place on a national scale,
we need to educate leaders on the importance
of DEI in the workplace and how it can benefit their
overall goals.
Moving Forward, With Purpose
Getting the attention of leaders is only the
beginning of a long series of hurdles to make our
workplaces more inclusive and diverse.
Although organizations will employ different
strategies based on their location, size,
and operational structure, there is an incredible
amount of opportunity they can all tap into.
In this respect, there are a handful of objectives
that I believe can move us forward:
16
Morningstar Q1 2022
As we ease back into our offices, organizations
have an incredible opportunity to hit the
reset button.
gListen to understand, not to respond: Many
times, we need to lend an ear so that others can
unload, even if we don't have an answer,
and especially not to level-set with an experience
of our own.
gAppreciate that information that needs to be
shared must first be received: When communicating
with your team members, take into account
the external influences that might be impeding
their ability to comprehend your message.
The Time Is Now
If you have already begun to feel the repercussions
of the " Great Resignation, " ask why. Gather
information on the employees who prefer to work
virtually and understand what the non-negotiables
are. Look for compromise.
When employees recommit, continue to help
them forge their career paths so they know
you are committed to their futures, alongside that
of the company.
gAdd your values to your calendar: Akin to
exercising or seeing friends, you'll schedule the
things that are important, not just urgent. Be sure
that DEI efforts are on the list.
More pointedly, organizations should consider:
gThe real ways that systematic and systemic
oppression have had an impact on our society and
the workplace. Are our colleagues diverse?
Are our clients?
gThe caregiving roles of women, in particular.
Virtual environments have made it easier for
them to thrive amid an increasingly large workload
and stressful family period of time. Try to
understand why they might not be rushing to
return to the office.
gHow the mental health of employees of color
might receive a boost from working from home.
Imagine the freedoms many of our diverse
colleagues feel without having to face the daily
stress of microaggressions over their appearance
or cultural preferences.
Let them know that you see them in your client
base: an ever-increasing mosaic of new
cultures, beliefs, and values that can find their
place in the American dream.
Above all, continue to find new ways to lead with
an eye to DEI efforts.
The time is now for wealth-management firms
to leverage their decades of growth and innovation
and re-examine their current culture in service
to their staff and clients.
If you left 2020 without a good look in the mirror,
make sure you haven't done the same in 2021. K
Rianka R. Dorsainvil, CFP, is the co-founder and co-CEO
of 2050 Wealth Partners, a virtual, fee-only comprehensive
financial planning firm dedicated to serving firstgeneration
wealth-builders, entrepreneurs, and thriving
professionals. Dorsainvil also hosts 2050 TrailBlazers,
a podcast aimed at addressing the lack of diversity
in the financial planning profession by engaging industry
experts and leaders in conversation. The views
expressed in this article do not necessarily reflect the
views of Morningstar.
https://www.morningstar.com/authors/2423/rianka-r-dorsainvil
Morningstar - Q1 2022

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