COACH’S CORNER
Building DEI into Your Firm’s Daily Life
By Arlene Moss
When coaching, I always prefer to assume the best intent in others. I think we can agree that financial planning needs to become more diverse and inclusive. Many planners and others wish for a profession that reflects the world in which we live, but doing the work to change can feel overwhelming. Messages about diversity, equity, and inclusion (DEI) can also bring a healthy dose of guilt that I would like to avoid so that we can dig into methods that will move us forward.
Check Your Words and Images
Showing up in financial planning in a more inclusive way begins with the very basics of your website: your content and your everyday word choices. I frequently learn how many words and phrases we use that are hurtful to underrepresented populations within the workplace. It is relatively easy to shift from “grandfathered” to “legacy” or drop the word “powwow” in favor of “meeting.” This list goes on, and you will probably be surprised at some everyday phrases that are hurtful to others. I encourage you to take the time to be aware of how your word choice may affect others.
While you may lean on your benign intent or lack of knowledge to excuse your word choice, the reality is that impact outranks intent. Let’s suppose that you dropped a rock on my foot by accident. You clearly didn’t mean to, but it really hurt! You would try not to drop the rock on my foot in the future. Word choice is the same, just a different kind of pain.
On your website and in the content you create, check your imagery to make sure it reflects all of your clients and members of your community. It’s easy to fall into a habit of all White, able-bodied, cisgender imagery—not from ill intent, but because that’s what there is more of. It’s especially easy if your firm is led by straight White males.
With just a bit of effort, you can reflect a broader audience, and consequently, your website and content will appeal to a wider audience. You will make more people feel welcome at your firm, both as clients and on your team. Also, don’t guess whether your content is meeting that goal. Use tools such as Textio or Gender Decoder (see resource list at the end of this article) that analyze text for bias to ensure the content you create is more inclusive. Be open to feedback. Let it become an everyday thing for people to teach one another about word choice and the origin of phrases that we often don’t consider. There’s no need for shame—just gentle informing and learning.
Hire Creatively
Get creative when hiring. Don’t go to the same sources of applicants over and over. Word of mouth is wonderful, but push yourself to have a diverse pool of applicants. You can do this by specifically calling out your own challenge. A social media post asking for referrals is helpful, such as, “Hello friends, I am excited about this opportunity within our firm. I find, however, that my LinkedIn connections lack diversity. I would appreciate your help in spreading the word so that I have a more diverse group of applicants.” Reach out to HBCUs (historically Black colleges and universities) with your job postings, not just your alma mater or the local university. Ask your colleagues in underrepresented communities for referrals. (Find out how Modera Wealth Management is reaching out to HBCUs in an article in this issue, “How One Financial Planning Firm Tackles DEI.”)
Please note that I am not implying you hire someone because of any particular trait or that you pass over someone for the lack of a trait. Your goal is to have an exceptional and diverse pool of applicants, so you get the very best person for your team.
Ensure you provide an equitable interview experience as you begin to hire and grow your team. Use the bias analysis tools mentioned above so your job postings do not inadvertently attract a specific applicant type. For example, you could substitute “culture addition” for “culture fit” in a job posting so that you gain team members with shared values and goals for their work life who get to express all aspects of their personality at work.
Have a plan for appropriate interview questions, and ask each candidate the same group of questions. As you interview, use a checklist to avoid drifting and evaluating based on your gut alone. This includes work samples. Depending on job requirements, you may request video or writing samples, a sample process, or a response to sample planning issues. Determine what work sample gives you the insight you need. Think carefully before accepting additional materials that you have not asked for—and that aren’t substitutions made by someone due to lack of access to resources. An applicant recently sent me an unsolicited video. The hiring manager did not review it because other applicants did not have videos. Don’t ever let materials outside an established application process inadvertently skew the selection.
Make the Workplace Inclusive
Hiring isn’t the end of your journey to inclusiveness. It is the beginning. Work to create a safe place where teammates can be themselves at work. This requires that you be aware of what might affect your team—from news events to microaggressions in the workplace.
I have met many people who can’t quite wrap their heads around microaggressions. They anchor to the fact that they don’t intend to do any harm. Again, impact outranks intent.
I had a moment of clarity that helped me see the pain that microaggressions cause. I kept going back to “micro” being small, but it’s not. It has to do with everyday matters—think microeconomics. It isn’t small things but rather having to deal with something offensive or hurtful every single day. It’s exhausting and stressful. It causes people to leave an environment where they are subjected to it. For this reason, you want your team to be on the lookout for microaggressions in order to improve your retention of your teammates. Every day, in all situations, remember that impact outranks intent.
A simple way to add inclusiveness is by being flexible with your holiday policy. For example, you may choose to close your office for religious holidays, but you could allow your team to celebrate more flexibly. Perhaps they choose to work on Christmas Day because they don’t celebrate it, but they may wish to have the ability to take off their religious holiday without burning through vacation days. These are referred to as “floating holidays,” and you can set a policy with as many as you wish. The Society for Human Resource Management’s template for a holiday policy says, “All full-time, regular employees receive two floating holidays per year in addition to [Company Name]’s regular paid holidays. These two floating holidays may be used only for religious or cultural holidays, employee birthdays, or other state or federal holidays during which [Company Name] remains open.”
Support your team as they participate in professional groups that reflect their interests and backgrounds. These include the Association of African American Financial Advisors, the Rainbow Network, Onyx Advisor Network, and Females and Finance.
If you provide DEI training to your team, make it optional for underrepresented populations to attend. For many, DEI training that is designed to raise awareness for privileged groups can be retraumatizing. While they may volunteer to take part, make it clear that it isn’t required. Above all, ensure that you avoid asking an employee to be your tour guide for their identity or experience in the profession or in life. No one person can represent an entire group, and it is not part of their role within your team to do so. Asking someone to serve as a spokesperson in that way adds pressure on them and can be very isolating. As you work to create a more inclusive environment, I encourage you to put in the work to educate yourself first and maintain an attitude of openness and humility.
Advance on Your Journey Now!
We are all on this journey to create a more diverse, inclusive, and equitable profession. But in the end, your control is about yourself and your business. I encourage you to take the steps you can to move forward.
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Arlene Moss is an executive business coach of XY Planning Network LLC. Arlene works with members as they create and grow sustainable businesses. Through one-on-one coaching and consulting, she provides the support needed to overcome the challenges that come with entrepreneurship. Contact arlene@xyplanningnetwork.com.
image credit: istock.com/Angelina Bambina