Pub. 10 2020-2021 Issue 4

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S www.coloradobankers.org 20 BY ANDREW P. RUSSELL, MAJ (RET.) PRESIDENT, SOUND PAYMENTS, INC. BRIAN RHONEMUS, CEO OF SANFORD ROSE ASSOCIATES RHONEMUS GROUP The Importance of Diversity in Financial Services W ith the recent chain of events across the country, there is a lot of talk about racial tension, the economy and immigration. We have work to do in each of these areas, and we can’t afford to rely on political leaders to do the job for us — we all play a role. All three is - sues touch our industry, so we have to push forward to do our part in solving them. The definition of diversity, according to Merriam-Webster, is “the state of hav- ing people who are different races or who have different cultures in a group or or - ganization.” The lack of diversity has been a chal - lenge for the banking industry. Attend an event or spend a few minutes con- sidering this matter in the industry, and you, too, will find that the industry could benefit from additional diversity. Terry Gore, a correspondent banker covering the Midwest, said it very clearly: “I have been in banking since 2001, attending conferences across the country, and I have not seen any other African Amer - icans at these events or in senior lead- ership roles.” That matches what we’ve seen, too. Diversity is about learning from oth - ers who are not the same. It is about dignity and respect for all. It is critical to create workplace environments and practices that encourage learning from others and help capture the advantage of diverse perspectives. Corporate and organizational com - mitment to diversity is an important business initiative and contributor to in- creased employee engagement. By build - ing a diverse workforce, you can better serve diverse customers and communi- ties, helping you grow the company and create shareholder value. Diversity is the key to your company’s sustainable future growth and must be part of your company’s core values. As a leader, it is imperative to value your employees’ diverse backgrounds, expe - rience and knowledge. They can provide perspective and develop innovative solu- tions to drive the growth and success of your company. Strive to offer a work - place reflective of your commitment to the broad cultural, ethnic and lifestyle diversity of the markets where your team members live, work and serve.