01 Mar. 2016 | Comments (0)
Because diversity and inclusion is tightly woven across the business, Wells Fargo’s enterprise diversity and inclusion function works with many other parts of the business, including human resources, marketing, and supplier diversity. Its goal is to “ensure that we [Wells Fargo] value and promote diversity and inclusion in every aspect of our business and at every level of the organization.” As part of its advocacy goals, the company focuses on how it conducts business and builds relationships in the community.
The company has a clear vision: “Satisfy our customers’ financial needs and help them succeed financially.”
As a recognized leader in corporate philanthropy and, more importantly, with a social mission incorporated into its corporate vision, Wells Fargo’s diversity and inclusion work is integral to efforts to shift from “corporate responsibility” to “relevancy.” Jon Campbell, head of government and community relations, says this change in terminology inspires the company to use resources, expertise, and relationships to better society, the environment, and its companies over the long term—not just through philanthropy and volunteerism, but also in how Wells Fargo conducts business.
At Wells Fargo, diversity and inclusion isn’t just a business function, it is part of a complex ecosystem that supports and builds off a community-oriented corporate vision. A steering committee, chaired by CEO John Stumpf and made up of senior leaders, helps the broader company understand the need for integrating the diversity and community elements of the business. A key approach has been getting senior leaders with a passion for the work to participate more regularly in team member networks (often referred to as employee resource groups) and other community and diversity-focused initiatives.
About the Council Perspective
Better Together: Why a United Front Can Propel Diversity and Inclusion and Corporate Philanthropy in the United States explores how and why companies are increasingly integrating the diversity and inclusion, and corporate philanthropy functions. The report provides a range of examples of management approaches to achieve effective collaboration—from restructuring teams and business units to individual initiatives that encourage awareness, collaboration, and cohesion. Members of The Conference Board can download the report for free here.