With US$18.8 trillion in assets under custody and US$1.9 trillion in assets under management as of December 31, 2009, State Street is one of the world’s leading providers of financial services to institutional investors. Our broad and integrated range of services spans the entire investment spectrum, including research, investment management, trading services and investment servicing. By using any combination of these services, our clients can deliver more value to their customers.
As an industry leader, State Street maintains a strong commitment to serving all of our constituencies — shareholders, clients, communities and employees. The objective of State Street’s Global Inclusion initiative is to create an environment where every employee feels valued, engaged and respected. We do this by recognizing and leveraging the unique background and talents that each employee possesses. State Street has more than 27,300 talented professionals in offices all over the world. We operate in 25 countries and our network spans more than 100 geographical markets. Through our corporate-wide Global Inclusion efforts, we are leveraging the strength of the “hearts and minds” of all of our employees, building a grassroots infrastructure that truly makes State Street a place where employees are positioned to contribute all of their talents.
At State Street, we frequently refer to our employee networks as the “grassroots infrastructure” of our global inclusion efforts. Below is a partial list of these networks. In most instances, multiple chapters of these groups exist in various locations.
- Asian Professional Group
- Bible Study Group
- Black Professional Group
- Global Administrative Assistants Network
- Indian Employee Network
- International Cultural Exchange Group
- Irish-American Professionals Group
- Italian American Professional Network
- Jewish Professional Group
- Latin American Professionals Network
- Military Employee and Family Members Network
- Muslim Employee Group
- State Street Connect
- State Street PRIDE
- Professional Women’s Networks
- Toastmasters
- Working Parents Group
We’d like to provide a few examples of these grassroots efforts in action. The critical piece to emphasize is that each example results directly from the ideas, passion and energy of our employee networks. In 2009 alone, these groups led hundreds of events involving thousands of employees; including the sponsorship of 29 external events.
1. Based upon the feedback and support of the members of our Latin American Professionals Network and the Black Professional Group in 2009, State Street has established itself as leading supporter and sponsor for the following events; the Alliance for Latin Professionals in Finance and Accounting (ALPFA) National Convention and National Associations of Black Accountants (NABA) Annual Minority Business Conference.
2. Managed by members of our State Street PRIDE group, 2009 marked the second year that State Street held its Gay, Lesbian, Bisexual and Transgender (GLBT) Resource, Awareness and Diversity Training Day (RAD). At this onsite event, members of GLBT affinity groups, human resource professionals, GLBT professionals and organizational leaders gathered to focus on improving recruitment, retention and engagement of GLBT professionals.
3. In conjunction with the Professional Women’s Network, 2009 marked the third consecutive year that State Street was the presenting sponsor for the Massachusetts Conference for Women. This event brings women together for a day of seminars, workshops and networking, and features nationally recognized speakers who are leaders in business, media, health and finance. This past December, more than 1,000 women from State Street attended the conference, half of whom had their attendance sponsored by Global Inclusion.
4. State Street’s first ever Islamic Finance Congress resulted from the sole efforts of our employees. Hosted by the Muslim Professional Network, the Congress featured discussions that provided an educational overview of Islamic finance; including Shariah law, risk management, legal matters and current market trends and opportunities for State Street. Dr. Zeti Akhtar Aziz, governor of the Central Bank of Malaysia, was the keynote speaker of this event.
5. Understanding the role of religion in today’s global workplace through the input of our faith-based employee networks has enabled State Street to establish a global network of private spaces dedicated to prayer and meditation.
6. State Street Connect, a network unique in many ways to State Street that launched in 2007, includes more than 1,500 employees in its Eastern Massachusetts chapter and has established chapters in Hong Kong, Australia, Sacramento and the UK. The creation of this network stemmed from the need for employees to unite around a shared goal of expanding relationships throughout State Street and the community by aligning shared interests in professional development, sports and social activities, community involvement, and college alumni associations.
Three of our key short-term goals for our employee networks are to:
1. Create an environment where employees can contribute all of their talents.
- An illustration of this goal would be the creation of dedicated meditation and prayer rooms that were established as a result of our faith-based networks. The establishment of these private spaces allows members of these networks to bring aspects of their faith-based practices and lifestyle to the work place.
2. Promote the value of inclusion and its impact on employee engagement
- The establishment of our employee networks allows employees to meet others that share the same affinity or common interest. Therefore, a forum for inclusion is created and brought to the forefront; increasing retention within the organization.
3. Provide employee network members with opportunities for professional growth
- The mission and goals of every employee network are aligned with the business goals of our organization. The forums that these employee networks create are all centered on business topics, professional development seminars and cultural awareness.
Our key long-term goal is to impact engagement levels globally at State Street by ensuring all employees feel engaged, valued and respected. The Global Inclusion Center of Expertise facilitates both the environment and financial support that allows our employee networks to flourish. We measure our progress through:
1) Annual Global Inclusion Awareness survey results: A pulse check on what progress Global Inclusion is making across the organization.
2) Annual Employee Engagement Survey: A survey that highlights the levels of engagement with the addition of a Global inclusion commitment index and a manager insights tool. These results are published globally and reports are distributed to each business unit head to ensure action plans are generated that will impact change and increase engagement and retention.
3) Global Inclusion COE Dashboard: Another metric that reports on the progress of the priorities of Global Inclusion, including promoting awareness and visibility of Global Inclusion, launching a global mentoring platform and educating middle managers on best practices.
4) Diversity Accountability Dashboard: Every quarter, a selection of rotating business unit leaders are responsible for reporting on the progress of their organization as it pertains to the diversity of their staff and their business’s engagement results.
Please describe the ways in which this Initiative extends beyond the scope of the duties and responsibilities in the organization's every day activities.
Our employee network leaders are an army of volunteers who go above and beyond their day-to-day work responsibilities to ensure that State Street is a great place to work. It is a result of each individual’s passion, energy and commitment that drives these grassroots efforts forward.
1) During the course of any workday, our networks will host activities and events that help connect employees, provide career and leadership development, skills learning and community outreach opportunities. Last year, nearly 14,000 employees attended one of the 156 employee network / global inclusion sponsored events at State Street – all done as additional work for each employee. Truly incredible learning opportunities abound as a result of these efforts. These sponsored events included “lunch-and–learns,” panel discussions, after-work socials, networking sessions and team-building activities that involved sports and volunteerism.
2) Our employee network leaders and group members supported our talent acquisition efforts by volunteering their time at 29 external events, including key diversity sponsorship opportunities such as Massachusetts Conference for Women, the Alliance for Latin Professionals in Finance and Accounting National Convention, and the Spirit GLBT Executive Recruiting Night, to name a few.
3) Community volunteerism, and representing State Street in the community, is another cornerstone of the efforts of our employee networks. Illustrations that depict these efforts include our Chinese Professional Network sponsorship and participation in Boston’s Dragon Boat Festival, our Professional Women’s Network annual commitment to build homes for South Shore Habitat for Humanity and the Black Professional Network’s efforts in providing holiday cheer to the women of Women’s Lunch Place by wrapping donated holiday gifts. It is a result of these heartfelt actions that State Street has become a true leader in community.
Please describe the ways in which the nominee has created an environment that is welcoming and supportive to professionals that have historically be under-represented in leadership and the ways in which those individuals are not only retained, but also encouraged to take leadership roles within the organization but also in the community at large.
From the moment an employee enters the door through our on boarding process, we welcome our newcomers to the inclusive workplace that we have worked hard to build. Early on, employees are encouraged to participate in employee network activities, as it helps them transition into the organization and provides a forum to meet and network with colleagues across the company.
Additionally, we work hard to recognize and promote the efforts of employee networks through many vehicles including some that are listed below:
1) Gain external recognition for employee efforts:
– One example of this is the recent recognition of two of our Latin American Professional Network Leaders, Hector Lopez Camacho and Dexie Garcia. Both were selected as Young Hispanic Corporate Achievers (YHCA), a national recognition for these outstanding employee leaders.
– Michelle Figueiredo was recently featured in an article in Patriot Ledger entitled “The Power of Change” where she spoke about her experience living as a transgender woman. She is a member of State Street’s Pride group, which focuses on providing personal and professional development opportunities for gay, lesbian, bisexual, and transgender (GLBT) employees. Michelle has stated that State Street, and in particular her direct manager and colleagues, were very supportive in embracing and accommodating her needs. As such, she credits State Street for making her journey a truly positive experience.
– Maita Vert and Everton Rainford, members of the Black Professionals Network, will be State Street’s 2010 YMCA Achievers. The YMCA Achievers program recognizes employees, with an emphasis on African Americans, Hispanic/Latinos and South Asians, who have demonstrated a commitment to voluntary community service on behalf of youth and who have gone above and beyond in their professional careers.
– State Street’s relationship with The Partnership Inc has been very successful in providing development opportunities for professionals of color. The Partnership has two programs; the Associate program, which trains young professionals to develop their leadership capacity by creating professional and civic opportunity in the early stages of their careers; and the Fellows program, designed for mid- to senior-level professionals focuses on expanding their leadership capacity. This year, we are excited that 15 State Street employees were selected to participate in the program. Moreover, understanding how important senior accountability is to the inclusion equation, this year State Street has agreed to underwrite The Partnership’s newly formed Executive Council (EC). The EC is a group of influential senior leaders from various Massachusetts industries joining to identity action centered strategies designed to increase diversity in leadership positions.
2) Gain internal recognition for network efforts: Understanding that feeling valued is a key component to retention, in addition to an annual recognition event, as well as multiple internal communications, last year a mandatory Global Inclusion goal for all employees was imbedded in our online performance review process. With two mandatory development discussions a year, we are confident that all employees, including our employee network leaders and their managers, are having discussions on the importance of inclusion and the specific role they are playing in improving employee engagement.
3) Voices of Inclusion: New this year, our Voices of Inclusion program is designed to provide employee network leaders with an opportunity to have direct connections with State Street’s Executive Management. This is an exciting opportunity for employees to meet and speak with our senior leaders on a global basis. To date, 182 employees have participated in frank discussions that brought about common themes that will be addressed through an action plan.
Please describe the results, anticipated or actual, of this program.
Here, we think it is best to let our employees speak for themselves….
“Being a network leader has been an inspiring experience. As an ambassador for State Street I have been exposed to developing strong partnerships with the larger community in which we work. Over the past 3 years I have increased my personal and professional network 100%. Being a network leader has significantly contributed to my professional development and success as an emerging middle manager. It has played a major role in my recent promotion as it allows emerging leaders the opportunity to develop in an informal atmosphere where you can learn without the daily pressure of the job.”
“Being a network leader has added so much to me personally. I have never been a "leader" in this sense and feel so involved with my group. I have met wonderful co-workers (both in my network and other networks) that I never would have met outside this forum, as well as having contact with people in the Greater Jewish Community in Boston. My husband and kids look at me with a respect for my Jewish Heritage. It is a great feeling. I have also gained a feeling of belonging and importance to State Street. We can hold our heads up high, with pride here as being part of this network. It is a win-win situation for everyone.”
“As a network leader, I've been able to get employees engaged with State Street on a variety of levels, cultivating an inclusive environment where everyone can learn from one another and leverage diversity as a competitive advantage. State Street's Global Inclusion program is not a mere adjunct or press piece – it is an integrated business strategy that enhances our business.”
“Increasing my network and expanding my current role was something that I expected from becoming an Employee Network Leader at State Street. What I didn't anticipate was how much more I care about making State Street a better place, one event at a time. My experiences as an Employee Network Leader truly helped to shape me into a committed and engaged employee at State Street. As a result, I find myself more in control of my career than I was before committing to being an Employee Network Leader.”
“Being on the Steering Committee has enabled me to enhance my leadership, communication, mentoring and networking skills. It is extremely rewarding to work collaboratively towards our goal of making sure that our employees feel valued, included, engaged, and empowered. My inspiration comes from knowing that through my contributions to our global inclusion initiatives, I am adding value to the organization and its employees”
“I have found the experience as an Employee Network leader very rewarding. Being an integral part of the corporate diversity goals; working with my network colleagues; leading core initiatives that make a difference in people’s personal and professional lives; and inspiring others to become involved with causes beyond their day to day experiences has been amazing. I am honored and proud to be an Employee Network leader and look forward to continuing to contribute to the corporation’s success.”
“Being a network leader has given me the opportunity to develop leadership skills, acquire new ideas, connect and network with the community, and above all serve as a role model to other young professionals.”
