Initiatives such as a new scholarship program at hedge fund giant Bridgewater Associates underscore the seriousness of these efforts, while colleges like the University of Connecticut have said they are also working to diversify the pool of future candidates. professionals.

“In order to build this rich and deep understanding of economies and markets, you need to examine it from a wide variety of opinions and perspectives,” Bridgewater’s Chief Diversity Officer Alan Bowser said in an interview. .

“You need diversity of thought. Diversity is literally essential to Bridgewater’s success in our business mission.

To take part

Westport-based Bridgewater, the world’s largest hedge fund, has recruited around 40 students for the inaugural class of its new Rising Fellows program. Black students represent the largest underrepresented group in the cohort, while Bridgewater has also invited applications from other students of color, women, and students who are members of the LGBTQ+ community.

All are freshmen.

The program includes sessions held remotely on weeknights that began February 14 and will continue through March 4. It aims to provide students with an introduction to financial services, help them develop skills to understand investing and the global economy, and enable them to apply their lessons. through projects guided by Bridgewater’s investment professionals.

Subsequent opportunities for Fellows will include invitations to Bridgewater events and speaker series. Fellows will also be able to participate in their second year in the firm’s immersion program.

“This program doesn’t stand alone in the suite of things that Bridgewater does to build a talent pipeline, especially a diverse talent pipeline,” Bowser said. “It’s really designed to complement and work with the other things we do.”

A number of other companies said they also see student-focused programs as essential to their diversity, equity and inclusion goals.

“Our approach is multifaceted and includes developing relationships with student affinity groups, introducing the benefits of a career at Xerox to students of color, investing in students from underrepresented segments through our partnership with (nonprofit) A Better Chance, partnering with a number of historically Black Colleges and Universities and leveraging our extensive alumni network within our current employee population,” Justin Capella, spokesperson for Norwalk-based information technology provider Xerox, No. 415 on the 2021 Fortune 500 listsaid in an email.

“In a highly competitive talent environment, engaging and cultivating relationships with minority students is critical to developing the next generation of business leaders.”

Corporate DEI programs have drawn more attention since the 2020 nationwide protests in response to the killings of African Americans such as George Floyd, Breonna Taylor and Ahmaud Arbery.

“Many companies are stepping up on the DEI front,” said Bob Day, associate dean of undergraduate programs, operations, and information management at the University of Connecticut School of Business. in an interview.

“In the summer of 2020, a lot of people had red flags about diversity. But it had kind of happened before too. Companies were asking us about access to talent in the diversity space and asking, “Students from underrepresented groups, how can we recruit them?”

Among other recently launched companies, Stamford-based Synchrony, No. 187 on the Fortune list and the nation’s largest private label and branded credit card provider, last May announced a $50 million initiative to support higher education, workforce training and financial literacy for its workforce and underserved communities.

“Our focus on Equity, Diversity, Inclusion and Citizenship (EDIC) has grown exponentially to become the status quo at Synchrony,” said Michael Matthews, Director of Diversity and Accountability at company of Synchrony, in an e-mail.

“It’s part of our culture and it’s how we operate. We have elevated the DTIS to one of our key strategic imperatives, with accountability at the board level. We enter 2022 even more determined to pursue equality, diversity and inclusion.

More work to do

Despite the growing attention to DEI initiatives, many companies still have more racially and ethnically homogeneous workforces than the country as a whole.

Nationwide, approximately 60% of the population were white alone and not Hispanic or Latino, 19% were Hispanic or Latino, 13% were black or African American alone, 6% were Asian alone, 3% were dual or more and 1% were Native American or Alaska Native alone, according to data from the US Census Bureau 2021.

Of Bridgewater’s current workforce, 27% identify as members of minority groups – including 3.5% who are Black or African American employees, 7% who are Hispanic or Latino, 15% who are Asian and 1. 5% who are members of other minority groups, according to company data.

“We didn’t reach the demographic profile of this industry overnight, and we’re not going to change it overnight,” Bowser said. “You need to create programs that are sustainable and that will create talent pools and impact long-term hiring. And that’s why we think programs like Rising Fellows are so important.

Xerox said of its 2020 new hires in the United States, about 65% were white, 15% were black, 11% were Hispanic or Latino, and 6% were Asian.

Of Synchrony’s U.S.-based employees, 43% are non-white, of which 20% are black, 12% are Hispanic and 8% are Asian, according to company data.

“Now more than ever, I believe candidates and employees want to work for organizations that fully embrace equity, diversity and inclusion,” Matthews said. “Commitments are no longer enough. Companies that take steps to drive cultural and systemic change across their organization will have a competitive advantage in attracting and retaining talent. »

At UConn, students who identify as members of minority groups make up 38% of the student population at the university’s flagship campus in Storrs, according to university data.

Officials from the university’s School of Business said they are committed not only to recruiting more students from racial and ethnic minority groups and other underrepresented groups, but also to ensuring that these students feel included after enrolling.

“With every minority student who has enrolled and comes to the School of Business, I personally call them and welcome them,” said Alfy Roby, Acting Director of the School’s Office of Diversity Initiatives. of Business, in an interview.

“The burden is not only to connect them, but also to retain them thanks to the connectivity of the activities and initiatives that we put in place. I want people to say, “I love business school.”

[email protected]; Twitter: @paulschott