Championing for Diverse and Inclusive Workplaces

Meghan Welch talks about how Capital One’s commitment to diversity, inclusion and belonging extends beyond our company

In my role as Capital One’s Chief Diversity, Inclusion and Belonging Officer, I lead a talented team focused on helping our businesses attract, grow, nurture and develop a diverse workforce. We want every associate to feel a sense of belonging and thrive, finding meaning, purpose and connection in their work. 

Capital One’s commitment to diversity, inclusion and belonging extends beyond our company and we continue to take a stand—to boldly share our voice—and advocate on behalf of our associates, customers and communities. In the last several months, Capital One has been a leading champion advocating for ratification of the Equal Rights Amendment (ERA) and passage of other anti-discrimination bills.

Alongside senior leaders from across the company, I’ve spent time meeting with members of the House Financial Services Committee (HFSC) who have oversight over diversity and inclusion policies and practices in the financial services industry. The HFSC has examined diversity and inclusion data and policies at 44 large financial services companies, including Capital One, and released a report summarizing its findings of the industry in mid-February. 

What Does Diversity and Inclusion Look Like in Financial Services?

The HFSC’s report reflects our own experience, finding that, while financial services firms are making strides to become more diverse and inclusive, there is still progress to be made. The overall workforce representation mirrors U.S. representation, women and people of color are underrepresented at senior levels and on Boards of Directors. The HFSC also found that companies do not universally conduct pay equity reviews, and they invest a small percentage of procurement spend with diverse suppliers. 

We welcomed the opportunity to share our story with Congress and impress upon the Committee that Capital One is deeply invested in diversity, inclusion and belonging and that our leadership—our CEO, Board, and Executive Committee—stand firmly behind this commitment. We also shared with the HFSC how we are addressing industry-wide gaps. 

There's Still Work to be Done

The HFSC members we met with commended Capital One on our approach, investment and forward lead. Our commitment to pay equity, Business Resource Groups (BRGs), supplier diversity, building a culture of belonging and recruiting, retaining and developing diverse talent were of particular interest to members of Congress. 

We provided the HFSC with our pay equity analysis, which shows that we pay women 100% of what men are paid, and we pay racial and ethnic minorities in the U.S. 100% of what non-minorities are paid. We have rigorous processes and standards in place to govern pay equity and equality.

In our conversations, we acknowledged that, like many financial services companies, we are working to increase representation at all levels, but in particular, at the executive level. It’s important that our leadership represents the diversity of our associates and the communities we serve. We’re partnering closely with leaders across the enterprise to develop a concerted strategy to increase executive level diversity through recruitment, retention and development.

At Capital One, we embrace all dimensions of diversity and we’re building an inclusive workforce that reflects the customers and communities we serve. We strive to embed diversity, inclusion and belonging into everything we do—every business practice and corporate priority. We will continue to take part in the broader discussion happening outside of Capital One—to engage with lawmakers and to be an advocate for positive change.  

Follow us on our diversity, inclusion and belonging journey here.

Meghan Welch, Chief Diversity and Inclusion Officer

Meghan Welch leads Capital One’s Enterprise Human Resources (eHR) organization which includes Talent Acquisition, Enterprise Learning, Total Rewards, People Analytics, HR Products, HR Operations and Diversity, Inclusion and Belonging. As Chief Diversity, Inclusion and Belonging Officer, Meghan leads Capital One’s global efforts to ensure a culture which values respect for every associate, is inclusive of diverse views and ensures every voice is heard and matters. A Capital One associate since 1998, Meghan has held numerous HR leadership roles including for the Financial Services Division in Plano, Texas where—with the goal of helping customers succeed—she reinvented talent acquisition and development and drove a “maker culture” to support the business in delivering cutting-edge digital innovations that simplified processes and improved recruitment efforts.