SEATTLE — Since Jeff Post took the helm at CUNA Mutual Group more than a year and a half ago, the company is starting to move in the direction of having a more diverse staff.
Cedric Harris, CUNA Mutual's vice president of human resources-sales, shared that insight with attendees at the African-American Credit Union Coalition's annual meeting here. Ellis previously worked for Post when he served as president/CEO of the Fireman's Fund Insurance Co. Post wooed Ellis, who was employed as senior vice president of human resources for Wachovia Bank's Atlantic region. The staff's makeup between Wachovia and CUNA Mutual are like night and day, he said.
"When I came aboard [at CUNA Mutual Group in 2005], there were about 2,600 employees and maybe 20 Black employees," Ellis said. "I've been given a license to change things at CUNA Mutual. Change is afoot."
Recommended For You
Ellis said Wachovia has been recognized numerous times for its commitment to diversity training and he's prepared to bring CUNA Mutual along that same path, but for any business, leaders at all levels must understand the importance of diversity and placing a high value on multicultural experiences. If anything, a more diverse staff makes good business sense, he offered. A failure to recognize the growing affluence and shifting demographics could be costly in the long run. Recruiting, developing and retaining a more diverse staff can also help build a bridge to the marketplace.
By 2040, half of all Americans will be minorities, Ellis said citing data from the Securities Industry Association and U.S. Census Bureau. By 2007, African-Americans will have $850 billion in "buying power." Nearly 4 million African-American households have at least $50,000 in annual income and another $1.4 million have $75,000. For credit unions, it speaks loudly to developing products targeted at them, he pointed out.
"We have the banking industry chomping at our heels trying to take away [members]," Ellis said. "Culture matters more not less [in competing]."
Unfortunately, many companies have a "piecemeal" plan for recruiting minorities limited to just visiting historically Black colleges, for example. Companies with "business-driven" plans that focus on the customer and are integrated in all aspects of business have proven results, Ellis suggested.
The main questions become "what's our story, what's our reputation and what are we doing to move the company to diversity," Ellis told attendees. He said companies like Wachovia are putting incentives behind their approach by holding leaders accountable. Nearly 15-20% of bonuses are earmarked towards specific ways they have embraced having a more diverse staff.
"It should be a business imperative for credit unions," Ellis said. "This is one way credit unions can be concerned about 'people helping people.'"
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
