The Diversity Committee asked you, the members, for a wish list for programming to support inclusivity in the industry.
With everything you must manage daily, how do you prioritize tasks? Is it a list of needs vs. wants? This has been one of the questions the ARA Diversity Committee has tackled during its work together. As project manager for the committee, I’ve watched as they have deliberated and defined what their work should be focused on that was directly related to the future success of the private retirement industry, helping to close the retirement savings gap in underrepresented groups and ensuring they are helping to build resources to help members be prepared for (NEW) business opportunities ahead. The answer is inclusivity.
With that, the Diversity Committee asked you, the members (who know each of their sister organizations and the industry best), for a wish list for programming to support inclusivity and the growth of diversity in the industry. Why, you ask? To help members get ahead of the curve and be prepared for the future, and work with the U.S. small businesses who have not yet become plan sponsors—many of whom are members of the U.S. Hispanic Chamber and Black Chambers of Commerce.
School’s in Session
Among the 250 survey responses, members have ranked finding/hiring racially diverse associates/candidates interested in the position/industry as a top challenge. We heard you and, this fall, participated in an event that opened our eyes to a new approach (and opportunity) for you—relationships with HBCU (Historically Black Colleges and Universities) professors. Through our partnership with the Financial Alliance for Racial Equity (FARE), ARA was invited to participate in a financial services career fair for HBCU students and we learned A LOT!
Here are a few highlights:
1. When establishing a relationship with a university, be authentic. Look at each opportunity as the beginning of a relationship but be sure to have a plan (for hiring opportunities) and a long-term goal in mind.
2. Start with the professor and not the board of trustees. Professors have direct relationships with students and can also—if you bring offerings that fit within their curriculum—grant you access to their classrooms.
3. Remember, your interns will be your best (or worst) advertisement. They can either spread the good news about your internship/company and opportunity—ensuring a steady flow of top, diverse talent—or they can do the opposite.
Now, imagine:
- Your firm is prepared for an opportunity to hire an HBCU student as a summer intern and knows how/who to approach and what that internship needs to include to be competitive. Capacity can often be a challenge. With this, they are selective about which internships or partnerships they pursue.
- Meeting an actuarial (or marketing, business, finance or accounting) student who is ready to take their first step into the industry and offering a sponsor/scholarship code for IRP (Introduction to Retirement Plans) and RPF (Retirement Plan Fundamentals). Or maybe connecting that student with a study group hosted by ASEA members—this happened!
- There was a curriculum of content and a career path mapped out to get them started as new hires with infinite growth possibilities.
Tiffany Hanks (Director of Education) and I spoke with top-performing students and talked to the students about different opportunities working in the retirement industry. Many of them were pursuing degrees outside of finance, and once we spoke, we realized there was a place for them to work in our industry. They were interested in internships and hailed from all parts of the United States. We quickly realized that ASPPA&U would not only be an asset to existing industry professionals but also to future professionals. The ASPPA&U is ASPPA education with pathways to guide employees through their careers. It is designed to help new employees learn and grow with your company. We walked away with a better understanding of how to help our members with this challenge of finding and recruiting top, diverse talent and how to ensure you are ready when opportunity meets talent. I look forward to sharing more as we continue our journey to ensure our members are prepared for new business opportunities (and future employees).
Survey Says
There is more to come ahead! Sharing networking opportunities was the top response of services that would increase the value of membership to members of underrepresented groups in their organizations and practices, followed by practice management and mentoring opportunities. Showcasing existing members of diverse backgrounds so that new members and those interested in membership can both see and know they are not alone.
In January 2024, we look forward to launching the ARA Diversity Mentoring program and virtual coffees as two new opportunities to be connected for those who would like to be supported and to increase their diversity IQ. We look forward to hearing from you. All are welcome!
About the ARA Diversity Committee
The ARA Diversity Committee’s mission is to increase ARA professionals’ diversity and promote inclusivity in the retirement industry. By diversifying the industry, they believe that the members can better serve a broader clientele of plan sponsors and employees to improve the overall financial well-being of historically underserved groups in the United States.
Erika Goodwin is Director of Advocacy Engagement with the American Retirement Association. In her role, Erika is responsible for developing and executing strategies aimed at enhancing member engagement in ARA’s Government Affairs advocacy initiatives, including managing programs aimed at addressing social and economic issues affecting retirement policy. This article first appeared in the Winter issue of NAPA Net the Magazine.
