Paradigm for Parity® CEO Spotlight Series: Dave Regnery
The Paradigm for Parity® coalition CEO Spotlight Series showcases member company CEOs who are transforming their corporate culture to advance women of all races, cultures and backgrounds.
This week we are pleased to feature Dave Regnery, CEO of Trane Technologies. Regnery stated that “as CEO, it’s important to put what I’ve learned into action to accelerate change.” He emphasized the importance of measuring data and tracking metrics, noting that “to level the playing field, we need to ensure diverse slates and equitable access to development opportunities” and that hiring decisions should be based “on business results and performance — not presence.”
1) What motivated your company to join the Paradigm for Parity® coalition?
We’ve been on a journey to cultivate a diverse and inclusive workplace since 2010. Joining Paradigm for Parity (P4P) was a natural extension of the work we had been doing and a way to shift our efforts into high gear. The mission of P4P is well-aligned with our commitment to achieve gender parity in our senior leadership roles by 2030, which is just one part of our bold 2030 Sustainability Commitments.
Joining the Paradigm for Parity coalition has enabled us to share best practices and learn from others dedicated to advancing gender parity. Collaboration is key to how we’ll advance diversity and inclusion for our company and the overall business community.
2) What role can/should CEOs play in leveling the playing field for marginalized groups, including women and people of color, in the workforce?
We need leaders with inclusive mindsets to create and sustain work cultures where people feel respected, heard and have a high sense of belonging. These leaders tend to be good listeners who are constantly learning. They have broad social networks which include an array of diverse perspectives and backgrounds. They show up as visible allies.
As CEO, it’s important for me to put what I’ve learned into action to accelerate change. At Trane Technologies, we’ve established programs and practices that seek out, advocate for and promote those who have historically been marginalized. When we’ve noticed women may not have the executive relationships that help them advance to the next level, we’ve established learning, mentoring and sponsorship programs to fill that gap. And, where we’ve seen some of our systems and policies present a barrier to opportunity, we’ve made strides to address inequity — like requiring diverse candidate slates for interviews, ensuring equal pay for equal work, and reevaluating which roles need a four-year college degree. All of this works together to level the playing field and promote equity.
3) What do you consider to be the benefits of leveling the playing field for women in the workforce for your company and society as a whole?
We envision a world where inclusion powers innovation to solve some of the world’s biggest problems. Women and other underrepresented people are often the critical missing piece to how we will meet and address these challenges. Because inclusive and diverse workplaces are more effective, productive and unlock new perspectives on problems or challenges, nurturing this type of culture is a business imperative.
The progression of any underrepresented group in the workforce also spurs economic development. The inclusion of women in the workforce and in leadership roles could increase GDP by an average of 35 percent according to the World Economic Forum.
We established new leadership principles last year, which guide how we will work together. And some of them were designed with our diversity and inclusion goals in mind, such as ‘always doing what’s right’, ‘daring to do things differently’, and ‘including and uplifting others’. Advancing women and other historically underrepresented groups is the right thing to do, aligns with our leadership principles — and sets us apart as a leader in our industry.
4) How is your company advocating for, lifting up and supporting women of color in your workplace? What has made the biggest difference in advancing all women in your company?
We made a commitment to achieve gender parity and advance racial and ethnic diversity as part of our 2030 sustainability goals. Our company purpose is: To boldly challenge what’s possible for a sustainable world. We view our 2030 goals as an important way we’ll realize the better, brighter future we envision.
Women of color are at the intersection of our gender and racial commitments, and we’ve paid special attention to how we uplift and support them. This year, we launched the Elevate series for our leaders of color, including women, to foster belonging, a sense of community and further develop their careers. Our employee resource groups also nurture belonging and understanding through cultural and heritage celebrations throughout the year. And, development programs such as our Women’s Leadership Program and the Team Leader Development Program ensure our people have the skills they need to succeed.
This year, we also tied the compensation of our top 2,300 leaders to our sustainability commitments — which include our commitments to diversity and inclusion. This is an important way we hold our leaders accountable and foster transparency as we work to achieve our goals.
5) When you look at the Paradigm for Parity® coalition 5-Point Action Plan, is there one step that you think is most critical to ensuring that women, including women of color, have the same opportunities for advancement as their colleagues?
At our core, Trane Technologies is a company full of creators and problem solvers. We approached the integration of diversity and inclusion into our business the same way we do most challenges — we looked at the data. By understanding our baseline as well as our vision for the future, we could develop an action plan.
When it comes to action, one step that is incredibly important is to base career progress on business results and performance, not on presence. To level the playing field, we need to ensure diverse slates and equitable access to development opportunities. We then base our hiring decisions on business results and performance — not presence, which can introduce unconscious bias, particularly for women and women of color. We hire the most qualified candidate, and then we measure our results over time.
Measuring our progress is critical to how we understand and plan for our goals. And, so that our peers in the Paradigm for Parity coalition and other stakeholders in the business community can glean insights from our progress, for the first time, we expanded our Sustainability Report’s social data to include racial and ethnic as well as gender diversity.
Dave Regnery is chief executive officer (CEO) of Trane Technologies plc, a global climate innovator focused on sustainable solutions for buildings, homes and transportation. He also serves on the company’s board of directors. Before his appointment as CEO in July 2021, Dave served as the company’s president and chief operating officer, with direct responsibility for its three regional reporting segments and full portfolio of businesses, as well as mission-critical company operations including supply chain, engineering and information technology.
About Paradigm for Parity®
Paradigm for Parity® is a coalition of business leaders dedicated to addressing the corporate leadership gender gap. The coalition is made up of CEOs, senior executives, founders, board members, and business academics who are committed to achieving a new norm in the corporate world: one in which women and men have equal power, status, and opportunity. The ultimate goal is to achieve full gender parity by 2030, with a near-term goal of women holding at least 30% of senior roles.
