Company name : STATE STREET
Activity sector : Financial and insurance activities
Company category : Large company
Description of the action
State Street’s Diversity and Inclusion programs focus on providing employees with a blended suite of development opportunities, resources and tools, as well as serving as a platform to engage employees in promoting an inclusive culture. Successful examples of initiatives include: a Global Management Development Program, Unconscious Bias andinclusion training programs, Globalmentoring program, “Pay-it-forward”mentoring Circles, Maternity Transition programs (delivered to parents going on leave and returning to work), Employee Networks and Affinity Groups, access to a wide-range of on-line development tools, resources and virtual training.
Context
State Street’s Diversity and Inclusion strategy centres around four strategic pillars: Workplace (business, policy, culture), Workforce (recruit, develop, retain and advance), Marketplace (branding and visibility, supplier diversity, corporate social responsibility) and Technology (leveraging cutting-edge technology enabling the achievement of best practices).
Objectives
State Street’s goal is to ensure that every employee feels valued, engaged and respected.
Approach
By leveraging employees to both lead and participate in diversity andinclusion programs, this is considered to be an enabler for State Street to reinforce and drive its core values of “Always Finding Better Ways”, “Stronger Together” and “Global Force, Local Citizen”.
Impact
State Street’s pro-diversity practices are built around the belief that the personal and professional lives of employees are further enriched by having the opportunity to bring their authentic selves to the work place and feel that their contributions are recognized regardless of their background. At every level of the organization, diversity emerges from human differences and is representative of State Street’s clients, business and communities. Individually and collectively, our differences make us stronger, and they have a measurable impact on the organization’s performance. The main benefits resulting from State Street’s pro-diversity practices are:
Improved capacity to attract and retain an increasingly diverse and talented workforce
Better use and enhancement of existing human resources practices including higher employee engagement, stronger internal cohesion in the workplace, betterskills management, increased cultural awareness, higher motivation and talent retention
Better understanding of client expectations thus improving State Street’s economic performance
Improved relationships with partners and suppliers
Increased employee pride, commitment and contributions
Enhanced internal and external company image.
« To do »
Ensure appropriate level of oversight and governance to enable sustainable progress towards achieving Diversity and Inclusion goals, as well as strong business buy-in and role-model leadership. At State Street, all diversity initiatives and practices are overseen by State Street's Diversity and Inclusion Centre of Excellence.
Hold individuals at all levels within the organization accountable for both diversity and inclusion. State Street’s Performance Review Process requires that annually all employees are responsible for achieving one diversity and inclusion-related goal.
« Not to do »
