Wells Fargo Completes Comprehensive Review of Diverse Candidate Slate Guidelines
01 August 2022 - 9:00PM
Business Wire
Company announces changes to simplify and clarify hiring
guidelines
Wells Fargo & Company (NYSE: WFC) announced today that it is
reinstating its diverse candidate slate guidelines following a
pause that started in June. Over the past six weeks, the company
completed a review of diverse candidate slate hiring approaches and
interviewed Wells Fargo recruiters and hiring managers to determine
what’s working and what’s not. The company has also engaged a
broader set of employees in listening sessions since mid-May.
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Bei Ling, head of Human Resources, Wells
Fargo (Photo: Wells Fargo)
“We are recommitting to our diverse candidate slate guidelines
with changes that will help clarify and simplify the process and
lead to a better experience for all candidates, internal and
external. We began this exercise knowing that diverse candidate
slates work, and that they are a common, good practice across
multiple industries,” said Bei Ling, Wells Fargo Chief Human
Resources Officer. “Wells Fargo has seen measurable increases in
diverse representation over the past several years, and we believe
that diverse candidate slate guidelines have been one of the many
contributing factors. Our review helped us to identify
opportunities where we can further improve how the guidelines are
implemented.”
The company is resuming application of the guidelines effective
Aug. 19, continuing certain aspects, and changing others,
including:
- Continue to expect a 50% diverse candidate slate and a diverse
interviewer panel. The company expects that the 50% will evolve as
our diverse representation continues to improve.
- Redefine roles that are in-scope for the guidelines based on
job level, not compensation. This change is a more consistent way
to apply the guidelines across the company.
- Revise the existing exception approval process to provide for
manager and recruiter review and approval, and ongoing
monitoring.
- Provide updated training for recruiters and managers on the
diverse candidate slate guidelines, including how they should be
applied throughout the recruiting and hiring process.
- Focus our ongoing monitoring of the diverse candidate slate
guidelines on the effectiveness of their contribution to our goal
of increasing diverse representation.
- Continue to hold senior leaders accountable for making progress
on diverse representation.
In addition to the enhancements to these guidelines, Wells Fargo
will continue its focus on the employee experience and will invest
in initiatives that will help employees to better manage and grow
their careers over time.
Diverse candidate slates have had a noticeable impact in helping
Wells Fargo increase diverse representation. Since 2020, there have
been meaningful increases in gender, racial, and ethnic diversity
for positions throughout the company. Specifically:
- In 2021, Wells Fargo’s overall U.S. external hiring volume went
up by 17% compared to 2020.
- Over the same time in the U.S., external hiring of individuals
from underrepresented racial and ethnic groups increased by 27%.
This means that the pace of external diverse hiring was 10
percentage points higher than the pace of hiring overall from 2020
to 2021.
- Between 2020 and 2021, external hiring of women in the U.S.
increased 23% – six percentage points higher than the pace of
hiring overall.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
News Release Category: WF-LO
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220801005706/en/
Media Jennifer Langan 213-598-1490
jennifer.l.langan@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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