PRESIDENT ’ S VIEW
Investing in Diversity , Equity & Inclusion Strengthens NJ
By Anthony Russo President , CIANJ
The U . S . Armed Forces has led the way in using diversity as a competitive advantage . Today , many businesses are following the military ’ s lead in achieving strength through diversity and inclusion . In this issue , we feature accounting firms , banks , environmental firms , healthcare companies , law firms and colleges and universities who are embracing this key form of outreach and finding success in their workforces and among their clients and students .
One example is New Jersey ’ s Felician University , which is tapping into this vast pool of talent , thanks to President James W . Crawford III , who is featured on this month ’ s cover . During his 35-year military career , Crawford — a member of CIANJ ’ s Board of Directors — served under six presidents , rising to the rank of vice admiral . In fact , President Obama appointed him the 43rd Judge Advocate General in charge of the Navy ’ s entire legal organization .
Crawford is the sixth president in the school ’ s history and is also the first man and the first African American to hold the position . As February is Black History Month , it seems appropriate to salute both the milestone for Felician University , as well as the personal achievements of its president ( see page 8 ).
For all the successes we highlight in this issue of COMMERCE , there is more to be done to support diversity , and the CIANJ Senior Team has been discussing the development of a Diversity , Equity & Inclusion ( DE & I ) Forum to join the association ’ s roster of forums .
The creation of a DE & I Forum within CIANJ would allow us to create resources and programming to assist our members in developing the most diverse , equitable and inclusive workplaces possible . To help our member firms to achieve their goals in this arena , we will need to enlist forum members who are engaged in this area already and can share their valuable insights and experiences with the larger organization .
The forum would have a broad focus not limited to but including age ; disability ; religious background ; class ; nationality , ethnicity and race ; gender identity and sexual orientation ; veterans ; and re-entry candidates .
Our initial goals for the DE & I Forum are to create programs that are relevant and timely and help members educate themselves on key issues and options for addressing them within their organization ; and to bring in quality guest speakers who are well known in the DE & I space so that even those with significant experience in this area can hear from those who are innovating in this space .
Another recent success story is the historic partnership of two CIANJ members whereby Bank of America will invest $ 560,000 in the New Jersey City University ( NJCU ) School of Business and its Career Services Center . This unique grant is the largest single corporate gift and most significant investment in career development in NJCU ’ s history .
NJCU , a Hispanic-Serving Institution ( HSI ) and Minority Serving Institution ( MSI ), features an undergraduate population that is 45 percent Hispanic-Latino and 21 percent Black . Additionally , 54 percent of its undergraduates are first-generation college students and 58 percent of eligible students received Pell grants during the 2020-21 academic year .
The investment from Bank of America is in the form of a four-year grant that will address racial , ethnic and income inequality and help students of color successfully complete the education and training necessary to enter the workforce and embark on a path to success .
Bank of America is working to address these issues as part of its $ 1.25 billion , five-year commitment to help advance racial equality and create economic opportunity by focusing on priority areas of jobs / education / skills , health , small business and housing . The grant to NJCU builds on the bank ’ s ongoing work to address the underlying issues facing individuals and communities of color who have been disproportionately impacted by the global pandemic .
Access to good jobs and meaningful careers are key to closing the racial and ethnic wealth gap . Students of color often face daunting challenges , including financial hardship , lack of guidance in choosing courses that will help them achieve success , and lack of internship and skill-building opportunities to prepare for career readiness .
M & T Bank is also expanding the services it provides to communities with high concentrations of ethnic and racial diversity by newly designating 18 bank branches in New Jersey as multicultural banking centers . The centers will offer banking and other financial services in customers ’ preferred languages and
“ We hope our investment in New Jersey City University will encourage others to join us , so the next generation of leaders have the training and education they need to succeed ,” said Bank of America New Jersey President Alberto Garofalo .
employ bankers from the branch ’ s respective neighborhoods who understand the cultural nuances of the individuals and communities they serve . These branches are among the 118 multicultural banking centers the bank maintains throughout its Northeast and mid-Atlantic footprint .
The expansion of M & T ’ s multicultural banking centers is part of the company ’ s mission to be culturally fluent for all communities , especially as the region becomes more diverse . New Jersey ’ s Hispanic / Latino residents make up nearly 21 percent of the state population , while the Asian population increased almost a third between 2010 and 2020 , now reaching 10 percent , according to census data .
“ As this nationwide demographic shift accelerates , our multicultural banking initiative will help us meet the changing needs of our communities ,” said Tom Comiskey , M & T Bank ’ s regional president for New Jersey .
6 COMMERCE www . commercemagnj . com