In an exclusive interaction with ETs Sreeradha D BasuFercho spoke about Wells Fargo’s overall perspective on DEI, the role of leaders in driving the agenda, and why India is leading the way at a time when there is backlash against this push in parts of the world.
Q: What is your general approach to DEI and how do you see the Indian market evolving in this regard?
A: The DEI approach for the company is very simple and is to recognize that we need to look like the customers we serve. More broadly, focus on hiring that talent, integrating them into the organization, and making sure we have them at every level of the organization. So not only will you get a front line that looks like the customers you serve, but leaders will also understand the products they need to build the solutions they need to offer to those communities.
And once you have people in the company, it’s about creating an inclusive company culture where everyone feels comfortable and can contribute who they are: their different perspectives, ideas, backgrounds and experiences, and help the company solve its problems.
Our work is guided by our three strategic pillars, all designed to create better communities and be better partners in communities.
As for India, I’m excited about what’s happening in the region and it’s different here than in the US. Of course, there’s no ethnic diversity in India, but we really value gender diversity and we’re expanding our work for people with disabilities with our neurodiversity program, our GLIDE program, a repatriation program. LGBTQ is also a big focus for us. It’s about embracing an individual’s differences or uniqueness and creating an environment where those differences are not only accepted but respected and then used for the benefit of the company and to further its goals.
Q: Wells Fargo is somewhat different in that you focus on DEI not just on employees, but also on customers, supply chain, etc. How does embracing DEI more broadly help you achieve the company’s business goals?
A: We’re intentional about measuring that, and not only counting what representation looks like, what inclusion looks like as measured by our employee surveys, but we’re also looking at what our share of diverse customers is in the market. We try to intentionally set business goals for DEI, just like we do with our core business, and hold those leaders accountable to those goals. We’re making progress toward those goals, but there’s more work to be done. But I think the first step is to have clear and measurable goals that you can hold leaders accountable to, just like any other business initiative.
Q: What active role do managers play in this?
A: Very much. Every leader has to drive it. It’s not about allies, it’s about leadership. Leadership is about driving it and taking responsibility. And so we’re really starting to change that mindset and say, don’t wait for Kristy or Sneha Suresh (Head of DEI, India and Philippines, Wells Fargo) to implement DEI at Wells Fargo. Every leader is responsible for it and needs to drive it. We want to embed DEI into every aspect of our business. And the only way to do that is for every single leader at every level of the company to feel that responsibility to create that environment on their team.
Q: There is a backlash against DEI in parts of the US, but India is on a clear upward trajectory in this regard. Where do you see the Indian market in this context?
A: I think it’s leading the way in many ways and I hope the world pays attention to what’s happening in India. In the Indian market, people are focused on results and progress and realise that makes business sense. I hope others will follow suit. And even with the anti-woke movement that’s happening in the US, we at Wells Fargo are not deterred. We’re very keen to say that for us, this is a business imperative. You want to bring the best talent to market. And that talent comes in all different shapes, sizes, genders and the like. There’s a war for talent and you want to make sure you can attract the best talent.
