While diversity, equity, and inclusion (DEI) has been a key priority for T. Rowe Price at the leadership level since 2007, we need to drive the priority deeper in the organization.
We created a Diversity, Equity, and Inclusion Steering Committee. Members are direct reports of business unit leaders and are responsible for operating and driving the firm's enterprise DEI strategy, actions, and deliverables in each of our business units as well as tailoring that strategy to the business unit’s needs to ensure that DEI is a business priority.
Each business unit developed an action plan that focused on addressing specific gaps that have been a challenge to progress business goals. Although action plans were tailored to fit each business unit, all plans needed to align with T. Rowe Price's overall diversity, equity, and inclusion strategic plan and included a slate diversity goal of 30% for leadership roles. Under the leadership of a new global head of diversity, equity, and inclusion, priorities were identified across all plans, including:
Plans were reviewed by business leaders and human resources partners to ensure action plans. Quarterly reviews have been implemented to monitor progress and measure results. Through the development of plans we operationalized DEI in the business and empowered the business to outline specific actions that would drive accountability.
Action plans have been developed across all business units and are currently being executed. The firm has exceeded the 30% slate diversity goal at senior levels and met the 40% ethnic diversity goal for all roles.
Sandra van Vloten-McGraw
Our commitment to diversity and inclusion goes hand in hand with our desire to attract and retain the best talent and provide the best solutions for our clients. Fulfilling that commitment is a journey, however, not a destination. The CEO Action for Inclusion pledge unifies major companies in their efforts to raise awareness on such an important issue, and helps foster an environment of greater accountability.