T. Rowe Price Commits to Diversity Inclusion

T. Rowe Price Commits to Diversity Inclusion Below is an article originally written by PowerToFly Partner T. Rowe Price. Go T. Rowe Prices Page on PowerToFly to see their open positions and learn more.ChallengeDiversity and inclusion has been a key priority for T. Rowe Price at the leadership level since 2007, but we needed to drive the priority deeper in the organization.ActionsWe created a Diversity Inclusion Operating Committee. Members are direct reports of business unit leaders and are accountable for ensuring diversity and inclusion results are achieved. Recognizing that each business unit had different needs, we engaged specific business units to fully understand their needs and how we could ultimately help to fill those gaps by positioning diversity and inclusion as a business priority.Each business unit developed an action plan that focused on addressing specific gaps that have been a challenge to progression business goals. Although action plans were tailored to fit each business unit, all plans needed to align with T. Rowe Prices overall diversity and inclusion strategic plan and included a slate diversity goal of 30% for leadership roles. As a result, a few high level themes were identified across all plans, includingDevelopment and recruitment of high potential diverse talentAwareness and communication of diversity and inclusion goalsManager support through training and developmentPlans were reviewed by business leaders and human resources partners to ensure action plans could be executed over an 18-month period. Quarterly reviews have been implemented to monitor progress and measure results. Through the development of plans we operationalized diversity and inclusion in the business and empowered the business to outline specific actions that would drive accountability.OutcomesAction plans have been developed across all business units and are currently being executed. The firm has exceeded the 30% slate diversity goal and increased ethnic diversit y at the leadership level.ContactBriana Wessell Briana_WessellTRowePrice.comOur commitment to diversity and inclusion goes pfote in hand with our desire to attract and retain the best talent and provide the best solutions for our clients. Fulfilling that commitment is a journey, however, not a destination. The CEO Action for Inclusion pledge unifies major companies in their efforts to raise awareness on such an important issue, and helps foster an environment of greater accountability.- William J. Stromberg, President and Chief Executive Officer, T. Rowe Price One of the biggest challenges in almost all industries today is achieving gender parity. Gender diversity provides huge benefits in the workplace. pWhile some industries have made significant advancements in gender diversity, some industries lag further behind... and the construction industry is well-known for being in the latter category. If someone says, construction workers, youl l likely picture a group of men in yellow hard hats analyzing an architects plans or laying bricks on top of a scaffold. And men at work signs only help to reinforce this image.pThis stereotype is rooted in reality. When was the last time you actually spotted a woman on a construction site? Or hired a female plumber or carpenter? Your answer is most likely never. In fact, the Bureau of Labor Statisticsreports that only 3.4% of the total of 8.3 million construction employees are women.pBut the construction industry has a lot more to offer than steel-toed boots and hard hats, and it needs women to help advance the industry in this era of rapid change. Here are 5 reasons why women joining the workforce or looking to make a pivot should consider a career in construction.h21. Fuel Innovation/h2pNot only is diversity the socially and morally right thing to do, but it is also actually an excellent business strategy. pResearch presented in the Harvard Business Reviewshows that diverse teams develop more innovative ideas. This is further supported by a study conducted by Gallupon the wertzuwachs of gender-diverse teams versus single-gender teams, which found that the difference in backgrounds and perspectives led to better business performance and problem-solving. h22. Capitalize on Demand/h2pThe construction industry is currently experiencing a labor shortage. The industry itself is booming and projected to be one of the fastest-growing industries, with total spending projected to exceed $1.45 trillion in 2023/a. However, most construction companies are unable to meet the rising demand. pAccording to the Associated General Contractors of America/a, more than 80% of contractors are experiencing difficulties filling hourly craft positions that represent the bulk of the construction workforce.pAnd demand isnt limited to individual contributor roles. Given the industry boom, there are a number of open stable and high-paying roles (any project managers out there?) waiting for the right candidateh23. Leadership Opportunities/h2pAccording to the Bureau of Labor Statistics/a, women compose only 7.7% of the total 1 million managerial positions in construction.br/pBut given the highly collaborative nature of construction work, more women in leadership roles would help drive innovation and enhance productivity.Furthermore, as a woman in construction in a leadership position, youd have the unique opportunity to drive change for the industry and make it a more attractive option for other women.h24. High-Income qualifikation/h2pSalaries for many skilled positions in construction are on the rise, making a construction career a prime choice for women looking for a high-paying job,pThe 2018 Construction Craft Salary Surveyconducted by the National Center for Construction Education and Research revealed that salaries for many skilled craft areas are increasing. Project managers and project supervisors topped the list at $92,523 and $88,355, respectively. The next set of highest-paying jobs include those of combo welders ($71,067), instrumentation technicians ($70,080), pipe welders ($69,222), power line workers ($68,262) and industrial electricians ($67,269). Of the 32 categories of workers in the survey, 19 positions earned an average salary of $60,000 or higher.h25. Sense of accomplishment/h2p The construction industry can give employees a unique sense of achievement. Yes, the job is stressful and the work can be demanding, but nothing beats the feeling of being able to build something from the ground up. pHow many professionals in other industries can point at a school, a hospital, or a skyscraper and say I helped build that?pThe construction industry has a long way to go in combating gender bias and supporting women in the workforce, but given the current demand for workers, theres no better time to spielblttchen up a sledgehammer (figurative or literal) and smash the gender stereotypes plaguing the construction industry.