Julie Garfield
Sr. Manager, Distribution Community Impact Initiatives
Bank of Montreal (BMO)
Julie Garfield, the Distribution Community Impact Initiatives Manager at BMO, stands out for her pivotal role in steering the BMORE program, an initiative aimed at fostering inclusive banking careers for individuals from underserved communities. Her diverse background, spanning sociology and various roles in the non-profit sector, equips her with a unique perspective in the banking world. Garfield's leadership in BMORE is underscored by her commitment to leveraging networks and support systems to bridge gaps in opportunity. This focus not only drives the program's success but also cements her position as a transformative figure in fostering equitable access in the banking industry.
Tell me about your role at BMO.
As the Distribution Community Impact Initiatives Senior Manager, I merge business and social impact, concentrating on partnerships and internal processes to support income and wealth-building in under-resourced communities. My work contributes to BMO’s EMpower 2.0 program, a $40 billion, five-year community benefits plan that includes a series of commitments that address key barriers to economic inclusion by supporting and investing in communities and organizations across the United States. The role has shifted from workforce-centered to include supporting community-engaged efforts to decrease the wealth gap, aligning perfectly with my aspirations. It’s my dream job.
Now, in the financial industry, I use my insights to build and nurture networks for those without these connections. This leverages my background to develop equitable opportunities.
What was your first job? What age were you when you started?
I started earning money at the age of 12 through neighborhood childcare. It was a natural fit since I was already taking care of kids nearby, and it provided a flexible and sustained source of income for me, even through college. My first official paycheck came from working in an aftercare program at a school.
What was your educational path like? Did it mirror that of your family?
Coming from a family of mental health professionals, I chose a different path, studying sociology with an aim for social work. Realizing the need for a master's for direct service work, I initially struggled to find my footing independently. I eventually took an office management role at a foster care agency, a fulfilling experience that redirected my career from direct service to focusing on social work's organizational infrastructure.
How have your views about forging your own career path changed over time?
Initially, I hesitated to use my network for job opportunities, feeling it was unfair to others lacking such connections. However, my inability to find a stable paycheck without tapping my network swiftly shifted my view. My experience, rising through nonprofit ranks and making the shift to a new industry, revealed the critical role of networks in career opportunities and advancement. Now, in the financial industry, I use my insights to build and nurture networks for those without these connections. This leverages my background to develop equitable opportunities.
What have been keys to your success?
I attribute my success to a lifelong confidence and trust in myself as a learner, allowing me to embrace new experiences and growth opportunities with rigor, tenacity, and curiosity. Focusing on what's important to me and being open to learning, especially in project management settings with more experienced colleagues, has significantly contributed to my achievements.
What makes working at BMO special or unique?
Coming from a social work background, my experience at BMO has challenged my preconceived notions about corporate environments, particularly my initial doubts about innovation and a people-centric focus in corporate America. I'm inspired by our leadership's commitment to values and bold decisions, like significant financial investments in social initiatives, acknowledging workforce challenges, and emphasizing purpose for business success, customer loyalty, and employee satisfaction.
Can you provide an overview of the BMORE program's origins and what its primary goals are?
The BMORE program aims to increasing access to careers in the banking industry for talent that reflects the diverse communities in which we live and serve. The program builds a pipeline and network for untapped talent from underserved communities to fill key positions at BMO branches. We partner with organizations like Cara Collective for talent sourcing and post-employment support. These partnerships enable us to find candidates that might not otherwise have applied for these opportunities, or that candidates with transferrable skills who might not have made it through traditional recruiting algorithms. We deepen the program’s impact by leveraging the network of BMO leaders and community partners to support the long-term career success for our hires.
For additional details about BMO's BMORE program and its partnership with Cara Collective, see this case study.
What precludes an applicant from landing an entry level job?
All candidates who apply to entry-level branch roles are considered by our recruitment team and go through the screening and interview process. Once a candidate accepts an offered role, BMO follows hiring standards as set forth by the Fair Hiring in Banking Act, requiring institutions to take a number of variables into consideration. Our HR, Screening Vendors, Global Investigations and supporting legal teams then conduct their evaluations. When we work with community partners to source talent, we encourage all applicants to apply that are interested in the role, and work hand-in-hand with our partners to ensure that candidates are supported through the pre-employment screening process.
Has BMO, in partnership with Cara, calculated the cost, benefit, or ROI of your collaboration, including aspects like retention rates or comparative performance?
Retention was a formidable challenge in the beginning, but we have seen year-over-year improvements and have increased our one year retention by 20 percentage points since the inception of the program.
What's on your dashboard?
My dashboard showcases fiscal year hires, diversity data to ensure diverse recruitment, retention and promotion statistics, along with upcoming challenges. I also provide regional presidents with disaggregated information on retention, hiring, and promotions, a recent addition. This focus on promotions supports employee development. We highlight talent on track for development and promotion as well as at-risk colleagues, emphasizing the importance of nurturing this talent. The goal is not only hiring but also developing and retaining staff – it’s about learning what it’s going to take for us to be the best possible employer for talent - regardless of neighborhood or circumstance of origin.
What is BMO hoping to achieve in the next few years with the BMORE program?
Our main objective for the BMORE program is to make it a top talent pipeline, helping participants build enduring careers in the industry. We plan to expand its scope and impact, particularly across the Midwest and to the West Coast, to create more banking career opportunities for underserved communities, thereby bridging employment gaps and spurring economic growth in these regions. We also aim to continue our year-over-year growth in retention and promotions.
Could you share some challenges you've faced working with workforce providers?
Working with partners did present challenges, primarily in understanding the right fit for our roles. There’s a natural learning curve in understanding the skills and attributes that do well in a role that hits high on the complexity scale when it comes to jobs in retail. From experience, we have learned to balance our commitment to hiring outside our comfort zone with ensuring candidate’s competency and potential.
Addressing mental, medical health, and childcare issues is essential for improving job stability and socioeconomic outcomes in challenged neighborhoods.
What would you attribute to the growth in retention rates and progress at BMO?
A key factor has been the unwavering commitment from our senior executives, in particular Carolyn Booth, Head of U.S. Personal and Business Banking, and Anthony Hudson, U.S. Head of Distribution (and executive sponsor of BMORE). Carolyn's investment in the initiative has set the precedent that BMORE is a non-negotiable part of our talent strategy. She’s the reason BMORE is no longer run off the side of anyone’s desk, and my position exists to ensure its longevity and success. Thanks to Anthony, I have a senior leader who is a passionate and brilliant strategist to help inform resourcing strategy and program refinements, like the addition of BMORE Bound, our post-employment mentoring group. The work of BMORE is nuanced and difficult and relies on commitment and growth from external partners and internal management and stakeholders. Without senior leaders that appropriately put forth the resources and support, we would not have been able to learn and improve. This success is also a testament to our culture of persistence, patience, and commitment to organizational learning.
Are there any specific services or support you wish to receive from an agency like Cara or another partner, which are currently unavailable?
We aim to enhance mental and physical health support for our employees, recognizing the impact of health disparities on attendance and performance. High-quality, free, easily accessible mental health care and resources designed for those that have high exposure to trauma could make a significant impact on the experience of work for many of those that we hire through this initiative. Childcare is another big challenge. While we offer 10 free days of back-up childcare, it's still a struggle for employees to balance work with childcare needs. A national, stable childcare infrastructure would greatly aid in addressing this ongoing issue.
Can you give examples of hires from BMORE that have worked out well?
Certainly! Take the example of Mercy Lara. Before BMORE, she held various low-prospect jobs like daycare work and driving for a ride-sharing platform. Joining BMORE significantly advanced her career, leading to a promotion to Retail Relationship Manager at BMO, a step closer to her goal in accounting. This promotion greatly enhanced her self-esteem and confidence, illustrating the transformative effect of opportunities and support, values that have also been crucial in my own career.
How should Chicagoland employers, in your view, contribute to addressing poverty and inequality in Chicago neighborhoods, considering your experience in workforce development?
Employers should focus on taking responsibility for the support and development of their frontline staff, many of whom are already part of the local communities that non-profits, government agencies and private philanthropy focus on for reducing wealth and resource gaps. Intentionally stabilizing entry-level work and making it more adaptable to employees' lives, families, and communities is crucial. This approach can significantly impact addressing poverty and inequality in Chicago neighborhoods.
What support should be provided to employers hiring entry-level talent from Chicago's most challenged neighborhoods, like BMO? Should this involve government action or other entities?
Addressing mental, medical health, and childcare issues is essential for improving job stability and socioeconomic outcomes in challenged neighborhoods. Employers like BMO recognize the importance of supporting employees' overall health and wellbeing. This support is vital, but it may require realistic solutions and collaborations beyond what individual companies can offer.
Interviewed by Dani Houchin on November 8, 2023 | Written by Maria Barannikova