To Eradicate Racism, Focus on Representation

As we reflect on the important people and moments in Black history this month, we should also consider the importance of the full range of racial representation throughout society.

Inclusion can only be created through a workforce, political leadership, media and other public figures who truly reflect the diversity of the world in which we live. My own career path demonstrates the difference this sort of representation can make: My interest in finance was sparked by dinner-table conversations with my father about currency and interest rates. Then in 1966, when I was a teenager, President Lyndon Johnson nominated Andrew Brimmer to be the first black governor on the Federal Reserve. He was the first person who looked like me getting that job. Seeing him on the front page of The Washington Post was very exciting. At that moment, who would have thought that, 33 years later, I would become vice chairman of the Fed? Certainly, I did not!

I’m retiring from TIAA at the end of March, and I am encouraged by the growing understanding that racism isn’t just Black people’s problem. It’s everyone’s problem, because it erodes the fabric of society. Attacking race-based economic disparities also has the potential to lift all boats. By one estimate, closing the racial gap could increase U.S. GDP by 4 percent to 6 percent. Companies must use their power, platforms, and resources to help employees and communities overcome these challenges and build a better world for us all.

Expanding representation through inclusive practices is the right thing to do – and it has also become a business imperative. More diverse companies have better outcomes, which benefits everyone from workers to shareholders and customers. Research by McKinsey & Co. found that companies in the top quartile for ethnic and cultural diversity outperformed those in the bottom quartile by 36 percent in profitability.

Last summer, in the wake of the killing of George Floyd and so many other tragic events, TIAA created our Be the Change initiative, through which we committed to challenging systemic racism by adopting and promoting anti-racist policies within our company. We have developed and expanded programs and educational resources to foster an inclusive work environment. We have committed to inclusive representation through fair hiring practices -- always having a slate of qualified, diverse candidates that include women, racial and ethnic minorities, veterans and people with disabilities. We’re working to attract young talent from diverse backgrounds to create a strong pipeline of future leaders, including strengthening our partnerships with Historically Black Colleges and Universities that provide opportunities for underrepresented minority students to grow their career in financial services. We have also taken steps to ensure that we offer up diverse slates of interviewers for these candidates. Also in scope: diversity and inclusion programs with our suppliers and vendors.

This month, we’re encouraging our associates to increase their awareness of racial representation, or lack thereof, throughout society. I would encourage you to do the same. Take a quick inventory of the media you consume – TV, music, film, books, podcasts, and social media. Are the stories you read, watch, and listen to mainly about people who are similar to or different from yourself? Could you add at least one new media source with a different perspective?

Consider how the lack of representation can cause long-term damage. In the healthcare field, for example, the dearth of representation of Black and Brown communities in the health professions and in the location of medical facilities has contributed to major health inequities that came to the forefront during the COVID-19 pandemic.

You could take this action a step further by engaging your colleagues, friends or family around this question: “How does strong representation, or the lack thereof, help or hurt our ability to serve the unique needs of our clients, our community, or our family? Whose perspectives are we missing?”

Raising consciousness of these kinds of systemic inequities is an important part of bringing about change. That is why antiracist initiatives like Be the Change cannot be treated as a moment – or even be confined to one month a year. Instead, the work to increase diversity and inclusion in meaningful, structural ways is taking shape as a longer term movement. I look forward to seeing the difference our collective journey can make in expanding opportunities for people of all races in the months and years to come.

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