Accelerate racial equality, equity and inclusion
Northampton, MA –News Direct – Fifth Third Bancorp
Following widespread civil protests, Chief Executive Officer Greg Carmichael made a swift and public statement against racism, and the Bank pledged to be part of the solution. Our commitment was more than words; it has resulted in concrete and continuous actions.
We needed to recognize that we had not done enough before and that our work to fill the gaps was far from over. As the nation reached a tipping point in a long history of racial injustice affecting black Americans, we too were galvanized to redouble our efforts.
A company-wide strategic initiative, led by the Inclusion and Diversity team and supported by EDLC and the Office of Corporate Program Management, has been launched to ensure accountability and achieve measurable progress and sustainable. This initiative is called “Accelerating Racial Equality, Equity and Inclusion” or AREEI, and includes three lines of work: customers, communities and employees. Each work stream places particular emphasis on accelerating the Bank’s progress towards an equitable environment for black Americans.
AREEI FOR CUSTOMERS AND COMMUNITIES
We are currently refining our focus on black customers in four areas:
Small Business Banking / Business Banking
Commercial and cash management
Wealth and asset management
For home loans, we work with real estate agents and through dedicated marketing in Chicago, Charlotte, North Carolina, Cincinnati, Columbus, Ohio, Cleveland, Detroit, Indianapolis and Tampa, Florida, to educate and educate new buyers.
The Bank has also taken intentional steps to help close the racial wealth gap for black Americans and remove social and economic barriers that negatively impact black Americans, including job creation and job readiness. ‘use. In December 2020, we announced a commitment of $ 2.8 billion over three years, including $ 2.2 billion in loan capital, $ 500 million for investments in the communities of the fifth third, $ 60 million in affordability efforts and $ 40 million in philanthropic investments.
In addition to community financial investments for Fifth Third clients and communities, the efforts of the Inclusion and Diversity team and the Executive Diversity Leadership Council include an employee-focused workflow to ensure the Bank maintains and develop its culture of equality, equity and inclusion among its workforce.
AREEI for EMPLOYEES
In 2020, our efforts have mainly focused on improving the employee experience of our Black employees, while remaining responsive and inclusive to all minorities and all diverse employees. The strategic approach includes a blend of continuous listening and learning, providing tools and resources, educating all employees about racism and inequalities, and reviewing all employee-related policies and procedures to reduce prejudices.
To raise awareness of the challenges facing black Americans, our Inclusion and Diversity team created the fifth Inclusion Toolkit 3: From Outreach to Advocacy. The toolkit contains helpful terms, actions community members can take, movies that can be watched, recommended books and articles, and other allied and anti-racist resources. We have provided this helpful resource to our employees and also made it available to customers and communities at www.53.com/racialequity.
In June and July 2020, the Inclusion and Diversity team and the African-American business resource groups of the Bank facilitated 31 “Let’s Talk” listening sessions. The first sessions were aimed at black employees. In August, all employees were invited to share their experiences and thoughts in a secure space. More than 550 employees participated in the sessions offered. These sessions were instrumental in developing a strategic plan that will ensure that black employees understand that racial discrimination is not tolerated at Fifth Third Bank, that their contributions are valued and are essential to it. trip. In order to continue to provide a safe forum for employees to express themselves, the Bank has partnered with an experienced diverse supplier to host additional listening sessions in 2021.
All employees also had access to resources to help guide empathetic and supportive conversations about racial equality, equity and inclusion. Resources have been added to LifeWorks, our employee assistance program, to help manage feelings of anxiety, sadness and worry among employees.
Unconscious bias training launched to all employees in July 2020; 100% of employees and contractors had completed it by the end of the year. In the future, all new Bank employees must take this training within the first 90 days. Employees can also benefit from additional cultural competency and bias mitigation training through Fifth Third’s online learning platform, Degreed.
See additional media and more ESG storytelling from Fifth Third Bancorp at 3blmedia.com
See the source version on newsdirect.com: https://newsdirect.com/news/from-the-fifth-third-bancorp-2020-esg-report-accelerating-racial-equality-equity-and-inclusion-286766629