At UMB, we choose organizations and groups that have been identified through our diversity council as major contributors to our strategy. Our goal is to have these organizations enhance our diversity and inclusion strategy in four ways:
So how do both the company and the community organization benefit from these partnerships?
Within the company, community partnerships help make associates aware of diversity. Additionally, they help associates stay educated about their community. Some organizations even offer training programs for associates, like a Lunch and Learn, so they can get a better understanding about the community organization and the work they do. For example, UMB works with the Hispanic Chamber of Commerce in Greater Kansas City and they provide our associates with training about how to work with Hispanic businesses.
The company benefits externally from these partnerships by helping us connect with our community. They help us connect with people, resources and other businesses. They help share our vision, mission and values in the diverse communities that we serve.
Community organizations benefit from these partnerships depending on the company. At UMB, we provide them with financial education programs. We also have company officers who serve on boards for the organizations. And we encourage our associates to volunteer for their various programs.
Ultimately it’s important for both the company and the organization to feel like the partnership is bringing some value to them. Both parties should be involved, creating mutually agreed upon activities and goals. Representatives from both organizations should meet regularly to discuss whether or not the partnership is on track. In fact, at UMB we require our collaborative partners to submit an annual report, as well as a scorecard that gives information about their website traffic, how many scholarships they gave out and the amount (if applicable), how many programs they organized during the year, etc.
With the help of these community partners, your company’s comprehensive diversity and inclusion plan will be complete. With your unique combined perspectives, you can be more competitive and create stronger connections within your markets.
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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.
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