DEI helps foster ‘long-term sustainable benefits’
A focus on human connection and leveraging predictive analytics are key to financial institutions’ success in deepening their approaches to diversity, equity and inclusion in a way that creates long-lasting benefits.
“Human connection is about what we have in common,” Virnitia Dixon, chief diversity officer at Santander US, said during the diversity, equity and inclusion (DEI) luncheon at Auto Finance Summit East last week in Nashville, Tenn. “When we build organizational cultures that support psychological safety with intentionality, the rest is more achievable.”
It will take a paradigm shift in how organizations embrace DEI to make lasting changes, Dixon said, adding that human connection can act as a platform to ensure all employees are engaged with the company’s DEI goals.
“Shift the focus from old DEI paradigms into human connection,” she said. “Start using the language of human connection and foster engagement by creating activities for people to come together, package stories that help people understand what empathy and human connection look like and showcase heroes of human connection.
“Too often in the DEI space, people feel that they’re being left behind and that ‘this topic doesn’t apply to me,’” she said. “It applies to everyone, so as we begin to step into the space of human connection, no one is left behind. Embed this in everything that you do.”
Analytics tell the story
The shift must include how DEI is appraised and step beyond meeting quotas, Dixon said.
“We know that what gets measured gets done, but our goals and targets need to address the real challenges. Metrics can create the illusion of progress or success, but they don’t address the underlying issues,” she said. “Tracking the number of diversity training sessions or how many people are from underrepresented groups without having an emphasis on your culture or knowing that your culture is inclusive and equitable, will not impact changes in the long run.”
Instead, companies should use predictive analytics to identify macro trends —such as who will be graduating in the future and in what field and how the future workforce will look — to develop data-driven strategies to “meet the needs of tomorrow” when it comes to representation and culture, Dixon said.
Psychological safety
Companies can foster human connection both physically and virtually by creating an environment where employees feel valuable, heard and safe to authentically express themselves, Dixon said, adding that leadership and employees must be willing to be authentic and vulnerable to encourage others to follow their lead.
“Once you have a connection, a deep bond of trust forms, creating a space where people can challenge ideas and the status quo,” she said.
Organizations must be intentional in identifying what people across departments and disciplines have in common to build trust and appreciate their differences, Dixon said, adding that curiosity is paramount.
“It’s about being open to the perspectives of others, being culturally curious, stepping outside of our silos and being OK with being uncomfortable for the sake of growth and learning,” she said. “By creating an environment that allows people to experiment and fail forward, we can see long-term sustainable benefits.”
The Big Wheels Auto Finance Data 2023 report, the only tabulation of the top 200 auto lenders by outstandings, is available now.
