Diversity and Inclusion

1/27/14

Article - Excerpts

Four Areas

Fair Inclusion

Prime Contractors

You may be interested in my Magazine Article:

Diversity and Inclusion

January 2014

National Mortgage Professional Magazine

Free Subscription to Clients and Subscribers.

On October 23, 2013, the Federal Agencies announced their "common standards" proposal, entitled Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities.

This is an Interagency Proposal that is meant to promote transparency and awareness of diversity policies and practices within the institutions.

I hope you enjoy the article!

Regards,

Jonathan Foxx

President and Managing Director

EXCERPT

The Proposal sets forth four areas:

1. Organizational commitment to diversity and inclusion;

2. Workforce profile and employment practices;

3. Procurement and business practices and supplier diversity; and

4. Practices to promote transparency of organizational diversity and inclusion.

In developing these proposed standards, the Agencies have expressed their view that there are operative variables, such as an institution's asset size, number of employees, governance structure, income, number of members or customers, contract volume, location, and community characteristics.

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EXCERPT

In the Proposal, the Agencies state that "many entities promote the fair inclusion of minorities and women in their workforce by publicizing employment opportunities, creating relationships with minority and women professional organizations and educational institutions, creating a culture that values the contribution of all employees, and encouraging focus on these objectives when evaluating performance of managers." It is expected that entities with diversity and inclusion programs will regularly evaluate their programs and identify areas that can be improved.

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EXCERPT

Methodologically, the Agencies believe that entities' "prime contractors" often use subcontractors to fulfill the obligations of various contracts. Therefore, the use of minority-owned and women-owned businesses as subcontractors provides valuable opportunities for both the minority-owned and women-owned businesses as well as for the prime contractor. The view, apparently, is best expressed in the Proposal's statement that "the prime contractor can use this opportunity to work with minority-owned and women-owned businesses, and can expand the prime contractor's own capability under the contract."

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