In an exclusive interaction with ET’s Sreeradha D Basu, Fercho spoke about Wells Fargo’s big-picture perspective on DEI, the role of leaders in furthering the agenda and why India is leading at a time when there is a backlash against this push in parts of the globe.
Q: What is your overall approach to DEI and how do you see the India market evolving in terms of that?
A: The approach to DEI for the company is very simple and it is recognising that we need to look like the customers that we’re serving. More broadly, focus on hiring that talent, bringing them into the organisation, and making sure we have it across all levels of the organisation. Not only will you get the frontline that looks like the customers you’re serving, but the leaders will understand the products that they’ll need to create the solutions that they need to bring to those communities.
And once you get the people inside, then it’s about creating the right inclusive culture so that people feel comfortable that they can bring who they are, their diverse perspectives, their ideas, their backgrounds, their experiences, and help the company solve its problems.
Our three strategic pillars are really what guide our work. It all comes together to create better communities and be better partners in the communities.
As it relates to India, I’m excited about what’s happening in the region and it looks different here than it does in the US. Obviously, racial diversity isn’t a thing in India, but really being intentional about gender diversity and expanding what we’re doing with people with disabilities, with our neurodiversity program, our GLIDE program, which is a returnship program. LGBTQ has been a big focus for us as well. It is about taking whatever that difference or uniqueness is about an individual and creating an environment which is not only accepting of those differences but respects it and then leverages it for the good of the company and to advance its goals.
Q: Where Wells Fargo differs to a certain extent is that, on the DEI front, you’re not focusing just on the employees, but also on customers, the supply chain, etc. How does incorporating DEI in a much bigger way help you in achieving the company’s business goals?
A: We’re being intentional about measuring that and so not only are we counting what the representation looks like, what the inclusion looks like as measured by our employee engagement surveys, but we’re also looking at what is our share with diverse customers in the market. It’s trying to be intentional about setting business goals for DEI, just like we do with our core business and holding those leaders accountable for those goals. We’re making progress against those goals, but we’ve got more to do. But I think the first step is having clear and measurable goals that you can hold leaders accountable to, just like any other business initiative.
Q: How active a role do leaders play in all this?
A: Very. Every leader has to drive this. It’s not about allyship, it’s about leadership. Leadership is when you’re driving it and there’s accountability. And so, we’re really starting to shift that mindset to say, don’t wait for Christie or Sneha Suresh (head, DEI, India and the Philippines, Wells Fargo) to do DEI at Wells Fargo. Every leader is accountable for that and driving it forward. We want to integrate DEI into every aspect of our business. And the only way to do that is, each and every leader at every level of the company is feeling that accountability to create that environment in their team.
Q: There’s a backlash against DEI in parts of the US, but India is very much on an upward trajectory when it comes to this. Where do you see the Indian market in this context?
A: I think it’s leading the way in many aspects and I hope the world pays attention to what’s happening in India. In the Indian market, people are focused on outcomes and progress and recognise that it makes good business sense. That’s where I hope others will follow suit. And even with the anti-woke movement that’s happening in the US, at Wells Fargo, we are undeterred. We are very focused to say this is a business imperative for us. You want to bring the best talent to the market. And that talent comes in all different shapes, sizes, genders and the like. There is a war for talent and you want to make sure you can attract the best talent.