This content is sponsored by Truist.
While Truist is a relatively new company, it has wasted no time embracing a culture that enthusiastically emphasizes the importance of diversity, equity and inclusion.
“It’s really about being present in the community,” said Evelyn Lee, president of the Greater Washington region for Truist Financial Corporation.
A focus on diversity, equity and inclusion, commonly referred to as DEI, encourages employees to bring their whole selves to work every day, allowing Truist to cultivate a diversity of opinions and better connect with the extremely diverse communities it serves.
“Our stated purpose is to build and inspire better lives and communities,” Lee said. “Everything we do is around that framework.”
Truist was formed in 2019 through a merger between SunTrust and BB&T, combining the exceptional talent and technology that previously existed among the two prominent companies.
DEI after the merger
The process of implementing successful DEI policies and practices was a bit more complicated due to the fact that it directly followed such a significant merger.
As Truist sought to develop a more inclusive culture, it also had to deal with the added challenge of simultaneously blending two longstanding legacy company cultures together.
“What we did with the merger is really add a layer of complexity,” Lee said.
The upside to that situation was that it provided a chance for Truist to start fresh and work with a clean slate, creating something new and compelling that would help the company attract and retain diverse talent.
“Both companies have a very long history in this market and elsewhere and what the merger let us do is really think about the best aspects of those individual cultures,” said Lee.
Truist takes demonstrable DEI action
Top leaders within Truist, including the new CEO William Rogers and his predecessor Kelly King, have been at the forefront of DEI, speaking boldly and taking action rather than standing back and waiting for the tide to turn.
“That authenticity is extremely important,” said Lee.
Truist has engaged with numerous partners in its communities, committing $18 million to help fund institutions including the Congressional Black Caucus Fund, Truist Scholars program, Truist Foundation grants and Truist one-time gifts.
Among the one-time gifts was a total of $1.2 million given to 12 Historically Black Colleges and Universities, commonly referred to as HBCUs.
The money was used to fund technology improvements in 2020 when the COVID-19 pandemic initially led to schools closing their doors to limit the spread of the coronavirus.
“That donation was really meant to bridge the gap as we suddenly found ourselves in a position where those students would be going remote,” Lee explained. “It helped the HBCUs regroup so they could get back to their academics virtually.”
Internal DEI efforts at Truist
Internal efforts at Truist have been creative and inspiring, demonstrating a genuine commitment to DEI values.
The company’s board of directors is 45% racially, ethnically or gender diverse.
“Of our 14-member executive leadership team, two are women and two are African American,” Lee explained. “We also have committed to recurring pay equity reviews and increasing diversity in senior leadership roles from almost 12% to 15% in three years.”
Truist works to maintain a base of diverse business suppliers that provide a wide range of goods and services for branches and offices across the country.
As part of a $60 billion Community Benefits Plan, Truist aims to spend at least 10% with diverse suppliers by the end of 2022 as a way to support the needs of clients, help local businesses grow and support local economies.
A certified diverse supplier must demonstrate certain nationally and statewide criteria and hold a valid certificate from a third-party agency, such as the National Minority Supplier Development Council or the Women’s Business Enterprise National Council, among others.
“Especially in the D.C. region, we’re serving an extremely diverse community,” said Lee. “Our teammates have to reflect that in order to be able to serve it to the best of our ability.”
While Truist has made quick work of developing and implementing meaningful DEI initiatives, there is plenty more to do as the company looks to the future and maps out its long-term goals for fostering an all-around inclusive culture.
“It’s about attracting and retaining top talent, creating a place where people want to work and want to bring their whole selves to work,” Lee said. “When you have that within a company’s culture, it’s very beneficial both for teammates and for the communities that they serve.”
