FINRA Panel: Corporate Inclusion Needs a New Approach

Companies often miss the mark on diversity and inclusion when they treat it as a ‘checklist’ item, according to panelists at a diversity leadership summit.

Inclusion and diversity initiatives often fall short when applied as checklist items rather than being integrated into company culture, according to diversity, equity and inclusion experts at the “Chief Diversity Officer Roundtable” session during FINRA’s Diversity Leadership Summit.

Tyronne Stoudemire, senior vice president of global diversity, equity and inclusion for Hyatt Hotels Corp., debunked the misconception that companies simply need to have diversity on paper, a task accomplished by hiring employees from various backgrounds. He argued during a session on Thursday that token hiring practices can backfire if employees are not empowered to speak up.

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Stoudemire shared that some CEOs misinterpret diversity and inclusion as a requirement to have one of each demographic group in every department. “What you need,” he explained, “is an environment where, if you have a Black person on your marketing team, that person feels empowered to contribute fully, without their identity impacting their standing.”

According to the panel, creating an inclusive culture involves restructuring the power dynamics that often silence minority voices. If a Black employee in marketing notices problematic messaging and does not feel supported in voicing concerns, both the campaign and workplace morale suffer, Stoudemire noted.

Audria Pendergrass Lee, FINRA’s vice president of talent acquisition and chief diversity officer, pointed out that true allyship goes beyond nominal support.

“Allyship is action,” she said, explaining that companies need to establish systems that operationalize inclusion, making it an ongoing effort, not just a feel-good statement.

Employee Satisfaction and Retention

Lee explained that some companies still think inclusion is an “invisible” process, which means they focus on promoting diversity but do not create systems to support it. This neglect, she warned, leads to employee dissatisfaction and turnover, especially among underrepresented employees who feel disconnected from organizational culture.

Paolo Gaudiano, founder of and chief scientist at Aleria, further explained the impact of these structures on employee retention. He shared how organizations often attempt to mimic the diversity practices of other companies without fully understanding their own specific needs and internal dynamics.

“Every company is different, like a big, complex ecosystem,” he said, warning that imitating other companies’ diversity programs without customization can backfire. Companies that try a “copy-paste” approach to inclusion and diversity often find the strategy ineffective because they have not addressed their unique structural and cultural barriers.

Workplace Policies

The panel also discussed that policies need to be more flexible and inclusive for all employees, particularly to support a shifting workforce that values family time and work-life balance. Stoudemire noted that workplace flexibility—once seen as a “perk” for women re-entering the workforce—has since shown benefits for all genders, citing data that men also value paternity leave.

Despite some improvements to corporate policies, the panel cautioned against complacency.

“The policies we have now weren’t designed for today’s diverse workforce,” Lee said, mentioning that outdated policies can inadvertently favor white male employees, as these were the groups traditionally targeted by initial workplace benefits. Revising policies to meet the needs of modern, diverse employees is critical for building truly inclusive workplaces, she said.

“A rising tide of inclusion lifts all boats, but it benefits most those who were the farthest below,” Gaudiano said.

He emphasized that inclusion is not about redistributing existing resources but about creating new opportunities for all employees. As companies take steps toward inclusivity, he argued, those who previously faced the greatest hurdles stand to benefit the most, ultimately enriching the company’s culture and bottom line.

Retirement Industry People Moves – 10/31/24

Schroders expands US pensions team with Schechter as senior client director; Wagner Law Group adds Schloss; The Standard hires Mulquin as regional vice president; and more.

Schroders US Pensions Team Appoints Schechter as Senior Client Director

Suzanne Schechter

Schroders announced the expansion of its U.S. pensions team with the appointment of Suzanne Schechter as senior client director.

Schechter will serve as a member of the firm’s East Coast pensions team, supporting public plans and corporate plans for both defined benefit and defined contribution across the region. She will help them with fiduciary, investment, risk management and governance responsibilities, while reporting to Scott Garrett, U.S. head of pensions.

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“She brings to the firm a wealth of knowledge in developing robust business pipelines, securing new assets, and cultivating strong relationships, and her expertise will be integral in continuing to bolster our pension business capabilities,” Garrett said in a statement.

Most recently, Schechter was a managing director and global head of business development at Bay Capital Partners Ltd. and has held senior leadership roles at firms including Axiom Investors, Guggenheim Partners and the Capital Group Companies Inc.

Wagner Law Group Adds Schloss

Michael Schloss

The Wagner Law Group’s Washington, D.C., office added Michael Schloss as a counsel.

Prior to joining Wagner, Schloss was the director of the office of enforcement at the U.S. Department of Labor’s Employee Benefits Security Administration. He served as EBSA’s principal adviser regarding policy and program matters pertaining to civil and criminal enforcement of Title I of the Employee Retirement Income Security Act of 1974, as well as related provisions of other federal laws. 

He also provided executive leadership and direction in the formulation of policies, development of programs and execution of activities conducted by the four divisions within EBSA’s Office of Enforcement.

The Washington office now includes three former DOL lawyers and three former Pension Benefit Guaranty Corporation lawyers, as well as financial, actuarial and benefits experts.

The Standard Hires Mulquin as Regional VP in Retirement Plans

Patrick Mulquin

The Standard hired Patrick Mulquin as a regional vice president for retirement plans. He will collaborate with advisers, plan sponsors and third-party administrators in the greater Los Angeles area.

Mulquin has 30 years of experience in the retirement plan and financial services industry, with previous roles in sales as director and regional vice president.

“We’re absolutely thrilled to welcome Patrick to the team,” Brody Geist, divisional vice president of retirement plan sales at The Standard, said in a statement. “His extensive industry experience, pension expertise and customer service orientation make him an invaluable asset to our organization.”

New York Life Appoints Mountain as Eastern Divisional Sales Director for SVIO Business

Robert Mountain

New York Life announced the appointment of Robert Mountain as Eastern divisional sales director for Stable Value Investment Only. Reporting to Glenn Macdonald, head of SVIO, Mountain will oversee sales and business development efforts in the Eastern region, focusing on expanding stable value product offerings and deepening relationships with institutional investors.

“We are excited to welcome Robert to the team,” said Macdonald in a statement. “His combination of analytical expertise and client-focused approach will be a great asset as we continue to meet the growing demand for capital preservation solutions.”

Mountain has more than 13 years of experience in the financial services industry, previously holding multiple roles at John Hancock, including investment consultant and director of investment strategy.

“New York Life has been a leader in the Stable Value business for decades, and I am thrilled to join such a respected organization and be part of a team known for its stability and expertise,” Mountain said in a statement.

Alera Group Hires M&A Experts Carroll, Rhoads

Ken Rhoads

Sara Carroll

The Alera Group, a national insurance and financial services firm, announced the addition of Sara Carroll and Ken Rhoads. Carroll and Rhoads have joined the organization as private equity diligence team leads to continue building and enhancing Alera Group’s private equity capabilities. 

“Sara’s extensive knowledge and experience in human capital transaction risk, coupled with Ken’s substantial expertise in insurance and risk management, will be a critical resource to our teams and clients across the nation,” Jim Blue, president of Alera Group, said in a statement.

Carroll and Rhoads join after almost nine years of developing and leading their respective M&A practices at the Hauser Group and have managed thousands of transactions. Carroll’s background includes a progressive human resources management career and more than seven years as a health and welfare consultant for CBiz. Rhoads managed private equity relationships and diligence projects at Aon for nearly 10 years.

The PE diligence team will provide national support to Alera Group’s PE clients and the colleagues who support them. 

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