T. ROWE PRICE CASE STUDY
T. Rowe Price wanted to increase the number of minorities among its leadership to better reflect the broader culture both inside and outside the firm. The initiative was part of the firm’s long-standing commitment to diversity and inclusion, which included being one of 700 companies to sign the CEO Action for Diversity & Inclusion, a pledge to embrace and commit to supporting a diverse and inclusive workforce.
“We have made great strides in gender equity but had not progressed as far as we’d like with ethnicity,” says Kathy Vizachero head of the company’s executive leadership development and learning programs. “Our diversity stats were not where we wanted them to be.”
To boost those numbers, T. Rowe’s Diversity & Inclusion Operating Committee set a goal of having 30% diversity among its senior leaders as well as individual contributors who have significant business or functional responsibility. To achieve that goal, the management team needed to address two issues they thought were contributing to the lack of diversity: T. Rowe’s hiring and retention processes.