Edward Jones Diversity Series

Making Diversity Matter

July 2003 - Visit the "Employment" or "Career Opportunities" page of many corporate Web sites and you will likely find a brief statement about that company’s view of diversity. "We value diversity," a Web page or company literature may proclaim. But what is that company's true understanding of implementing diversity? Is it just a public relations catch phrase or is it a tangible, sustained effort?

Despite data that reveals African Americans and Hispanics combined spend more than $900 billion a year, a considerable percentage of American companies, which often thrive on this enormous consumption, have been slow to truly value diversity. According to the 2002 report Diversity Best Practices, released by the Business Women's Network, "75 percent of FORTUNE® 500 companies and 36 percent of companies have programs that were developed more than five years ago." Still, of those companies that do incorporate diversity, only "six percent of minorities" are in upper level positions. While some companies may talk about diversity or practice it with limited results, there are others, like Edward Jones, the nation’s largest financial services firm in number of branch offices, which make diversity matter.

What's The Difference Between Diversity and Inclusion?

Headquartered in St. Louis, Missouri, Edward Jones is raising the bar for diversity by practicing inclusion. "Diversity provides a way for us to recognize our differences," said Michele Holton of Edward Jones Human Resources. "Inclusion addresses how we leverage those differences within our work environment and acknowledge the positive contributions individuals from diverse backgrounds can make."

While diversity relies on hiring minority employees, inclusion relies on long-term career development whether you follow the corporate track or become an independent Investment Representative.

"At Edward Jones, we recognize and value the uniqueness of each individual," said Michael Holmes, principal, human resources. "By including capable people or different backgrounds and perspectives, our organization becomes stronger and better able to meet the needs of our diverse customer population. Our success and ability to thrive in the market today is a testament to our commitment to a work environment which attracts, welcomes and supports and develops a diverse team of outstanding associates."

The Rise of Workforce Inclusion

While 84 percent of human resource professionals at FORTUNE® 500 companies have said that diversity management is important (Diversity Best Practices), only ten percent of these companies made the FORTUNE® Top 50 companies list for minorities.

Why were these companies singled out for their diversity efforts? Each company listed, moved beyond diversity or merely hiring employees of color and set in place efforts to not only hire, but to retain them. The criteria FORTUNE® used for this distinction included, among others, a percentage of minorities on the board, minority officers and managers and managers, and the ratio of minorities in the total workforce.

Edward Jones launched its Inclusion Initiative just three years ago. Within that time, it already has made its mark on the company culture. One of the Inclusion Initiative's most measurable accomplishments has been promoting minorities and women. "We've doubled the number of minorities in leadership positions, and we've seen a 75 percent increase in the number of women in leadership roles," said Michele Holton who manages the Initiative. "Those roles range from team and department leaders to directors and principals."

For its inclusion efforts, Edward Jones has received several commendations and national recognition including FORTUNE® magazine naming Edward Jones the No.1 Best Company To Work For In America in 2002 and 2003.

The Inclusion Initiative also has broadened its reach beyond corporate boundaries and established partnerships with several community organizations. Edward Jones has, among many other efforts, sponsored a career fair with the Black MBA Association and participated in a recruiting networking reception with the Hispanic Association for Career Enhancement, participated in internship programs for minorities and the disabled and hosted a panel discussion for a local women’s group.

More recently, Edward Jones shared its inclusion philosophy with middle and high school age students representing 34 St. Louis-area schools. Edward Jones sponsored the yearlong Give Respect-Get Respect youth program, which brought together 68 Edward Jones associates to act as mentors and lead workshops in which students of different races, ethnic backgrounds and religions confronted their biases for greater understanding.

Despite these accomplishments, the Inclusion Initiative is not Edward Jones’ effort of the moment or one that will be completed once certain benchmarks have been achieved. Edward Jones is currently implementing an aggressive minority recruitment campaign through advertising and increased presence at minority job fairs.

For more information about the Inclusion Initiative or Edward Jones careers, visit www.edwardjones.com/diversity.