Northern Trust's Vision for Diversity, Equity & Inclusion
September 07, 2021 at 07:00 AM EDT
SOURCE: Northern TrustDESCRIPTION:
Northern Trust’s core values of service, expertise and integrity are foundational to our commitment to an inclusive culture in which all individuals must be welcomed, respected, supported and valued so that they can fully participate in and contribute to our success. Our focus on DE&I helps us provide unrivaled service to clients and creates a healthy, thriving work environment for employees from diverse demographic groups, leadership styles and skill sets.
Our vision for DE&I is embedded at all levels of the organization, with women and ethnic minorities representing more than half the members of our Board of Directors as well our U.S. Executive Vice President population. Reflecting the importance of DE&I, our Head of Corporate Social Responsibility and Global DE&I serves as an Executive Vice President and reports directly to our Chairman, President and CEO. Two Chief DE&I Officers are responsible for the design and execution of topicrelevant programs across North America, EMEA and APAC. Our Board, through its Corporate Governance Committee, also engages in active oversight of our DE&I strategies, programs and principles.
As part of our enhanced governance model, senior leaders report progress to senior management through our DE&I Executive Council. Our Business Unit leadership, Regional Councils and Business Resource Councils facilitate the development of an inclusive culture that values and leverages DE&I to achieve and sustain superior business results. Our strategy is driven by three priorities: Drive Accountability, Enhance Development Programs and Placement and Advance Culture. These strategies enhance our focus on the hiring, development and advancement of women and people of color at every level.
We use a DE&I dashboard as a mechanism to increase representation at all levels through continued measurement of hiring, promotion and retention. To ensure diversity, we require recruiters to present diverse candidate slates. We have also implemented diverse interview panels and decision-makers in the interview process.
Enhance Development Programs and Placement
Our Global Internal Mobility Program enhances the professional development and growth of our employees. Through our robust job-listing system, employees have transparency into available positions, can set up job alerts, and can find and apply for roles that match their career aspirations. The system supports Northern Trust’s global framework and allows us to engage a deep and diverse pool of internal talent to enable future growth. To further identify and develop a deep pipeline of diverse talent at various levels across the globe, our employees have access to a variety of external and internal programs.
In September 2020, we invited more than 150 Black Northern Trust employees in the U.S. to participate in the McKinsey Black Leadership Academy. This Academy is focused on accelerating Black leaders on a global scale and is comprised of two programs: A Black Executive Leadership Program targeting executives and a Management Accelerator Program targeting early-to-mid-career leaders. These programs are focused on building leadership capabilities and giving our employees critical skills to grow personally and professionally.
In India, we host development programs targeted for high-potential women across various levels of the organization. The first program focuses on women at both the individual contributor and junior management levels. Its modules explore personal power, assertive influencing and building and leveraging a powerful network for success. Our second program focuses on women at the middlemanagement level with a focus on mindful leadership. This program utilizes individual assessments, one-on-one coaching and group and individual activities. We also conducted three workshops on “women and ambition” for highpotential employees at the early-career level. Since the program’s inception in 2018, 93 percent of participants have been promoted and our current retention across both cohorts is 94 percent.
With a focus on advancing Northern Trust culture to create a more diverse and inclusive environment, we introduced the following in 2020:
Mental Health and Well-Being
With the health of our employees across the globe at the forefront, we developed a dedicated Mental Health and Well-Being site. Containing internal and external resources, the site supports our employees in areas including Protecting Health During COVID-19 and Personal Resiliency Tips. With the objective of engaging employees in something fun in a remote work environment, the Human Resources team launched “Connect in the Cloud.” This virtual forum allowed our employees across the globe to connect with each other in a more casual way by responding to weekly prompts by sharing pictures and thoughts.
Read the full report here.
KEYWORDS: NASDAQ:NTRS, Northern Trust, CSR Report, DEI