 |  Global Novations / Resources / Client Success Stories / Case Studies / Pershing LLC Case Study | | Engagement through Inclusion: Leveraging Diversity at Pershing LLC | | | Pershing LLC | INDUSTRY: Finance/Banking |
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| | Over 36 months, Pershing's partnership with Novations and its own diligence and openness have brought inclusion principles, language, and behavior to its internal culture and clients alike. Employee engagement scores are high and in instance after instance, employees' actions are firmly aligned with "In the House" ideals. | |
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| Situation
Pershing LLC, a subsidiary of the BNY Mellon Corporation, knew that increasing engagement through diversity, and more critically, inclusion, was key for the firm to outperform its competition. Over a period of 36 months, Pershing strengthened the inclusive environment it had already created as a strategic differentiator. The firm's goal was to establish an environment where full employee inclusion is systemic in both operations and culture, and explicitly tied to the firm's overall business goals. In other words, to "fundamentally integrate inclusion into Pershing's DNA" and create an environment in which inclusive practices clearly lead to higher levels of employee engagement and positive business results. |
| Process
A firm-wide survey was conducted in 2005, accompanied by interviews and focus groups, to determine where Pershing was on the diversity and inclusion continuum. Novations provided the firm with an in-depth report that outlined Pershing's greatest opportunities.
Pershing reviewed the survey scores and focus group data and realized that they could create
positive impact in the following areas: - Continue to build Personal Understanding through training and development.
- Improve the belief in Leadership Commitment by increasing presence of and exposure to the senior team.
- Sharpen the focus on Career Development by improving the coaching and development skills of managers and leaders.
- Increase transparency around Advancement opportunities.
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| Solution
Pershing's enhanced diversity and inclusion strategy was referred to as "In the House" (the title reflects a learning model from Novations' training solutions). The initiative consists of a comprehensive approach to applying diversity and inclusion principles and practices throughout the organization.
Part of the strategy to achieve Internalization meant increasing engagement across all levels to increase employee satisfaction and, therefore, productivity. Pershing started with the "In the House" training (Novations' flagship Managing Inclusion™ training program) to set the foundation and create greater understanding to begin to change the way the firm thought about diversity and inclusion.
Managing Inclusion covers the major themes of "In the House" and the "go-to" performance concept, and presents methods for aligning inclusion efforts with Pershing's corporate goals. Managing Inclusion training provides tools and concepts to help managers increase employee engagement thereby increasing organizational performance. At Pershing, employees who are "In the House" demonstrate support of Pershing's vision, mission, and values. They:- Seek continuous learning and personal development opportunities
- Drive innovation and improve solutions, services, and processes
- Take ownership for anticipating customer needs and meeting critical business targets, and
- Support an inclusive, team-oriented environment to strengthen the business.
To ensure continuous learning, Pershing looked beyond the Managing Inclusion classroom training. They identified and developed multiple areas in which inclusion could be developed and strengthened. These "In the House" initiatives focused on energizing managers and employees around inclusion in order to increase engagement and participation from all individuals toward the firm's goals. Pershing was able to create a platform for wrapping all practices for developing and retaining their employees and business around the "In the House" strategy, re-energizing the PDAB and strengthening its mission. The firm's commitment to creating an inclusive environment is evident in the quality, creativity, and volume of initiatives and activities spearheaded by Pershing's leadership, the PDAB, and the firm's Affinity Groups.
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| Results
Results of the 2008 survey revealed that Pershing had significantly "moved the needle" in key areas, with the qualitative data returning the unique points of view, challenges, and opportunities reported by the employees based in the US, Europe, and India. The data set included the tremendous results cited in the introduction to this case study: - 92% said that they are proud to be employees of this firm
- 90% said they are committed and loyal
- 81% truly believe that management effectively works with and supports their diverse workforce
- 76% say they are consistently given job assignments that help them grow and develop
As a result of the survey and their work with Novations, Pershing judiciously began to separate the results of their diversity efforts of recruitment, representation, and promotion from their inclusion efforts of engagement, contribution, and willingness, and to assess how each event, policy, or practice impacted either of these areas. They then began to implement targeted initiatives to drive both sets of metrics with predetermined measurements for each tactic and strategy.
In 2008, Pershing implemented the Continuing Education Program (CE) for all employees. The CE program mandates that each employee participate in a minimum of eight training activities per year. The program has been very well received by the firm because of its message to employees: we care about your development and so we are making it a priority. Managers have to ensure that before the end of the year, employees are given opportunities to attend learning events, supporting the "In the House" concept and ensuring that employees are engaged in a continuous learning loop.
For 2008, 98% of employees met their continuing education goal.
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| | | | | | | | Engagement through Inclusion: Leveraging Diversity at Pershing LLC |
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