Insights Into Human Capital: The Diversity Factor

William Brill

June 1, 2008

I sometimes hear fellow businesspeople wonder if diversity in the workplace is important. Does it make a difference or is it just a feel-good gesture?

As someone whose business has been transformed by a commitment to diversity, take it from me - it's not only the responsible thing to do but also smart business.

Three years ago, I assumed leadership of a financial services agency that, in some ways, had been overtaken by time. While it had a history of commitment to the metro Atlanta area, the company hadn't changed to reflect the community it sought to serve.

Greater Atlanta is a vibrant melting pot and one of the fastest-growing metropolitan areas in the country. Fueling much of that growth was the influx of immigrants who pursued their dreams by opening small and family businesses. At the same time, the region attracted a diverse group of young professionals, executives and entrepreneurs.

These dynamic backgrounds presented us with opportunity and challenge. If we were to help our clients accumulate wealth, grow their businesses and achieve financial security, we needed to remake our company in their image.

Three years later, we are enjoying remarkable results. Key metrics, revenues and profits are substantially higher, which is a credit to our ability to serve a new and growing clientele with diverse backgrounds.

From this experience, I have drawn many lessons. Here are four that could help you embrace diversity in your business:

Lesson 1: Find those diamonds
You need people who are motivated to serve their communities. Today, about half of our agency's financial services professionals represent women and diverse communities such as African Americans, Hispanics, Vietnamese, Laotians and Koreans. That's an extraordinary percentage within a financial services world that had been mostly populated by white men.

Among these newcomers are wonderful success stories, including Andrew Vo who, after being imprisoned in his native land of Vietnam for refusing to renounce his religious beliefs, now is helping attract other Vietnamese professionals to the financial services industry. Jerry Lee is a former entrepreneur who helps fellow Korean business owners plan their futures.

Donna Schmid is a 60-year-old former management professional who recently became our "Rookie of the Year." And Kim Nguyen is a college student and intern whose work with our firm set her on a career path in financial services.

Lesson 2: Keep good people
Just as important as attracting good professionals is the ability to retain them. We support our employees with intense training, mentoring, sound products, winning strategies, and tools and resources that give them and their clients every possible advantage. Additionally, MassMutual provides professional advancement, conferences, access to best practices and a wealth of experience that enhances new and existing agents' skills and effectiveness.

Lesson 3: Use the community
Seek good candidates within the communities you serve. Our company works closely with community groups and professional organizations to open doors to many diverse communities. With each group, we offer our agency's expertise and support, grow awareness of our commitment to diversity, and seek recommendations for good recruits and clients. Without fail, these groups embraced us as we embraced them.

Lesson 4: It takes time
The decision to commit your business to a diversity strategy is not a quick fix. Don't expect immediate results. They will come. Transformation means investing time, energy and money. Most importantly, be ready to champion your company's effort when others don't see the benefits. Your role is to lead and educate while connecting the dots for others to see the broader vision. When done correctly and with sincerity, you will be rewarded.

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