6 ways, you can empower marginalized groups in banking.
Organizations that value diversity and inclusion can help marginalized groups thrive by equipping them with the knowledge, assets, and skills they need to succeed.
Why do people from marginalized groups continue to have it challenging in the workplace?
Companies do better than rivals when they promote diversity and inclusion. Consequently, they can make better decisions, seize new markets, create innovative goods, and generate greater financial returns than their less varied competitors.
But why do so few people from underrepresented groups hold potent positions? Why aren't more women and people of color in leadership roles?
Inconsistencies in gender or cultural standards, a lack of advocates, mentors, and sponsors, stereotyping, and issues combining work and life are only some of the challenges they continue to confront on the job.
Individuals from underrepresented groups can improve their chances of overcoming obstacles in their organization by taking action, even when corporations have a lot of structural and behavioral work to address the practices, processes, and cultures that hold them back. Here are some ways you may help them feel more confident in themselves, allowing them to make more meaningful contributions and move ahead in their professions. Power to Decide for Oneself.
What does it mean to have "The Power of Self-Determination?"
When people from marginalized groups conform to the negative stereotypes of those around them, their status reflects poorly on them. As a result, people may become less invested in their profession and experience a decline in self-esteem. Nonetheless, they don't realize their influence, so they accept the status quo.
Professional development is a choice that individuals can make for themselves. They can decide to live "life by design," which means they'll be in charge of how they handle challenges both at work and in their personal lives. Our Power of Self Determination program has been helping people from underrepresented groups gain the training, skills, and allies to succeed in the workplace since 1998.
Recently, we interviewed people who had taken part in our Power of Sefl Determination program at various points in the past. We want to learn how much of an impact the training had on their professions and if the ideas they were taught were still applicable. Based on our findings, the Power of Self-Determination program benefits one's career development. Forty percent of those who participated in the survey said they had been promoted. Furthermore, almost half of the participants indicated they were able to move up to better or more desirable employment because of the training.
Seventy-five percent also reported improvements in problem-solving, overcoming obstacles, and bouncing back from setbacks. In addition, they understood the importance of self-determination and how to effectively use it in the professional lives of people from underrepresented groups.
Facilitating the Economic Empowerment of Historically Marginalized Groups at Work
The findings of our study also led us to adjust and streamline our current approach. Our new strategy revolves around six primary options. First, look at the relevance of these choices and how people from underrepresented groups can start implementing them immediately.
1. The deliberate choice of awareness
Increased self-awareness is necessary for members of underrepresented groups in terms of what they need to do to succeed and the methods and habits that may help or impede their efforts.
It's possible that people need a method of guided introspection to help them become more self-aware. Initially, they need to consider how their personal history affects their actions at work and elsewhere. For instance, they should consider how these events change how they view themselves. They should also remember that their current coping methods may be ineffective. As a result, those aware of it have a better chance of achieving their objectives.
A person can do the following actions:
Examine the turning points in their lives, professionally and personally, that brought them to where they are now. Find out what has helped and what has hurt.
Inquire further into the nature of the desired course of study. How about, for instance, uncovering their deepest, most hidden motivations? Why do they keep going after it? How do you suppose they intend to get their hands on it?
Acquire or hone the mental framework necessary to accomplish their stated career goals.
When coming up with ideas, take into account not just your perspective and operational procedures but also the politics and unwritten regulations of the business.
2. The development choice
Members of underrepresented groups may feel that official and informal opportunities for career advancement are inadequate. Some people could even say these paths are holding them back. As a result, many may fail to appreciate their role in shaping their future.
People can now critically evaluate their progress due to the development option. As a result, people look for ways to advance their development. However, an employee's progress shouldn't be left up to management; workers should take on challenges with dedication and bravery.
A person can do the following actions:
Change your perspective and stop thinking that "either you have it or you don't." If they feel they can learn to perform well, they will. Our findings suggest that those who believe they have some control over their own lives and careers are more likely to develop the self-assurance necessary for achievement.
Deepen their understanding of confidence and give them opportunities to cultivate it in a wide range of contexts. Confidence is more important than expertise when moving forward in one's job. They'll need to have faith in their political savvy and relationship-building skills if they want to expand their influence and reach.
The third is the act of giving.
Here, people think about how much of a role they have in the larger company and how it relates to their personal growth. Then, they try to understand what is holding them back and what they may do to have a more significant effect.
The first step is the dependent contribution, during which people become familiar with their duties, build their reputation, and assist others.
Second, as they make their unique contributions, they gain experience and understanding.
Helping to guide, organize, and develop others as a coach, mentor, thought leader, internal consultant, or project manager.
The fourth phase entails impacting the organization's future through strategic support, innovation, and leadership.
3. The plan is to make steady progress through the stages, switching between them as opportunities present themselves. Facilitating practical discussions on development is a shared understanding of where each party stands and how their management sees them.
A person can do the following actions:
Recognizing their history might help you set appropriate objectives for their development level.
Evaluate how well they've done in light of what they thought they could accomplish in their current situation. Then, to keep their spirits up, have them reflect on their past successes and failures.
Choose your next steps wisely to remove roadblocks and propel your most valuable contribution.
The free will choose to act independently
4. The messages we receive from others significantly impact how we evaluate ourselves and our talents. Impostor syndrome is a common ailment among people from underrepresented groups, particularly women, that causes them to doubt their accomplishments and worry that they will be found out as frauds.
The key is to keep a confident, positive internal dialogue going at all times. We may not be able to change what other people say to us, but we influence how we interpret and react to their words and the stories we tell ourselves.
A person can do the following actions:
Recognize how cultural norms and other environmental cues shape one's decision-making.
Analyze and, if necessary, reframe the signals they've received about who they are and what they expect from their family, society, workplace culture, or beliefs.
Take decisive action in response to these insights, such as taking on a challenging new role.
5 Relationship preferences
The value of networking is often undervalued, even by those who recognize its relevance. So, it could come across as too much or too fake. In addition, people from underrepresented groups may lack confidence or the social skills necessary to succeed. As a result, members of under-represented groups are less likely to attempt to cultivate mutually beneficial relationships.
However, the ability to initiate and cultivate productive working connections can be developed. Relationship-seekers would do well to be aware of and appreciative of cultural differences, as well as to be prepared for the fact that people with different worldviews might not always be open to interacting. As a result, people need to reevaluate networking as a strategy for building productive relationships.
A person can do the following actions:
They need to be aware of how variables in their relationships might affect their success in both their personal and professional lives.
Think about the bonds and connections they already have. Exactly how do these connections help them advance in their profession? What holes need to be patched so they can make progress? Now, let's look at what each of these core connections contributes. Have they decided to keep going?
Use the supplementary resources that your corporate relationships may offer, like sponsorship, mentoring, and lobbying.
An indirect effect of choice
The ability to influence others, whether through official authority or otherwise, becomes increasingly valuable as one advances in their career. The most influential people in any field have built strong personal brands and earned respect among their peers. But, then, they need to be able to convince others when and how to do so.
However, it may be especially challenging for people from marginalized groups to achieve these goals. They have to work harder and longer to find common ground with the unique values of others, and they must constantly face off against ideas that are at odds with their own.
A person can do the following actions:
Consider the fact that they have the invaluable ability to influence others.
Proactively managing one's professional and personal brands requires a steady stream of input from various sources.
Master the art of adaptability and pragmatism by studying how to use the proper influence techniques in numerous contexts.
Ways to increase access to resources for underrepresented populations.
Your business will only be successful if every employee can give as much as possible. This means encouraging an environment where everyone feels welcome and respected and has equal access to chances for growth.
To help underrepresented groups succeed in the workplace, you must fix the systemic and cultural problems that keep them from moving forward. To further address the needs of those who have been historically marginalized, we must also employ specialized design strategies.
Contact us if you want to learn more about how the Power of Self-determination may enable your employees to take responsibility for their professional development by equipping them with the necessary knowledge, skills, and resources. Schedule a Zoom meeting.
Image courtesy of Kirill Balobanov @kbalobanov
About Jim Woods:
Jim has a passion for accelerating talent across organizations. While this passion has fueled his work in leadership assessment and development, it has crystallized in the area of Diversity, Equity & Inclusion.
Jim's experience spans many industries, including public, finance, consumer, retail, pharma, industrials, and technology. “Organizational & people agility,' “design thinking,' and 'digital transformation' are some critical themes Jim works with clients across the globe.