Alvarez & Marsal (A&M) is a leading global professional services firm that provides advisory, business performance improvement, and turnaround management services. Privately held since its founding in 1983 and with over 9,000 people across six continents, A&M delivers tangible results for corporates, boards, private equity firms, law firms, and government agencies facing complex challenges.
The Origins of the Equity Change Team
The Equity Change Team (ECT) is a committee initiative within A&M’s US Transaction Advisory Group. The ECT was born out of A&M’s core value of Inclusive Diversity and recognizing the value of DEIB but the need to incorporate a larger and more integrated approach to implementation.
The ECT was established in April 2022 to benefit A&M’s entire business unit as well as become an example for the firm as a whole. It was designed to:
- Support members of A&M’s community who are looking for a supportive, welcoming, and encouraging environment and enhance psychological safety
- Bring awareness and training to community members, especially to those who may have less experience in fostering an inclusive environment
- Prepare A&M’s workforce for recruiting a diversity of candidates
- Leverage collected data (qualitative and quantitative) in order to identify any pain points, and develop solutions to enhance A&M’s community of care and belonging across the practice
Setting Up the Equity Change Team
A&M launched an application process for its first cohort that prioritized the following criteria:
- History of past diversity, equity, and inclusion (DEI) related work (formal or informal)
- Member of similar DEI Committee or Employee Resource Group (ERG) in the past
- Historically Marginalized Identity & Lived Experience: BIPOC, LGBTQIA+, women, living with a disability
- Working knowledge of Social Justice/Equity: Understanding of Power and Oppression; Equity vs. Equality; Unconscious bias
Although it is advantageous for ECT applicants to have some experience in DEI or a basic understanding of social justice and equity, it is not mandatory. Training is a significant part of the group’s onboarding process.
Initiatives and Impact
The Equity Change Team has a profound impact on A&M’s practice, driving positive change across various aspects of workplace culture and the firm’s commitment to inclusive diversity. The following initiatives are some notable accomplishments that helped to generate impact in 2023.
Parental Leave Policy Enhancements
ECT members conducted valuable research that directly influenced the update of the firm’s parental leave policy, showcasing the initiative’s role in shaping inclusive policies.
Membership Growth and Engagement
The ECT saw a notable increase in interest with 13 new members joining across the practice with an additional three people recently reaching out. This surge in participation reflects a growing engagement and commitment to A&M’s DEI objectives.
Mentorship Program Enhancement
The ECT received the greenlight to enhance the Transaction Advisory Group’s existing mentorship program, signaling the recognition of the team’s valuable contributions and the importance of mentorship for both professional growth and psychological safety.
LGBTQ+ History Month Campaign
Following earlier Diversio and Employee Engagement survey results, it was clear to A&M that its LGBTQ+ team members were having a distinct experience. Given these findings, we established a task force with members from the ECT to focus on education and awareness. One of the campaigns this group successfully organized included a new LGBTQ+ History Month campaign in partnership with The American LGBTQ+ History Museum. The campaign raised $1,210 and generated dozens of inclusive and supportive messages highlighting the group’s commitment to promoting diversity and inclusion.
Micro Lessons in Belonging
The ECT Learning and Development committee launched the first two Micro Lessons in Belonging, based on anonymous feedback and scenarios from staff. These sessions have not only benefited one business unit but have also attracted interest from five others interested in collaboration. This bite-sized training series focuses on Inclusive Diversity, fostering self-reflection, and creating meaningful touchpoints. Valuable feedback from Managing Directors included, “I like these micro-lessons…less of a burden to be complied with, but a quick bite-sized way to increase touch points.”
Inclusive Diversity Year-In-Review
The creation of the first Inclusive Diversity Year-In-Review Newsletter distributed to the entire US Transaction Advisory group, showcased the ECT’s commitment to transparent communication and keeping the business unit informed on progress and programs.
Diversio Training Sessions
ECT members helped to facilitate eight Diversio training sessions across 11 offices, resulting in a 13% improvement in self-assessed knowledge. Positive feedback averaging 8/10 and increased participant knowledge ratings showcase the effectiveness of these types of DEI training programs.
Stress Management Workshop
ECT members hosted a workshop on Managing Stress and Preventing Burnout including a panel discussion. Positive feedback from participants, including practical strategies for stress management, reflects the tangible impact on both personal and professional well-being.
Diversity and Workforce Representation
At the end of 2023, A&M examined the diversity of applicants including: which job boards they used to find the firm’s open roles, sex and gender, as well as race and ethnicity data of its applicants. A&M’s goal is to interpret its data to gain insights into job visibility and access to strong candidates by understanding its pipeline and identifying the best ways to support applicants throughout the recruitment cycle, including pinpointing where candidates are succeeding in the interview process.
Within the US Transaction Advisory Group we’ve seen the representation of women increase from 14.67% to 26.89% from 2020 through 2023. While A&M’s workforce grew about 82% during that time, the increase in the number of women in relation to the growth of the team is approximately 16%.
Training Sessions
Following the completion of the eight Diversio training sessions that were facilitated and organized by ECT members, A&M was able to gather the following metrics:
- Participants reported 13% improvement for Self-Assessed Knowledge Improvement
- Average training session rating for the DEI Fundamentals series was 8/10
- Average participant self-assessed as having a 2.5/4 knowledge rating prior to the training, which increased to 3/4 after the training
- Free-text feedback sentiment was 63.2% positive, 29.4% constructive, and 7.4% negative
Impact
The ECT has played a pivotal role in driving the growth of the female workforce and enhancing overall diversity within the business unit. Through active engagement, the ECT also championed transformative changes to the firm’s policies, supported A&M’s array of Employee Resource Groups such as the Women’s Leadership Connection, Black Employee Network, Parents Networking Forum, and Asian American/Pacific Islander Network, and initiated the implementation of systems for capturing recruiting data. This forward-thinking approach positions the ECT as a catalyst for positive change, laying the foundation for informed recruiting strategies that align with A&M’s commitment to fostering a diverse and inclusive workplace.
