Keep Your Credit Union’s DEI Strategy from Falling Short
DEI (diversity, equity, and inclusion) has become an important movement among many businesses and industries, and credit unions in particular have been working especially hard at implementing DEI programs into their institutions. But many aren’t sure how to do so successfully.
A recent survey of DEI leaders by Traliant found that while nearly all business have a DEI strategy in place or plan to do so next year, most do not have the resources or the dedicated budget to do accomplish it. Without budget, your credit union’s DEI can’t go anywhere. That’s No. 1.
No. 2, support must come from the very top. While 71% of respondents said their executives are involved with decisions regarding advancing and endorsing DEI, only a meager 13% within that group said their executives were proactive in DEI activities, while 58% said they were not.
Other key findings of the survey include:
1. Increases in budgets and resources coming in 2022
2. Respondents were somewhat confident that employees feel a sense of belonging – Belonging is not just about your credit union’s members; your team must feel it to portray it authentically to your members!
3. The impact of COVID-19 on DEI efforts has varied between businesses
4. Regular updates and training that aligns with DEI goals are incredibly important
What’s clear is that if you’re credit union want to see success with its DEI, it will require time, money and commitment from all levels of your institution. Both support and action from the top are needed for these programs to work, as the CEO of Traliant John Arendes pointed out:
“The social justice movement and other events of the last several years have put DEI at the forefront, and organizations are trying to figure out how best to turn words into actions. What our survey makes clear is that while DEI is becoming a business priority, making sustainable change is a long-term process and executive leadership’s active involvement is crucial.”
Another conclusion that your credit union can take away from the results of this survey is that closer inspection of the company culture and ensuring that the steps you’re taking align with your DEI program and values as a credit union. What more can be done to make your credit union more inclusive? How much should you be investing in your individual program? Once you have the answers to those questions, along with any other concerns that arise, you can begin to form a plan to move forward while considering the needs of the entire organization. Check out the Underground Collision on Employee Resource Groups, which can help guide your credit union toward understanding various vulnerable communities and better serve your employees and members.
Ronaldo Hardy has been a leader in credit union’s movement toward DEI since he ran his first two credit unions in Louisiana from duds to studs. By focusing first on culture, with an eye toward diversity, equity and inclusion, rather than financials first, he led these credit unions from being on the brink of disaster to greatness. Read more about his story here.Hardy has shifted his focus from turning around individual credit unions to many as Credit Union Strategic Planning’s co-owner and head of diversity and inclusion.
The process of working toward DEI is not an easy one, but if you can understand what is holding your credit union back, you can begin to move toward real progress!
