A first vice president at Merrill Lynch, Subha Barry helms the Multicultural and Diversified Business Development Group within Merrill Lynch's Global Private Client Group- a program she developed to bring in more multicultural business. So just how does this India native get a company the size of Merrill to move past mere talk of diversity and actually achieve it?
FOCUSING ON DIVERSITY IS POLITICALLY CORRECT, BUT WHAT PRACTICAL BUSINESS REASON DOES IT HAVE?
For 12 years, I was the only minority financial adviser in my branch office in Princeton, New Jersey - even though we served a community that was very diverse. We had done nothing as a company to change our employee base to reflect that. With the changing demographics, it has become apparent that it is not only a challenge from the personnel perspective, but for doing business in a changing environment.
WHY DO YOU NEED A SPECIAL PROGRAM? WHY NOT JUST APPROACH MINORITIES LIKE ANY OTHER CLIENT?
Each diverse community has different requirements, so you're talking solutions completely relevant to them. We found, for instance, that there was a tremendous need for domestic-partner services for the gay/lesbian community. Or, very often when immigrants come to the United States, one spouse may become a citizen while the other maintains citizenship of the home country. For the spouse who is not a U.S. citizen, all taxes are due on death of their mate. We set up a special trust that gets around that. Another example: People would like to give to charities in their home countries, but they say, "My employer has a program for matching charitable donations, but I don't get a corporate match; I don't get a tax deduction for an overseas contribution." Through a Merrill Lynch donor-advised fund, they can actually give money to charities around the globe. The donor can advise where and how the money should go.
DO YOU MATCH EMPLOYEES'S ETHNIC BACKGROUNDS WITH CLIENTS?
No. We'll open up and say, "Anyone interested in focusing on particular segments, come join our network." We have a lot of men working in the women's market. We have people in all different cultures working in the South Asian marketplace.
IS FAMILIARITY WITH A CULTURE IMPORTANT, THEN?
Language skills become important in Asian and Hispanic communities. But it's also important to understand the holidays, festivals, customs, approaches. When is it appropriate to have a meal at the house?
OK, SO YOU'RE GETTING MORE BUSINESS THIS WAY. BUT HOW DOES THAT HELP WITH DIVERSITY IN YOUR OWN HIRING?
Through establishing these early connections and partnerships with diverse communities, we'll become the financial-services firm of choice. We'll ultimately be the beneficiaries of resumé inflow and the employee mix that comes from being the firm of choice. We won't need to focus on diversity because it will have been woven into the fabric of how we do business.
