Edward Jones Apparently Has An Inclusive Approach to Innovation
What makes Edward Jones a good place to work is its emphasis on letting the entire organization, from financial advisors to office staff, participate in generating ideas for innovation, Ed Frauenheim writes in Fortune.
Frauenheim writes that Edward Jones embraces what his organization, Great Place to Work, calls “Innovation By All,” an approach that stresses inclusivity when it comes to innovation. He also claims that financial services and insurance firms who are most successful at fostering this approach have revenue growth that’s seven times faster than companies that are the least inclusive.
At Edward Jones, this approach means that when Atlanta-based financial advisor Monica Giuseffi suggested making it easier for new advisors to get started and take the sting out of cold-calling, the company let her build an orientation program, according to Frauenheim, director of research and content at Great Place to Work, which partners with Fortune to put out “Best Workplace” lists.
Giuseffi’s “No Scratch Start” initiative was in place by 2013 and she has since expanded the program to promote diversity and inclusion, Frauenheim writes. This part of the initiative included actively recruiting advisors from underrepresented backgrounds and organizing social events to promote a tighter community, according to Frauenheim.
The end result of Giuseffi’s initiative isn’t just a nicer place to work for minorities, he claims. The percentage of women and minorities in the region jumped from 6% to 25% in two years, according to Frauenheim. But this was accompanied by better customer satisfaction scores as well as revenue growth, he writes. And the net growth of financial advisors in the Atlanta region is now around three times higher than throughout Edward Jones overall, he writes.