Exploring DE&I at ELFA’s Equity Forum

RESEARCH SHOWS that the most racially and ethnically diverse companies are 35% more likely to have financial returns above the median and inclusive teams make better business decisions 87% of the time. And yet, diversity, equity and inclusion continue to be an area of growth for many organizations, both within and outside of the equipment finance industry.

Creating a more equitable, diverse and inclusive workplace can make your employees happier and your business more successful. But it isn’t easy.

That’s why the ELFA Equity Committee was founded: To help industry members—and more broadly the equipment finance industry—create more welcoming, inclusive workplaces. Since its beginning in 2019 as ELFA Equality, the Committee has hosted events, engaged professional experts, created a resource center and worked with the community to foster diversity, equity and inclusion.

This year, ELFA is excited to host its first ever Equity Forum on Nov. 6-7 in Washington, D.C. The event’s theme is “Be Comfortable. Be Who You Are.” The Equity Committee promises that it will be a welcoming and safe space for individual and professional dialogue on the state of DE&I in equipment finance.

Here’s what the Equity Committee has been doing in 2022, and what you can expect from the first Equity Forum.

What has the Equity Committee been up to in 2022?

“Our purpose is to lead an evolutionary change in the equipment finance industry and ELFA by including DE&I in everything the association does,” says Scott Thacker, CPA, CLFP, CEO of Ivory Consulting Corporation, Founding Chair of ELFA Equity and immediate past chair of the Equipment Leasing & Finance Foundation. “ELFA is committed to ensuring that people feel welcomed, valued and safe in our industry.” To achieve these goals, the Equity Committee creates awareness by celebrating various diversity groups throughout the year.

Here are a few of the things the Equity Committee has done so far in 2022:

During Black History Month, the Equipment Finance Matters podcast featured Christopher Johnson (Pitney Bowes Global Financial Services), Shannon Lawson (Keating Muething & Klekamp) and Eric McGriff (Wintrust Specialty Finance) discussing the Black experience in EL&F. Sherry Lowe Johnson, former ELFA Equity Committee member and VP, General Counsel and Head of Legal for Volvo Construction Equipment, asked thought-provoking questions about Black representation in the industry. “People were very honest about their experiences and how those experiences made them feel; some stories were quite shocking,” Thacker says. You can find a recording of the podcast by visiting www.elfaonline.org/podcast.

During Asian and Pacific Islander Heritage Month, the Committee hosted a webinar with Japanese American filmmaker Reina Higashitani, wife of ELFA Equity Committee member Moto Tohda, Vice President, Information Systems, Tokyo Century (USA) Inc. Reina introduced her work, which retells the experiences of Japanese Americans during WWII in an uplifting filmmaking and podcast series. You can watch the webinar any time at www.elfaonline.org/webinars, where you can also find links to Reina’s podcasts and film work.

During Pride month, the Equity Committee helped ELFA celebrate the LGBTQIA+ community. The Committee invited members to “Show Your Pride” on the Engage wall of the ELFA Engage mobile app and offered an ELFA Equity branded Zoom background for download, featuring the Progress Pride flag.

The Committee also was engaged at the People Power networking events in April and at May’s Legal Forum.

So, what’s planned for the rest of the year? Highlights include these three events:

In September, the Equity Committee celebrates Hispanic Heritage month. Plans include educational activities and celebrations of Hispanic heritage in concert with ELFA’s Operations & Technology Conference.

At the ELFA Annual Convention in October, the Equity Committee is hosting the Equipment Leasing & Finance Foundation luncheon keynote featuring Ginny Clarke, formerly of Google and Spencer Stuart, and now a holistic leadership strategist. Along with the Women’s Council, they are also co-hosting a breakout session on DE&I in corporate America titled “You Don’t Have a Diversity Problem, You Have a Leadership Problem.” In addition, the Equity Committee is co-hosting the “Equity and ETAC Reception” with the Emerging Talent Advisory Council.

The Equity Committee hosts its first-ever Equity Forum in November. This flagship event will be a catalyst for bringing awareness to the importance of DE&I.

What is the 2022 ELFA Equity Forum?

“This will be a momentous occasion for us,” says Thacker. “We’ve had this vision since the Equity Committee was formed in 2019 as a way to showcase the importance of DE&I throughout the ELFA membership and our industry.”

The Forum is designed to be a safe, encouraging place to celebrate and advance diversity, equity and inclusion in the equipment finance industry. The Equity Forum will feature speakers who are DE&I leaders telling their stories, a session on how to launch DE&I initiatives in the workplace, and a workshop where attendees will think through the transformational power of telling their own story.

Topics will include discussions on effective DE&I policy, how to implement DE&I processes, stories of lived experiences, what allies can do to help, avoiding “tokenism” and a Q&A session with diversity leaders. The event keynote speaker is Ginny Clarke, Holistic Leadership Strategist and former director of Google’s executive recruiting as well as a former partner at Spencer Stuart.

The event will take place on Sunday, Nov. 6 and Monday, Nov. 7 in Washington, D.C., and is designed to be easy to attend. It requires just one overnight stay for most people traveling to DC, and the registration fee is very reasonable. On Sunday evening, attendees will enjoy a networking event and cocktail hour. Then, programming follows all day on Monday [see box]. Sessions will be in a variety of formats—such as panel discussions and group discussions—to create a place for meaningful conversation, balancing both learning and dialogue.

Who should attend the forum – and why?

The Equity Forum is an intentionally curated experience with benefits for a range of attendees. It’s a safe space for people who in some way identify as diverse. “We want people to look around the room and say, ‘I see people just like me, and I belong here and in this industry,’” says Thacker.

Julia Gavrilov, an Equity Committee Member and Partner at Moritt, Hock, and Hamroff, shares this perspective. “This forum is going to be enlightening and eye-opening,” she says. “It’s a safe space to share and tell your story. It’s a place to be heard. It’s a forum where information and experiences can be exchanged to educate and enlighten people.”

It’s also an opportunity for anyone interested in learning what it means to be an ally or how to be a better ally. “Anyone who wants to learn what it means to be an ally should attend,” says Equity Committee Member Moto Tohda. “The world we live in is so diverse, and having awareness can help you relate better with others.” Not sure if you’re cut out to be an ally? Tohda has advice for that too: “Sometimes, people are afraid to be an ally, thinking it’s difficult or they don’t know where to start. But it’s an easy and pleasant thing to do. Anyone who wants to learn more is already an ally—and is a great person to attend the forum.”

Senior leaders in attendance can learn more on implementing DE&I policies in their organizations, honoring diversity and fostering inclusion. According to Equity Committee Member, ELFA Board Liaison and President and CEO of CEFI Ricardo Rios, it’s also an opportunity to meet and even mentor the next generation of equipment finance leaders. “This event will be a roadmap of our industry’s talent. The people who attend will be those who will become leaders and create the future of our industry. This is who we need to be working with and mentoring every day.”

That also makes the forum a great place for early-career professionals with leadership aspirations to learn more of the skills they need to succeed—which include DE&I sensitivity. “This is a great leadership development opportunity for all members,” continues Rios.

To learn more about the inaugural ELFA Equity Forum, visit www.elfaonline.org/events.