TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 23 FEATURE requires that each of our execu- tives attend at least one diversity event each year. This action not only enhances their individual cultural competency, but also exhibits their leadership commit - ment to diversity. We launched this initiative two years ago with about 70 percent participation; year two, 98 percent participation; and in the first quarter of this year, we have already had more than 50 percent leader participa - tion. We anticipate a 100 percent engagement by year-end. Embracing a Diverse Marketplace T he marketplace also includes who we buy our products and services from. We are com- mitted to growing our diverse supplier efforts. This enables minorities, women, and people with disabilities who own busi - nesses to prosper and possibly hire more employees—a focus not to just comply with HERA 1116 but to exceed the goals by including doing business with LGBT-owned, veteran-owned, and HUBZone-certified busi - nesses. Over the last several years, our percentage of dollars spent with diverse businesses has continued to increase and compares favorably with the financial services industry. Attracting Millennials W hile we believe we have a strong commitment to diversity and inclusion and a roadmap that keeps us focused on the journey, we can never feel like we have arrived. We recog - nize the shifting demographics of the workforce. Millennials are the most racially diverse genera- tion, the oldest baby boomers have begun to exit the work- force, and African-, Asian, and Hispanic Americans account for a significant percentage of the U.S. population. Statistics show that by next year, 51 percent of the workforce will be women. We know that having a diverse workplace is one of the top three reasons millennials join a company. We've had to rethink our approach to recruiting and retaining these younger workers. Studies have shown that mil - lennials feel less attached to an organization and no longer stay in one position for long, differing from previous generations. They have grown up with an expecta - tion of transparency, much more access to information, and with the desire to feel that their voices and opinions are accepted. They require supportive leadership and a supportive culture in order to feel fully engaged. The Destination Lies Ahead A s you can see, diversity and inclusion is not just a nice thing to have or an obligation— it is imperative for organizations to stay in the game. At Fan - nie Mae, we are committed to diversity and inclusion as our way of doing business. It is our way of attracting and retaining top talent, and our employee satisfaction and engagement is correlated to our inclusive cul - ture. Innovation, creativity, and problem-solving are enhanced by our diversity, and we are using our talent to innovate and create products that serve diverse markets. For example, HomeReady and HFA Preferred solutions are designed to make homeownership affordable for qualified borrowers, and our recently launched student loan debt solutions aim to help mul- tiple generations of current and future borrowers. How do we continue to move forward? Encourage allies who are willing to step in and bring those courageous conversations to the table. They shouldn't be afraid to identify the obstacles that are get- ting in the way of your inclusive culture. Continue to encourage and support the talent that has been brought into the company. Diversity and inclusion is a com- petitive advantage. At Fannie Mae, we have been on the journey for decades starting with Diversity 1.0, to where we are today, embedding and sustaining diversity and inclu - sion into everything that we do. But the destination is still ahead. TUJUANNA B. WILLIAMS is the VP and Chief Diversity and Inclusion Officer at Fannie Mae. Williams is responsible for leading the development, implementation, manage - ment, and evaluation of Fannie Mae's corporate diversity and inclusion strategy, policies, and programs. Williams has been instrumental in driving culture change through the organization using tools that access the cultural competence of the company and implementing coaching plans to address gaps. She has created initiatives and platforms that encourage courageous conversations in the workplace to address conflicts and barriers to employee authenticity. "Our work is never done on this journey. We are continuously working to achieve a culture that is self- aware, understanding of others, and capable of creating inclusive strategies to address all areas of Fannie Mae."