Strategic Considerations for Effectively Implementing DEI Initiatives

As we navigate the strategic considerations around implementing diversity, equity and inclusion (DEI) initiatives within our credit unions, it is important to take a holistic approach to this work. It’s messy, uncomfortable and needs to be addressed thoughtfully, with empathy, courage and curiosity.

DEI is top of mind and many organizations are just not sure where to start. There is fear of missteps and getting it wrong. Getting comfortable with being uncomfortable is not an easy ask. Here are a few questions to help center the discussion and begin to lay the foundation:

1. What is your credit union’s mission and vision? And, does this align with your “why”?
2. Does your current organizational structure support DEI or hinder it?
3. What aspects of DEI are most important for your credit union to address?
4. Is diversity distributed across all levels of the credit union?
5. Does the diversity of your staff, leadership and board reflect the diversity of your members?

Taking time to reflect on these questions is the necessary starting point to inform how to move forward. By asking the right questions, we are better able to assess where we are at, analyze our options, and develop our strategy and approach. Once we have done the work, then it is time to implement and establish our dashboard and measurements of success.

Strategic Consideration #1: Governance

Does your board reflect the diverse needs of your membership?

1. Review the strategic direction of the credit union to ensure DEI is part of the plan.
2. Review policies and procedures for recruiting board and committee members to ensure DEI is incorporated.
3. Create member advisory groups to further broaden representation and diversity of thought and build your bench.
4. Educate! Bring them along on the journey and ensure you are providing them the tools and resources needed to effectively and thoughtfully engage in the discussion around DEI. Encourage curiosity and courage in your discussions.

Strategic Consideration #2: Human Resources

Is diversity seen as an “add-on” to HR practices rather than being grounded in inclusive design and implementation of HR practices?

1. Review your policies and procedures around recruitment and retention of employees:

• Are hiring and promotion processes open and transparent?
• Are interview panels used rather than allowing for individual, subjective choices?
• Is there a reliance on referrals from current employees? Employee referrals are great. This means our people love us. However, it is important to be aware that when we make referrals, we are most likely doing so from our individual networks and choosing people like us, thus further facilitating maintaining the status quo.
• Have job descriptions and job postings been reviewed to remove biased language in favor of evidence-based performance criteria?
• Do all employees have access to inclusive benefits?

2.Provide training on a regular and ongoing basis. This includes providing training to managers to help them manage diversity effectively. This can be accomplished in multiple ways:

• Bring in experts. Treat DEI as a professional development opportunity and be willing to learn.
• Incorporate training into ongoing staff meetings.
• Hold a staff training day dedicated to DEI.
• Partner with local organizations where employees can volunteer in the community. Not every employee sees the world through the same cultural lens. Seek out opportunities to experience and learn about different cultures and be aware of other cultural contexts.
• Offer mentoring programs or other professional development opportunities.

Strategic Consideration #3: Your Brand

Does it foster diversity? How is the credit union working to ensure all membership groups have equitable access to products and services?

1. Review how products and services are promoted. What channels are you using? What language and visuals are you using?

• Review policies and procedures to ensure they are compliant with the law as it relates to diversity.
• Be open to new ways of providing service to members. Engage members and employees to discover new ways of reaching out.
• Use data and focus groups or work teams to develop products and services to meet the needs of a diverse membership. Consider engaging cross functional teams through this process. Frontline employees might have a completely different take on something compared with a back-office employee, or a marketing versus a lending employee. Test market to ensure you are meeting the diverse needs of your membership.

2. Be consistent in your messaging across all forms of media. Consider things like images, language and tone.

Strategic ­Consideration #4: Community Partnerships and Engagement

Engage with the community and other organizations that align with the credit union’s strategic vision around DEI. Don’t be afraid to look externally for ideas. Do not assume to have all the answers. To seek diversity of feedback also means we need to look outside of our immediate teams and organizations.

Strategic Consideration #5: Measure, Measure, Measure!

Report on progress made on a regular basis and celebrate wins often. Change doesn’t (and shouldn’t) happen overnight. Making these changes requires a joint effort from everyone, from leadership to the front lines. There is no one-size-fits-all solution and it is important to understand this is a long-term commitment.

As you look for support and/or guidance, depending on where you are in your DEI journey, know there are many resources within the credit union space. Also, look outside of credit unions to other industry groups to learn more about what they are doing and how they are doing it.

Truly fostering diversity, equity and inclusion requires active, intentional and ongoing efforts to promote full participation and a sense of belonging. It also means developing a better understanding of how our employees and members identify themselves, and ensuring their values are represented in what we do.

Why It’s Important

Having a strong DEI strategy is about culture, leadership and making our businesses better – ensuring DEI is woven throughout the organization and at the center of all decision-making.

This work requires having an open mind to new ideas, perspectives and experiences. And, ultimately, recognizing that the way forward will be different for each organization. We are all at different phases of our DEI journey. We want to take the approach of “calling people in” to the journey and not “calling them out” in the process.

Alison Carr Chief Strategy Officer Your Credit Union Partner Sumner, Wash.