Diversity / Inclusion Case Studies

Increasing Representation

Industry: Financial and Professional Services

A major Wall Street investment bank sought to increase representation of women, minorities and people with disabilities. As part of their strategy to present a diverse face to their clients and to the market, they realized they needed help in determining the barriers that prevented these populations from a) seeking out the firm, and b) being sought after by the firm recruiters.

Critical Issues

• To increase representation of women, minorities and people with disabilities.
• Determine the barriers that prevented these populations from a) seeking out the firm, and b) being sought after by the firm recruiters.

Solution

In the first three months of partnership, Novations identified three areas of improvement:

1. Recruitment strategies
2. Candidate competencies
3. Organizational readiness to hire

Novations spent 9 months doing qualitative and quantitative research, competency work and then an additional 9 months training all Managing Directors and VPs in a two-day Managing Inclusion.

Results

Within 24 months, the firm increased entry-level hires to 40% women and 40% minorities (out of approximately 240 hires.) Over the next 36 months, this same firm increased the minority representation at the Senior VP level from 5.6% to 10.6% and increased the representation of women from 6.3% to 23.8%

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