New Programs Are Opening Exciting Growth Opportunities For Associates

Most people would be fortunate to find one mentor willing to guide and support them personally or professionally. Over her life, Crystal Barney has been lucky enough to find several.

One of the first was her father, who instilled in Crystal early on the value of hard work and education. Later, Crystal formed professional relationships with senior colleagues, who offered her guidance, support, and access to opportunities that she feels have been foundational to her success.

But Crystal, who leads global talent management for our firm, recognizes that many people can go their entire lives without meeting someone willing to guide and advocate for them – and this understanding has been a driving force for her both personally and professionally. She’s not only committed to paying forward the support she’s received, but also focused on building company-wide programming that enables others to do the same.

“I’ve been fortunate to have people guide me throughout my career, so it’s important for me to provide similar guidance and support to others,” says Crystal, who feels especially passionate about helping women and people of color in environments where they might not feel as included or exposed to opportunities. “It’s important I mentor and sponsor diverse talent because it is my way of paying it forward and helping others be successful and accomplish their goals.”

“It’s important I mentor and sponsor diverse talent because it is my way of paying it forward and helping others be successful and accomplish their goals.”

Building a worldwide network of opportunities

Since joining our firm in October 2019, Crystal has focused on developing initiatives that help our associates make connections with their colleagues and increase access to career opportunities.

One of her most significant projects is our new global mentorship program, which will be rolled out in June 2022. A first of its kind for our firm, the program gives every associate across our 21 offices and markets the opportunity to connect and learn from their fellow colleagues, regardless of the country or business unit where they work.

“Imagine what you can learn and experience from a colleague in a different part of the world. It’s about connecting and building relationships.”

Crystal knew this kind of programming was necessary when she regularly heard from associates about the difficulties of finding senior colleagues who could guide and nurture their growth. “A lot of people felt like they needed a decoder ring to figure out how to get a mentor. That didn’t sit right with me.”

Along with the formal mentorship program, the platform also allows associates to connect with any colleague whose work interest them. This unlocks opportunities for new types of relationships, including peer-to-peer and reciprocal mentoring connections. Given the career-changing potential of mentorship, expanding access to as many associates as possible was the top priority for Crystal and her team which is one reason, she thinks mentoring circles will be a popular option as well.

Crystal is also formalizing the firm’s sponsorship efforts. While mentorship and sponsorship are often conflated, the two concepts differ. Mentor relationships are more private relationships as you get to know the individual and the mentor is forming their opinion of the mentee; sponsorship, in contrast, is a public relationship and requires the sponsor to publicly advocate for their protégé. Both mentorship and sponsorship are critical to ensuring that all employees feel engaged and can continue to grow while at the firm. An individual can begin as a mentor and later become a sponsor which requires a spectrum of behaviors and actions to move along the continuum. We have developed resource materials to guide sponsors and protégés on what good looks like, and tips and resources to get them started on their partnership. We are planning to launch a sponsorship program in 2023 for our diverse senior leaders.?We find underrepresented talent tends to be over mentored, but under sponsored. There is a need for both and deepening the sponsorship capabilities will create more active, public advocacy for the careers of diverse talent.?

A third key initiative we are expanding upon is formalizing the firm’s internal talent mobility which will allow associates to find new challenges and opportunities internally to grow their careers.?We have many success stories of associates that have been promoted from one part of the business to another. Crystal and her team’s focus now will be formalizing the program to increase the number of roles the firm is able to identify and align associates with the right skills and capabilities.

“People can see a role anywhere in the firm and say, ‘I want to do that.’ I want to ensure we have the tools and resources to help them map the course to make it happen.”?

The formalizing of our internal talent mobility program will begin with our senior leader mobility efforts, then expand to our diverse talent communities, with a long-term goal of evolving to encompass all associates across the globe.

“People can see a role anywhere in the firm and say, ‘I want to do that.’ I want to be sure we have the tools and resources to help associates map the career they want to make it happen,” Crystal says. “What I think about every day is, ‘What can we do in Talent Management to excite our associates about their role, what they do, and the impact they can have on our clients?’”

Improving employee retention and engagement

These efforts, though aimed at all employees, are especially important for the retention of underrepresented employees, particularly in financial services.

While the industry has rightfully focused its attention on bringing in more underrepresented talent, attrition and promotion remain significant issues. According to research published by McKinsey and the W.K. Kellogg Foundation, at the entry-level, a Black person is 1.4 times more likely than a white person to leave a financial services firm. Promotion rates are also significantly higher for white employees. In addition, McKinsey's published research?found that within the financial services industry, only 86 women are promoted to manager for every 100 men.

Our firm is addressing this by creating more opportunities for talent to be seen, sponsored, and promoted. This enables Crystal and her team to make critical strides toward improving the representation and experience of underrepresented employees at T. Rowe Price.?

“I’ve naturally gravitated to people in the margins. People who find themselves in the margins aren’t necessarily less skilled or less capable than their peers. Often, for whatever reason, they are being overlooked or excluded. I have found some of the best talent in the margins and challenge other leaders to occasionally check out the margins, you might be surprised what skills and capabilities you find there.”

Learn more about career opportunities with us.

?