Grossman Receives Workforce Diversity Initiative Award
Boston Business Journal Recognizes Treasurer’s Commitment to Diverse Workforce
Treasurer Steven Grossman today received the Boston Business Journal’s Workforce Diversity Initiative Award in recognition of the dramatic increase in diverse hires at the agencies that he oversees. The honor was presented as part of the newspaper's annual Leaders in Diversity award series.
"Our emphasis on recruiting superb talent and promoting a culture of diversity has helped make Treasury a better place to work and more representative of the public that we serve," said Grossman. "We are truly strengthened by bringing more voices and perspectives to our work of serving the people of the Commonwealth."
Under Grossman's leadership, 39 percent of new hires at the Massachusetts Lottery and 32 percent of new hires at Treasury come from diverse backgrounds. The Treasurer said that this achievement is the result of enhanced outreach to advocacy groups and the posting of jobs in publications that cater specifically to diverse audiences.
Grossman has made diversity initiatives a priority in his administration, establishing a Diversity and Community Outreach Council that has regular meetings to promote diversity in all aspects of Treasury business and beyond. He has also initiated a proxy voting system at the Pension Reserves Investment Management (PRIM) Board that insists on diversity on boards of directors of public-held companies. Grossman has stated that PRIM's policy is "zero tolerance for zero diversity."
The Small Business Banking Partnership that Treasurer Grossman created also fosters opportunities for minority and women-owned businesses. The program deposits state reserve funds in Massachusetts community banks with the understanding that the banks will increase their loan portfolios to more small businesses. While there are no quotas regarding which businesses are loaned money, the program encourages banks to lend to minority-owned businesses, and many immigrant entrepreneurs have benefited from this infusion of capital.