Diversity and inclusion has been a key priority for T. Rowe Price at the leadership level since 2007, but we needed to drive the priority deeper in the organization.
We created a Diversity & Inclusion Operating Committee. Members are direct reports of business unit leaders and are accountable for ensuring diversity and inclusion results are achieved. Recognizing that each business unit had different needs, we engaged specific business units to fully understand their needs and how we could ultimately help to fill those gaps by positioning diversity and inclusion as 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 and inclusion strategic plan and included a slate diversity goal of 30% for leadership roles. As a result, a few high level themes were identified across all plans, including:
Plans were reviewed by business leaders and human resources partners to ensure action plans could be executed over an 18-month period. Quarterly reviews have been implemented to monitor progress and measure results. Through the development of plans we operationalized diversity and inclusion 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 and increased ethnic diversity at the leadership level.
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.