[Congressional Record Volume 144, Number 55 (Wednesday, May 6, 1998)]
[Extensions of Remarks]
[Page E772]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               BANKBOSTON SHOWS HOW DIVERSITY SHOULD WORK

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                           HON. BARNEY FRANK

                            of massachusetts

                    in the house of representatives

                         Wednesday, May 6, 1998

  Mr. FRANK of Massachusetts. Mr. Speaker, I was very pleased to 
receive from Chairman Charles Gifford of BankBoston an excellent report 
on the diversity program of the bank. BankBoston shows beyond dispute 
how an intelligent, supportive approach to diversity is fully 
compatible with a successful business in America today. Because the 
inclusion of gay and lesbian workers in diversity programs is 
unfortunately not yet as wide spread as it should be, I was especially 
pleased to note the recognition Mr. Gifford and BankBoston have given 
to this important aspect of a comprehensive diversity program. Given 
the prejudice against gay men and lesbians that still exist in many 
areas of our economy and society, I am grateful to Mr. Gifford and 
BankBoston for taking a leading role in this area. When a highly 
successful and very well respected institution such as BankBoston steps 
forward in this way, the lessons for society as a whole are profound. 
Because of this, I ask that the page from that diversity report 
illustrating the importance of inclusion of gays and lesbians in 
diversity programs be printed here. I do so not to suggest that the 
other aspects of the diversity program are unimportant, but because 
BankBoston is particularly deserving of praise for its willingness to 
take on this one prejudice which so many other entities fear to 
confront.

    Our Commitment to Diversity: A Statement From Chad and Henrique

       We are deeply committed to building a diverse workforce, 
     and are confident that we can and must effectively manage our 
     diversity. But, when BankBoston chose diversity as one of Our 
     Values, many of us in executive management immediately 
     foresaw some challenges.
       First, we need to educate our workforce, so we all 
     recognize diversity as the critical business issue that it 
     is. Second, we need to use that understanding and 
     appreciation to leverage diversity as an integral instrument 
     in providing value for customers and shareholders. And third, 
     we must hold ourselves accountable and determine whether we 
     have achieved this vital goal.
       Like most business people, we live by the motto that ``what 
     gets measured gets managed.'' This focus on measuring 
     performance quantitatively encourages structure, discipline 
     and accountability. At BankBoston, we use many processes to 
     measure our performance against goals. We survey customers to 
     see how well we are meeting their expectations. We chart our 
     financial performance to determine whether we are hitting our 
     Managing for Value targets. We even use a detailed 
     Performance Development Process to ensure that we manage 
     employees' development.
       Some goals, however, do not lend themselves as easily to 
     numbers and graphs. In fact, when you try to measure success 
     in managing diversity through only numerical means, you risk 
     missing the broader and deeper picture. For example, if you 
     meet your targets at hiring more people of color, but you 
     don't create a safe and supportive environment in which their 
     talents and abilities flourish, you will ultimately fail. 
     Even if employees don't physically leave the organization, 
     they may fall short of their potential without sufficient 
     recognition and development.
       Diversity is also a moving target. As cultures and 
     demographics shift, diversity itself takes on new meaning. 
     Just 20 years ago, diversity was seen as the need to hire and 
     promote more women and people of color. Today, it is commonly 
     accepted that we must think more broadly than race and 
     gender. We must harness the diverse talents and perspectives 
     of all employees, in our efforts to meet our business goals. 
     This includes changing the way we manage and interact as team 
     members with people who have different styles of learning and 
     working, and managing diversity as a key business advantage 
     in our increasingly multicultural markets. In an evermore 
     diverse and competitive marketplace, we cannot afford to 
     exclude any perspectives.
       The costs of not managing workforce diversity are well 
     documented--high turnover, high absenteeism and low 
     productivity. The benefits of managing diversity are also 
     well established--increased creativity and innovation, 
     greater productivity, increased employee satisfaction and 
     loyalty, larger market share and, ultimately, enhanced 
     shareholder value.
       This report--focusing on three critical areas of diversity 
     for BankBoston (i.e., investing in our employees, customers 
     and community)--is an example of our sincere commitment. It 
     is one more step in our ongoing journey. We re publishing it 
     to educate our workforce on the value of diversity, to share 
     our successes thus far and to hold ourselves, as an 
     institution, accountable for our progress.
     Chad Gifford,
       Chairman and Chief Executive Officer.
     Henrique Meirelles,
       President and Chief Operating Officer.
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      Brian Bush: Setting the Record Straight on Gays and Lesbians

       It's the moment of truth for many gay and lesbian 
     employees, the moment you ``come out'' and be yourself. For 
     Brian Bush, it happened almost two years ago.
       The reaction from colleagues and management? ``I've 
     received nothing but support,'' says the head of BankBoston 
     Connecticut's Gay & Lesbian Resource Group. ``To know and 
     work with someone who's gay dispels stereotypes. We've very 
     much the same as others. We work hard, care about our careers 
     and have committed relationships.''
       An assistant vice president in Corporate Lending, Brian can 
     attest to the value of having employees free to focus on 
     their jobs instead of covering up who they are. ``Most gays 
     and lesbians wear masks in the workplace and try to act like 
     heterosexuals,'' he continues. ``How do you respond when you 
     receive a personal call at work? What do you say when people 
     talk about their family and social activities? It seems 
     unfriendly not to share details with your coworkers. It takes 
     away from the concept of teamwork. Since coming out, I can 
     focus all my energy on my job.''
       Brian expects it will be easier for the Bank to generate 
     new business and attract more highly qualified employees, 
     once people learn how supportive the Bank is regarding 
     diversity. ``We're very fortunate to have a CEO who has gone 
     out of his way to offer support,'' he observes. ``The Bank's 
     ongoing commitment will show people that our corporate value 
     of diversity is here to stay.''
       Brian says the recently introduced extended family 
     benefits, which includes domestic partners, ``is the icing on 
     the cake. We've made a lot of progress in the last two years, 
     and are way ahead of most companies.''

     

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