The 3 Buckets To Attract And Retain Minority Job Candidates

Black professionals have found job market possibilities, but they remain woefully underrepresented at the executive levels, particularly in insurance and financial services.

That was among the takeaways from a presentation by James Cole Jr. at the National African American Insurance Association’s Black History Month Fireside Chat. Cole, an attorney, financier, former Obama administration official and director at AIG, said what he called “this woke environment” helped boost the presence and visibility of Black business executives such as himself.

“What is exciting to me about this era is the spotlight that’s on us,” Cole said. “Now they can see us. Now they are looking for us. When before you to fight and elbow in and say, ‘Look, I'm smart, I can achieve too.’ So it's not as hard to be seen. It's still difficult to get opportunities, but far easier in this woke environment.”

'Tell The Story'

At the same time, the insurance industry has much more to do to attract talented Black candidates.

“The companies have to tell the story that diversity matters to them,” he said. “And we need to come up with plans to attract African American candidates.”

Cole called for companies to create three layers, or buckets, to their plans to attract and invest in minority candidates.

 

• They must bolster marketing and recruitment plans to get Black candidates in the door.
• They must create vigorous training and mentorship programs.
• They must work to promote more Black executives.

 

“Once they've come and done great, and we coach them and mentor them and they perform, we've got to promote them,” he said.

Keys To Success

Before serving as deputy secretary and general counsel to the U.S. Department of Education, Cole was the first Black partner at the M&A firm of Wachtell Lipton Rosen & Katz, an accomplishment he views somewhat wistfully.

“It is bittersweet,” he said. “I am so longing for the day when we don't think of someone being the first anything. I'm proud and excited to be the first because it's an accolade you work hard for. But when I think about other African Americans who are at least as qualified and as skilled as I am, it’s sad that we live in a world where there are still openings to be the first. I'm so looking forward to a world where it's just commonplace and we say that's an amazing person who just happens to be there rather than another first.”

Cole said one or the keys to his success is the mentoring he received from others along the way.

“We know there’s systematic racism and we know the glass ceilings exist,” he said. “That's just the reality. I've dealt with and witnessed it in my career and I thank God I’ve been able to overcome it. I had phenomenal mentors who took me under their wing; some are still mentors to me today.”

Cole said he was surprised that an insurance company would interest him before he accepted the directorship at AIG.

“I don't have a background in insurance,” he said. “But the more I read about AIG, and the insurance industry itself - the fact that it was so complex, so multifaceted, with so many regulatory issues - got me excited about the opportunity.”

Doug Bailey is a journalist and freelance writer who lives outside of Boston. He can be reached at [email protected].

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