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However, while 59% of business leaders reported having a “zero-tolerance” policy towards racism, only 18% of employees claim their leaders have openly acknowledged existing inequities – according to new research by Henley Business School.

With more than 3 out of 4 job seekers and employees (76%) reporting that a diverse workforce is an important factor when evaluating companies and job offers, it is clear that companies need to champion diversity and inclusion because it is morally right and also because it is important for business success.

Deborah Gray outlines some key tips to help a business design a recruitment strategy that attracts a broader range of talented individuals while expressing the firm’s commitment to its values.

Make your adverts inclusive

The latest research from LinkedIn suggests that while both genders browse jobs online in a similar way, they apply for them differently. More importantly, the study found that male-orientated job descriptions, can actively dissuade women from applying to jobs, and this is particularly prevalent within the tech sector.

As a result, employers should avoid the temptation of recycling an old advert from previous years and deploy gender-neutral language in their communication. Therefore, it’s essential that the language used in job adverts is inclusive, avoiding nuanced biases and avoiding blanket terms such as ‘team player’ or ‘charismatic’ in favour of accurate descriptions of competency.

Equally, firms need to avoid using jargon that might be deemed unnecessary – phrases such as KPIs, SLAs and P&L. While potential recruits with experience may well understand these acronyms, talented young people, particularly those coming straight from university, may be less aware of these terms and corporate jargon.

Firms should only include skills that are immediately vital, while clearly expressing their commitment to improving diversity. It is also important to constantly review applicant demographics to continually monitor when adverts might be discouraging applicants.

Don’t let biases go unchecked in the interview process

Unconscious bias goes some way to explain why many cross sections of society are underrepresented in senior management teams and boardrooms. For example, a study from researchers at Nuffield College’s Centre for Social Investigation in 2019, which altered nothing but applicant names that were based on their ethnic background, found that while 24% of white British applicants received a call back from UK employers, just 15% of ethnic minority applicants did.[1]

Moreover, compared to White British applicants, people of minority heritage had to make a considerably higher number of job applications before getting a positive response, including those from Pakistan (70%); Nigeria and South Asia (80%); Middle East and North Africa (90%).[2]

It is important to also be wary of unconscious gender bias when screening candidates. Unfortunately, gender bias in hiring persists today, with a recent UN report finding that almost 90% of men and women hold some sort of bias against women and a look at the FTSE 100 showing that there are more CEOs/chairmen called John than there are women.[3] Just 10% of executive-level roles in the tech industry were held by women in 2020 – highlighting that there is still a clear need for change.[4]

Interestingly, a 2016 Harvard Study found that employers who interviewed candidates in a group setting were far more likely to eliminate any gender biases inherent in an individualised hiring process.[5] More diverse representation will help workers feel better accepted and therefore more confident in entering different sectors. Hiring more women into senior leadership roles will positively influence younger female workers, helping them to aspire to similar roles in the future.

Asking candidates about their interests and working styles during interviews may offer useful insight, but this can also foster biases. Therefore, rather than job suitability, interviews often end up testing similarity between candidates and current employees – this can be problematic in workplaces that lack diversity.

In addition, companies should have multiple decision-makers involved in the hiring process. This way, varying notes and scores can be compared and reviewed, which will often reveal a candidate’s suitability more effectively.

Target a variety of sources for diverse candidates

Instead of relying on the same tried and tested talent pools, employers should seek out new sources focussing on a variety of different institutions, universities, cities or regions. As an example, there are many groups online, such as the women in business network or the black business network, which could provide opportunities for businesses to hire a more diverse group of new recruits.

Find an external recruiter that shares your values and commitment

It is often the case that businesses look to specialist recruitment firms to find suitable candidates.  Specialist firms often have a deep understanding of how to encourage and foster diversity and inclusion through the hiring process. These firms can often point out problem areas within the hiring approach for businesses where diverse candidates might be disadvantaged or where there is potential for bias.

Totum Partners adheres to recruitment practices that find, foster and forward candidates from a diverse pool of talented individuals from a variety of backgrounds and demographics. Not only are companies with a diverse range of recruits seeing 2.3 times higher cashflows than those with less diverse teams, but they are also 70% more likely to capture new markets than their counterparts. However, much more importantly, increasing diversity and inclusion is just the right thing for businesses to do. Providing all candidates with a fair chance, free from bias or discrimination is at the top of Totum’s agenda – those who do not adapt to encourage D&I will find themselves short of the top talent that drives business success.

[1] http://csi.nuff.ox.ac.uk/?p=1299

[2] https://www.bbc.co.uk/news/uk-46927417

[3] https://www.beapplied.com/post/gender-bias-in-hiring-report

[4] https://isemag.com/2020/10/telecom-the-latest-stats-on-women-in-tech/#:~:text=According%20to%20a%20report%20by%20Entelo%2C%20there%20are%20about%2019,10%25%20of%20executive%20level%20positions.

[5] https://dash.harvard.edu/bitstream/handle/1/8506867/RWP12-009-Bohnet.pdf?sequence=1

According to reports, a company with an inclusive workplace is six times more likely to be innovative than a non-inclusive workplace. Here's how innovative leadership can lead to better inclusion in the workplace.

1. Leading In Brand Values

Inclusion is about everyone in the workplace. It refers to the type of environment which strives for equity and respect regardless of origin, race, gender, background, age, and experience. Diversity is about respecting and recognising the unique experiences, qualities, and perspectives that every individual brings to the organisation. One way leadership can lead to better inclusion is to lead in brand values. 

Values-based leadership is the type of leadership based on honesty, trust, respect, and dignity. It's the type of leadership that regards every individual in the company as a valued individual. Values-based leaders instil a standard set of values in all their employees, which improve their cohesiveness and willingness to work together as a team. Recognising that a manager or leader has similar beliefs often motivates employees to follow what the leader says, which increases the chances of success for every organisation. 

If done right, a values-based leadership enhances engagement and improves performance and retention - all these could foster growth and profitability for the company. Leaders who lead in values have specific traits and qualities that make them good at leading people.

2. Inclusion In Decision Making

In today's work environment, employees who experience a high level of inclusion at the management or organisational level enjoy favourable outcomes. These include better engagement, improved physical and psychological well-being, and increased performance and intentions to stay in the organisation. Innovative leaders who want to foster inclusivity at the workplace should promote inclusive decision making.

Studies show that inclusive teams can make better decisions. Teams that adhere to an inclusive decision-making process are two times more productive than teams that don't. In fact, inclusiveness and employee engagement are connected. Engaged employees are more likely to say that their company recognise diverse ideas and do what is right. 

To encourage inclusive decision-making, managers should communicate to their teams that every team member should look at the whole picture regardless of their role. They should put true inclusion into practice in all aspects of their jobs, and managers should express this to the team. They should encourage everyone to seek alternatives and different perspectives when making decisions and solving issues at work.

Employees should feel safe when voicing out different opinions. This is important when establishing trust among members of the organisation. Leaders who foster an environment where employees are encouraged to speak up create psychological safety for employees who may not have been heard in the past. If team members listen and recognise each other's perspectives, they help build an inclusive workplace.

3. More Inclusive Recruitment

Inclusive recruitment is the process of recruitment that involves recruiting diverse individuals by recognising and valuing different sets of opinions and backgrounds. The hiring process should be intersectional and consider more than just race or gender. An inclusive recruiting environment recognises how differing ideas, experiences, and values can achieve a common goal. By coming up with a diverse workforce team, your teams will be forced to think outside the box when making decisions and addressing issues in the workplace.

In most cases, coming up with a diverse team can be difficult. Sometimes, recruiters could choose candidates that they connect with personally or those that have the same qualities of employees that they already have in the company. 

The first step into having a more inclusive recruitment program is to educate your team on what these biases tend to look like. Most of the biases in recruitment include religion, race, or gender. While it's essential to be aware of these biases, other biases also exist, which prevents a recruiting team from finding the most suitable candidates. Employers should provide proper training and education to recruitment teams to minimise biases when recruiting. But this learning opportunity should go beyond just recruitment. It’s worth bringing in specialists within the industry. For example, you may need payroll recruitment support to bring in an expert that can get you the diverse coverage you need whilst still using values-driven recruiting. The other teams and departments should also be aware of the importance of having an inclusive environment.

Employers should widen their candidate search when it comes to inclusive recruitment. If your pool of candidates consists of individuals with similar backgrounds, education, and level of experience, your search might be too narrow. Besides, similar individuals use similar channels when applying for jobs. Therefore, think of more creative ways when advertising your job openings to widen your pool of candidates.

4. Leaders Training Managers

Not only is leadership training beneficial to managers, but it's also beneficial for the company as a whole. If you promote leadership roles, you recognise their abilities, professional drive, and work ethics to succeed.

Managers who lack the necessary skill sets and training can be risky to promote, potentially leading to their downfall and, perhaps, the company. Leadership and management training courses are crucial to the long-term success of every organisation, especially if you want to promote inclusivity in the workplace. When building a high-performing team, leaders should be able to optimise the expertise of their employees and prepare the next generation of influential leaders. By teaching managers practical leadership skills, leaders can increase workplace productivity. One of the essential roles of managers is to provide direction to staff and ensure they perform at their best. During training, they will learn how to manage their teams better, assess problems, and make informed decisions.

Leadership training creates an opportunity for employees to achieve new heights in their careers. As a result, employee performance will be enhanced since they will further develop their skills through invested training. In addition, if you give employees a role that can help shape your company's future, they will respond with loyalty. Developing existing employees is also more cost-effective than bringing in new talents, as it will not require you to spend money on advertising, recruitment, and onboarding costs.

Constance Minc, chief financial officer at IFS, explains how mentoring can help elevate women in finance. 

For women, doubts can be raised through the process. A decision about whether or not to study accountancy can be impacted by the knowledge that the vast majority of CFOs (just under 90% according to research from Crist Kolder Associates) are men. The lack of visible role models for women thinking of taking on a finance post will act as a deterrent for many.   

The challenge certainly continues in the workplace though, and mentoring and support needs to be applied on an ongoing basis, especially when women working in finance look to rise through the ranks. Equileap’s Gender Equality Report & Ranking Report 2021 found that while women represent 50% of the workforce in financial companies globally, the representation of women remains low in higher levels of management, with an average of 26% women on the board of directors, 18% women on the executive team, and 28% women in senior management.

These are figures that demonstrate clearly that while mentoring at an early stage is important, this support must be present throughout a woman’s career to ensure that when the time comes they do not feel that they need to choose between a career and a family. Mentoring, in other words, needs to be about retention, not just recruitment and onboarding. 

Mentoring facilitates and supports diversity

The kind of mentoring outlined above can play a key supporting role to women working in finance, but perhaps, even more so, if like myself they are working in finance within a technology context, where there are generally few female role models to help show the way.  

I speak from personal experience. I wish I had had a mentor, or more specifically, a role model, when I was making my way into the corporate world and into finance. I wish I had been fortunate enough to have an experienced guide who had been through what I was about to go through, a voice of experience, someone in whom I could see ‘the future me’.

A mentor could have foreseen there would be “nice” but “chaotic” Monday mornings to deal with from actively participating in a family environment, something that a working mother has to embrace but I could still have the happiness of having a family and also a rewarding career. 

 A mentor could have taken me aside and said the reality is it’s going to be hectic but incredibly fulfilling. Mentors that can speak with the wisdom of experience have a vital role as guides to women in navigating the choppy waters of the corporate world. 

Providing reassurance and support

Many women in finance face daunting challenges: from entrenched attitudes, and the inevitable ‘imposter syndrome’ that a lack of positive role models gives rise to. 

Career breaks to build a family can also be challenging. Returning to the office after maternity leave, for example, can feel confusing and alienating when the business has gone through significant change. A mentor can help in providing support and reassurance, based on their own experience, and in highlighting the challenges they might face and solutions that might work. Going beyond even that, mentors can help give women in finance the confidence to believe: ‘It can be done, it is not a question of if, but when.’ 

An approach that works

The evidence suggests mentoring drives diversity by helping support women and minorities to achieve their business goals.  Cornell University’s School of Industrial and Labor Relations found that mentoring programmes boosted minority representation at the management level by 9% to 24% (compared to -2% to 18% with other diversity initiatives). The same study found that these programmes also dramatically improved promotion and retention rates for minorities and women - 15% to 38% as compared to non-mentored employees. 

First steps on the road

I’d encourage women to come forward to mentor other women within a finance function or wider organisation and to reach out to their employers to support the facilitation of this. This could be done on an informal basis with the opportunity for regular check-ins between mentor and mentee, a review of progress, and an open discussion of progress and achievement.  Simply by engaging with other women in the business in this way, we can take on the status of role model.

Monthly check-ins on progress across the entire initiative from both mentors and mentees could also be put in place. Benchmarking goals could be established, alongside regular check-ins to ensure they’re on track. A reverse mentoring relationship may even naturally evolve from these processes, enabling the mentor to also benefit from the knowledge and understanding of the mentee, which can help build leadership qualities. 

Whatever the precise approach taken, an honest and genuine mentoring relationship will add tremendous value for women working in any finance or financial technology role. It is important for women to take the initiative and kick-start a mentoring process within their own business but both mentor and mentee should be confident in the knowledge that they are not alone in this endeavour.

Building a wider network

The retention of women also relies on networking. Across the industry, we are increasingly seeing groups and associations forming to promote the interests of women in finance, from the UK’s Women in Banking & Finance right through to the Financial Women’s Association, a New York-based network of female professionals from various sectors of the financial world. With the awareness that this kind of support is behind them, I am confident that more women working in finance will be encouraged into leadership roles. 

Informal networking can be just as invaluable. Building a close group of women that can rely on one another is invaluable. With that, together with mentoring, both formal and informal, the numbers of those having long successful careers in this industry should increase, businesses would benefit from a gender-equal finance function, and we would see a significant increase in the retention of women in finance roles.

As the importance of D&I in the workplace rapidly grows, organisations are introducing more and more initiatives with a much broader impact on the business. Leadership teams are finding themselves increasingly focused on metrics and quotas. And all of us are navigating the “future of work”, as well as trying to understand the role that D&I will play.

With so much going on, it’s easy to see how we could forget that people are at the heart of this topic.

Like many other recent changes, this increased focus on D&I can be attributed – at least partially – to the COVID-19 pandemic. While there are certainly many other factors that have shaped the current climate, the global health crisis had a way of reminding us about the people who are our colleagues, employees, clients and customers.

Suddenly, as we battled the same personal challenges, saw into each other’s houses, and caught glimpses of each other’s families, roommates and pets – work became more human.

Work also became more digital, and after the initial disruption, the flexibility of remote working enabled a higher level of inclusivity.

A new global survey commissioned by Intel, which interviewed 3,136 business leaders across 17 countries and several industries, showed that 63% of respondents said that the pandemic has had a positive impact on D&I in their organisation.

But what’s next? How can organisations ensure that the current focus on D&I has a sustained impact and that people remain at the heart of everything they do in this space?

People, not profits

Despite already knowing that D&I is becoming more important, it is great to see a continued commitment to progress, our research found that: 88% of business leaders say that their organisation has made achieving a diverse and inclusive working environment a long-term goal.

What was even better was seeing the reasons why companies are committed to D&I. When asked to indicate what they considered the main opportunities an effective D&I environment would provide, the top three responses were: a positive working environment (34%), increased employee trust and loyalty (32%) and better employee health and wellbeing (30%).

Comparatively, only 20% cite increased profitability as a driver for D&I.

While this indicates that companies do see the bigger picture and are focused on improving the lives of the people that work with them, they must ensure that they maintain this mindset when it comes to actually investing in D&I.

43% of business leaders said there’s room for improvement when thinking about how much their company invests in systems and initiatives that promote D&I.

Given that the future of work is hybrid, technology will certainly be a key area of investment – which brings us to the next point.

A new global survey commissioned by Intel, which interviewed 3,136 business leaders across 17 countries and several industries, showed that 63% of respondents said that the pandemic has had a positive impact on D&I in their organisation.

People, not technology

The vast majority (89%) of leaders surveyed agreed that technology would make achieving D&I goals easier.

But the right technology is no longer merely a nice-to-have; it is critical to the future of inclusion.

According to the leaders who indicated that the pandemic had a positive impact on D&I, technology made a number of key differences.

First, 46% found that remote working and digitalisation made it easier to recruit employees from under-represented groups, while 45% claimed that accelerated digital transformation has led to the adoption of new tools that support inclusivity, connectivity, and engagement.

Additionally, 43% indicated that a hybrid workforce enables companies to adopt a wider variety of D&I-informed practices.

The importance of data should not be understated either, both for driving initiatives and for measuring their effectiveness – almost half (49%) of respondents think that technology could provide data and analytics for accurate tracking and progress.

There’s no doubt that technology is an effective enabler of D&I. However, it must not – and cannot – be the main driver for change. This critical role needs to remain with business leaders themselves.

Our report reveals that the one key challenge to successfully achieving D&I goals is, in fact, a lack of stakeholder buy-in. Low levels of interest from senior stakeholders or having no dedicated D&I senior lead emerged as the number one barrier (32%) that could prevent companies from achieving their goals.

Another challenge, as cited by 31% of respondents, is the inability to attract and retain employees from underrepresented groups, and a proportionally low talent pool from under-represented groups in their area or industry.

Just as D&I is for the people, we the people must ask ourselves: how can we step up in order to address the issues that stand in the way of a truly diverse and inclusive environment for all?

Technology cannot solve these problems. At most, it can only empower us to find the solution.

Putting people first 

It’s important to acknowledge that the impact of the pandemic on D&I was not entirely positive.

Leaders who noticed a negative impact observed that under-represented groups were disproportionately affected by the pandemic, particularly employees with disabilities and working mothers, who lost their jobs or left the workplace at a higher rate than other groups.

Of this group of leaders, 32% also indicated that other challenges have taken attention away from D&I.

Global events like the pandemic and major shifts in how we work will likely always have unintended consequences on corporate cultures in ways that may put D&I initiatives at risk.

But while the way we work may change, the need to put people first won’t.

By actively prioritising D&I for the benefit of the people of a company, and with the help of innovative technology, we can create lasting D&I initiatives built for wherever and however people work.

Finance Monthly speaks to Jo Butler, Chief People Officer at ASOS, about the new measures and what else businesses can do to support people during menopause.

What initially prompted ASOS to introduce a policy for staff experiencing menopause? 

"Our mission at ASOS is to give people the confidence to be whoever they want to be. Part of this is recognising that sometimes people will need our support when they’re going through big life changes, transitions or challenges. 

"We wanted to ensure that our people knew we were here for them as a progressive employer, no matter what and every step of the way.

"Our menopause policy was therefore launched as part of a broader suite of support, including for pregnancy loss, fertility and other life events, including but not limited to gender reassignment, cancer treatment and escaping domestic violence."

Despite menopause being a natural part of many people’s lives, it's still a big taboo, especially in the workplace. Do you think people going through menopause will have the confidence to request the flexible working and other support that ASOS is now offering them? 

“It is something we will need to keep working on, but by openly discussing issues such as the menopause, acknowledging the challenges and experiences people may feel and creating an environment where people feel they can ask for the support they need within a clear framework, we hope to make good progress.

"It’s really important for us that our policies were written with everyone in mind, not just the majority. This is why our new suite of life event policies are gender neutral. The aim of calling this out is not only to directly support our trans and non-binary ASOSers but also to educate and remind our cisgender ASOSers that these issues are universal. For menopause specifically, we also recognise this affects people across the age spectrum”.

Your menopause policy will undoubtedly support and empower many individuals. What else can businesses, large and small, do to support people during menopause?

"We take our role as an inclusive business very seriously and continue to celebrate and promote diversity, equity and inclusion both for our customers and our employees. At a fundamental level all organisations - large and small - can start by creating an open environment where people feel empowered to talk about the issues that matter to them.

Jo Butler, Chief People Officer at ASOS

Jo Butler, Chief People Officer at ASOS - Image courtesy of ASOS

"We have a number of workplace equality networks at ASOS - communities which embrace and celebrate all of our wonderful ASOSers and allies. The networks are places to share, to talk, to ask questions, or just to be seen. They provide a safe space for people to talk about their experiences in a confidential environment, feed into the creation of policies and provide a voice to help guide and shape our approach to these issues.

"We also work closely with a number of external experts in this space, including Inclusive Companies, to help us on our journey to being the most diverse ASOS we can be. Through harnessing best practice and innovation, we want to empower all our people to bring their authentic selves to work, every day, and to drive inclusion for all."

What are the main challenges leaders have been faced with in light of the COVID-19 pandemic? How have you assisted them with these?

Different leaders faced different challenges. The one challenge that I heard about the most is how to engage teams in the virtual environment. Leaders couldn’t rely on seeing people in the hall or at the “water cooler,” to have a quick conversation.

Leaders needed to shift. Leaders needed to see people as people. They no longer saw someone as “a direct report” or “my boss.” They saw people at work, juggling homeschooling, worried about elderly parents, and trying to figure out what tomorrow would bring.

The role I played with my clients was to create the space for them to tune into how COVID was impacting them. Then to develop strategies to take care of themselves, so they could be fully present and listen to what was going on for people in their teams. To listen to what was important. To listen to what people needed. To offer support so people could navigate the uncertainty, take care of their family, and still be engaged and productive at work.

Many leaders grew from the experience, becoming more compassionate, understanding, and flexible with others.

You work with diverse leaders – what are the key areas they seem to struggle with?

I hear it time and time again. Diverse leaders struggle with being their authentic selves. It may look different depending on the ethnicity, but it all boils down to trying to fit in. It makes me sad that diverse leaders need to invest energy to fit in—whether it be to try to speak better English or hold back in a meeting because they don’t want to be seen as aggressive. Their energy would be better spent collaborating with a team to come up with innovative solutions to help others. If we can help leaders from different racial and ethnic backgrounds leave their “armour” at the door and bring their true selves to work, companies can do amazing things.

What are your key tips for achieving great culture within an organisation?

Culture is the oxygen people breathe in a company. If it is good, people thrive and achieve more than they ever imagined. It fuels the communication, collaboration, and creative thinking of teams in companies.

I believe culture is created in the moments that matter. It’s those micro-actions that are seemingly insignificant but shape how people experience the culture at a company. Think about how many actions leaders take every day. It’s as innocuous as a leader accepting to have a “meeting before the meeting.”  It’s as powerful as a leader asking everyone to voice their opinion in a controversial conversation. It’s as important as celebrating someone who tried a new approach and failed but learned a lot of lessons in the process.

Most of these things people won’t see first-hand; they will hear the stories though. They will hear the stories about how the boss didn’t take the meeting and asked the person to raise their concerns so everyone could hear the information at once. They will hear the stories about how the leader asked everyone to chime into the conversation and made a decision based on the input of the most junior person in the room. They will hear the stories about the person who failed fast (or slow) and got an award at a company dinner.

Diverse leaders struggle with being their authentic selves.

How do you help leaders to achieve this?

I work with clients to be thoughtful about what they want to create in their culture to drive performance. What values are important to instil in the company? What behaviours do they want to infuse in the culture? What will they do differently to role model the behaviours that will create the culture they want? What will they unlearn or let go of to show others what they expect in the company?

Most of what we do is shaped by beliefs and assumptions we learned at some point in our lives and careers. Through coaching conversations, leaders are able to explore and understand their deeply held beliefs and assumptions that inform how they lead. They challenge whether or not these beliefs and assumptions are still serving them and helping them create the culture they want to create or if they are stopping them.

Then, as clients realise some of their deeply held beliefs are holding them back, we explore new beliefs and assumptions that feel right to them. As clients see new ways to lead, they expand the ways they can show up as a leader to create the culture that drives performance.

With diversity & inclusion becoming a more and more important priority for organisations, what are the things that all CEOs need to do to create a place where everyone belongs?

That is the million-dollar question. It starts with a mindset; a mindset that not everyone has to be just like me to be successful. A mindset that there are different paths, different definitions of success, and different experiences that are valuable and matter. A mindset that I may not know all the answers and if I ask people who are different from me, I may see something I didn’t see before; something I didn’t know. And that is brilliant!

Once they have the mindset to be open to difference, then, CEOs can see how multifaceted and talented people are without thinking about their identity, background, or experiences.  It’s understanding, respecting and tapping into these differences – this is where the magic starts to happen.

With all of the challenges CEOs face today, what is your one best piece of advice to lead in today’s world?

Listen.

There are so many things that create noise today. News. Social media. Employees. Politics. Supply. The list goes on and on. It’s so easy to get caught up in the whirlwind and lose sight of the one thing that will propel the company’s performance. The people. Listening to people can open doors to opportunities you never knew you had. Listening to people can keep you relevant in the marketplace.  Listening to people can teach you how to be a better leader, to inspire, motivate, engage your organisation. It sounds so simple, yet it’s so hard to do.

Contact details: 

https://www.stephanielaplante.com/

stephanie@leadershipspace.us

JPMorgan Chase & Co announced on Thursday that it would commit $30 billion to address racial wealth disparity in the US over the next five years, marking one of the largest corporate pledges towards racial equality since the death of George Floyd earlier this year.

The bank’s new initiative aims to provide $8 billion in new mortgages for Black and Latino borrowers, $14 billion in loans and investments to drive affordable housing projects, $2 billion in small business loans and $2 billion in philanthropy. It will also dedicate another $4 billion towards helping 20,000 Black and Latino customers lower their mortgage payments, which will involve grants for down payments and closing costs.

JPMorgan will also spend an additional $750 million with its Black and Latino suppliers and commit to opening branches in low-to-moderate income communities, giving a further 1 million people in underserved areas access to low-cost bank accounts.

“Systemic racism is a tragic part of America's history," said JPMorgan CEO Jamie Dimon in a statement. "We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It's long past time that society addresses racial inequities in a more tangible, meaningful way."

To address racial inequality in its own 250,000-strong workforce, JPMorgan has stated that it will incorporate diversity targets into compensation decisions for managers.

[ymal]

Organisations across the financial services sector have made pledges to furthering racial equity after the death of George Floyd in police custody sparked widespread protests in the US. Last month, Mastercard committed $500 million to a range of initiatives aimed at increasing financial inclusion among black communities in America. Bank of America and Citigroup have made pledges of their own, totalling around $1 billion each.

JPMorgan is the largest US bank by assets and made a profit of $36.4 billion in 2019.

The financial world, in particular, needs to ensure that any action taken goes beyond paying lip service to what’s going on at the moment and do something instead that will instil real change throughout every working environment and day-to-day process. Failing to achieve this will allow systemic discrimination to hide within the structures of the sector and will ensure that we continue to see inequalities remain entrenched in the industry.

The current equality outlook

Earlier this year, the Financial Reporting Council (FRC) revealed that more than half of all FTSE 250 companies failed to mention ethnicity in their board diversity policy. In the review, the FRC stated explicitly that there was very minimal reporting on diversity overall and discussion around assessing or monitoring workplace cultures was severely lacking.

This points to the importance of taking a wide view of diversity and not accepting previously narrower definitions of what good practice looks like. The FRC’s review highlighted this, finding that any actions taken around diversity rarely extended beyond gender issues, with race, age, ability and LGBT+ diversity rarely being focused on.

Right now, we’re at a turning point in how we view diversity in the financial sector, making this an ideal opportunity to really set in stone what we want the future to look like.

The stats are equally as telling when it comes to gender, with the Financial Conduct Authority (FCA) discovering that only 17% of FCA approved individuals are women and that there’s been an increase in reports of discrimination and sexual harassment across the industry. Female representation rises slightly when looking only at senior roles in larger companies, but the number still falls short of a quarter of all higher-ranking positions.

While the stats are an improvement on where the industry used to be only a decade ago - gender diversity at senior management levels in major institutions grew from 9% in 2005 to 18% last year - there’s still a significant way to go before we come anywhere close to a 50/50 split.

Diversity creates better products and services and impacts the bottom line  

By all rights, there should be no barriers to creating more inclusive environments, as there are many

benefits to both employees and businesses of creating a diverse workforce. A frequently mentioned study is one carried out by the Boston Consulting Group, which found that diverse companies generate an average of 19% more revenue. This substantial increase was put down to the practical impact of diversity in a number of areas, such as fostering innovation, helping to win new business and attracting talent. This is by no means a solitary finding. Last year, a survey of 13,000 enterprises by the International Labour Organisation’s Bureau for Employers’ Activities found clear evidence that more diverse business cultures reaped the reward of higher profits.

And by and large, there appears to be little argument among the top level of the finance sector. According to a PwC survey of 410 financial service organisations, their CEOs overwhelmingly agreed that diversity brings direct benefits. The advantages that these CEOs acknowledged included enhanced business performance, improved innovation and enhanced customer satisfaction.

These leaders now need to start actively making these ideals a reality, as the FCA is going to start taking diversity into account when it assesses a firm in order to encourage healthier cultures. Under the new plans, anyone who holds a senior management function will need to be approved and will have to set out everything that they are responsible for, to create greater individual accountability and, hopefully, setting a higher standard of conduct. Diversity is therefore no longer just a ‘nice to have’, but is going to start being a fundamental principle of how financial businesses are run.

Creating the right culture

To overcome the issues facing the industry, each organisation within it needs to have a clear and unbiased understanding of their culture and its potential problem areas. Looking at the issues we’ve explored in this article and how they apply to an individual firm is a good way to start to gain a better picture of how diverse a firm is. For example, what’s the makeup of the board and does this differ to the other levels of the business? Is there an existing diversity policy and does it include all forms of discrimination? Are there processes in place for reporting misconduct and harassment?

One of the most fundamental ways that firms can start paying attention to diversity is ensuring everyone in the organisation feels heard and know that if they do face discrimination, they can do something about it. However, the recent move to a more online world creates a challenge here, as many of the issues of harassment or discrimination that lead to some either staying away from the industry or leaving it are now shifting to digital spaces. In this space, they can be more difficult to manage.

The anonymity that can come from sitting behind a screen can often lead to increased levels of bullying, whether from people who feel separated from the consequences of their words, or simply because people are unintentionally causing harm because they can’t see or properly understand the person they’re communicating with. Either way, if left unchecked in a workplace, this can lead to significant cultural issues that will fester if not properly addressed.

Many HR teams will already have reporting platforms in place to enable employees to safely report instances of discrimination and abuse – whether that’s online or in person. This can help track microaggressions and create a detailed picture of the company’s culture, which they can then use to improve on it. Without clear and safe reporting pathways, it’s very difficult to encourage people to speak up and so those problem areas will continue to remain hidden. More than this, organisations should not only signpost to these platforms but actively encourage employees to use them, with those that do speak out against bullying encouraged and supported for doing so, rather than perpetuating any stigma.

A turning point

Right now, we’re at a turning point in how we view diversity in the financial sector, making this an ideal opportunity to really set in stone what we want the future to look like. To work though, this new understanding of good practice needs to be represented at every level - from the regulations of governing bodies to the attitudes of business leaders, and the understanding of rights and reporting processes by employees. While this may seem like a big step for some, there’s never been more advice, experience, systems and support out there designed purely around changing the status quo and reshaping firms into more diverse and inclusive spaces that work for everyone.

Digital sales from outlets like Target enjoyed an unprecedented 275% growth in recent months, according to the US Census Bureau. It seems that this is not an isolated case as businesses, especially ecommerce companies, are experiencing the same growth. With global currencies having taken a hit during the pandemic, it was uncertain as to what direction fintech would take. As it turns out, the world is now sprinting toward financial inclusiveness and eCommerce diversity.

The Need for Financial Inclusiveness in the International Market

Prior to the pandemic hitting, online transactions with cash-on-delivery (COD) options were highly popular for consumers around the globe. This, however, is no longer feasible in places like India and China where COD options are now disabled in order to minimise risk moving forward. As such, new avenues were needed and fintech answered the call. Fintech has long been regarded as a great enabler of financial inclusion by providing a reimagining of business models and processes, according to the World Bank. They believe that it is through fintech that suitable alternatives to COD will be found like crowdfunding, cashless transactions, and even peer-to-peer lending options.

Fashion Ecommerce Embracing Diversity, Accessibility, and Inclusivity

While ecommerce is not a new concept in the fashion industry, consumers are now more discerning, especially about diversity and inclusivity. Nearly 34% of respondents in an Adobe survey said that they boycotted a brand due to a lack of diversity in advertising, while another 61% said diversity is the key to good advertising. This isn’t surprising, as high fashion brands have had their share of controversies like D&G’s “Eating with Chopsticks” or Gucci’s balaclava jumper. As such, fashion brands that are enlarging their ecommerce presence are actively reforming their advertising and marketing to emphasise inclusivity, accessibility, and diversity. One method that fashion eCommerce is trying out is redesigning their websites to be more accessible to a wider audience. Another is using a diverse sample of models for visual ads on their ecommerce platforms.

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Mobile Phone eCommerce Developments

A survey by Merchant Savvy found that nearly 70% of all eCommerce is conducted through mobile phones. While that number is high, retailers report that conversion rates vary as consumers still express concerns over security and user experience. In worst-case scenarios, not even 1 out of 10 successful transactions occurs via mobile phone. To combat this, brands are aiming to develop hybrid apps to work well with browsers as regular apps take up too much memory on devices. There is particular emphasis on making phones a universal digital wallet for frictionless and seamless transactions. This, however, requires better security, infrastructure, and devices capable of supporting the whole concept. As such, more mobile phone eCommerce development is being planned by large brands like Amazon, Apple, and others.

With the world impatient to move on from the effects of the pandemic, the fintech industry is striving to make sure that they have what it takes to meet demand. The upcoming months can expect a lot of additional emphasis on financial technology development. With eCommerce now the norm in transactions, it is exciting to see how else financial inclusiveness, diversity, and online transactions shall take root and bloom.

The finance sector has traditionally been perceived to be male-dominated, so robust D&I strategies are essential to ensure a career in the industry is appealing to the next generation of professionals – no matter the individual’s gender, background or ability.

According to Kyra Cordrey, Director of Michael Page Finance , the drive to attract a more diverse workforce, including women and people from BAME backgrounds, is a positive step in the right direction. In fact, around 93% of our clients are now actively seeking advice on how to improve diversity and inclusivity within their teams.

Typically, the larger, regulated firms have led the charge on diversity in financial and professional services industries and have for many years driven an inclusion agenda. As a result, they have made more creative hires and through resetting their values, which is having positive impacts on their company culture. When compared to other industries, the finance sector is in some senses, relatively balanced and displays a high level of willingness to embrace diversity and inclusion. Implementing D&I is essential to addressing the under-representation of minority groups and to ensuring that a career within the industry can continue to appeal to the next generation of financial professionals.

This trend of underrepresentation in the financial services sector, particularly at senior level, is also backed up by research. According to the Financial Conduct Authority (FCA), gender diversity is low within the finance industry with women making up just around 17% of FCA-approved individuals. Despite several senior management regime changes, this figure has remarkably not changed since 2005. Currently, there is a slightly higher share of women employed at larger firms (23%) compared to smaller ones (17%).

Promoting a clear D&I programme

Finance professionals need to ensure their departments are on board with the vision and strategy set by the firm. It is important for HR managers to embed a robust D&I strategy for the business which facilitates a positive direction of movement for the company. If their company strategy has been put in place and the business is at the point at which they are publishing and celebrating their D&I success, it will become a virtuous circle of success.

It is important for HR managers to embed a robust D&I strategy for the business which facilitates a positive direction of movement for the company. If their company strategy has been put in place and the business is at the point at which they are publishing and celebrating their D&I success, it will become a virtuous circle of success.

PwC's Female Millennial Report also highlights that 85% of respondents believe that an employer’s policy on diversity, equality and workforce inclusion is an important factor when deciding whether to join a company. From this you can derive that a clear inclusion programme is essential factor for attracting high calibre candidates. It is also productive to have a dedicated senior team responsible for promoting this programme. For example, Heather Melville OBE is the Head of Business Inclusion Initiatives for RBS and has established the RBS Women’s Network, which aims to attract, retain and develop talented female members of staff, as part of the bank’s strategy to have a fully gender balanced workforce by 2030. She has been recognised as a leader who has made a difference to the economic empowerment of women worldwide and is now a patron of Women in Banking & Finance.

Supporting women in finance

As an employer or hiring manager, there are several improvements that can be made to the culture, hiring processes and mentoring programmes within an organisation which can better support and encourage women to strive for higher leadership roles. It goes without saying that these challenges cannot be simply solved by telling women to stop deselecting themselves. Rather, companies need to work better with aspiring women to progress their career journeys by encouraging them to share ideas and take on leadership tasks, while helping them recognise their strengths.

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Recognise strength at all levels and highlight to all that out of the box thinking and fresh ideas are welcomed, as well as respected. Such inclusive cultures encourage everyone within in an organisation to put themselves forward confidently, without the fear of failure or discrimination, which in turn ensures that women feel they can contribute their ideas and that they will be heard and valued by the business.

Men and women aren’t just different in the workplace but also during the interview stage. The interview process is a two-way evaluation. If companies do not convey the right impression to female candidates about the career progression, support, and the inclusive environment the business provides, the company runs the risk of missing out on valuable talent. We’ve also seen more organisations including both men and women in their hiring processes, for all roles.

Mentoring programmes

Mentorship is also a key tool for encouraging more women into leadership roles. Mentoring not only allows experienced senior leaders to share their knowledge, but it also affords those in junior positions the opportunity to explore their potential, as well as seek guidance on how to progress their career. Many businesses have internal mentoring programmes, but the key is to assess out how many were developed with female career progression as a key priority? The most crucial aspect of such a programme is support. A strong leader or successful role model in a senior position within the organisation can provide a wealth of insight, advice and encouragement to anyone looking to advance their career in finance. With a good mentorship programme in place, aspiring leaders benefit from fresh perspective, inspiration and the guidance needed to keep pushing themselves to reach the top.

If your organisation doesn’t have an internal mentoring programme, there are a lot of external examples which could support your business’ D&I strategy. For example, Women in Banking & Finance’s programme offers an opportunity to connect one-on-one with a fellow WIBF member. Mentees are matched to more senior mentors within WIBF and can seek career guidance, advice and support.

Diversity needs to be the tone at the top of any large business and attracting a diverse candidate pool is the start. However, to create a truly inclusive environment, providing the correct internal support is key to driving behavioural change.

It’s been an interesting three years since the 2016 referendum, with the next ten years promising more of the same. Below, Erica evaluates Boris Johnson’s Withdrawal Bill and its implications for UK businesses as well as the society we live in.

1. Diversity of thought is key to long-term success moving ahead

Narrow bands of interest and self-interest don’t create a vibrant society, nor a thriving business. Diversity has to include different thinkers, different ethnicities, ages, gender, problem solvers. Those companies, authorities and organisations who can’t embrace and harness this will become moribund. And rightly so.

2. Digital and real-world complementarity is critical

At the moment we have no idea what any post-Brexit trade deals will look like. Developing aligned business models and associated revenue streams is vital. With entertainment, retail and business services moving increasingly online, reducing trading frictions by evolving new digital services and products from real-world trade is vital. And for those only online, there is a rich opportunity to consider how an IRL leisure or experiential offering can enhance your bottom line.  After all, there is space in abundance available in every single UK high street.

3. Environmental responsibility – get with the programme

In the current Withdrawal Bill, climate and environmental alignment with the EU has been shifted to future trade agreements. That might be fine to discuss then, but your clients and customers will be expecting it from you now. This is not an option.

Responsibility has to be taken at every step in the commercial process and, increasingly, will be an influencing factor in every personal purchasing decision. Get your supply chain to sign up to sustainability/ethical mandates now to gain early mover advantages and positioning to enable trade within even the strictest global environmental trade frameworks. Sustainability should be as important to your business and as measurable as profitability.

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Sabzproperty has a highly skilled technical team of professionals at work with a strong desire to ensure client satisfaction through excellent service delivery. We have a vibrant and engaging property market which offers a large property inventory accrued by competent property agents and developers from different neighborhoods. This has attracted teaming property audience over the years and has birthed the responsive value rewarding network we have today.

4. Uncertainty is the new certainty

Nothing is certain over the next few weeks… who will be in power?  The next few months… in or out?

So you need to understand what deep uncertainty means for your business, your customers and your own personal circumstances. Be prepared to pivot, to take advantage of short term opportunities, to revel in the unexpected. What could this uncertainty allow you to unlock in your relationship with your past/present clients? Where will it allow you to find future clients? What could you develop with or for your competitors? And where might you find new buyers in differing marketplaces you had not looked to before?

And if you are not in the D2C world – look out of the window to ask what you can sell to that person walking past? Thinking the unthinkable has to be part of your new strategy.

5. Tough trading breeds new opportunities

The British are inventive people. Everyone who lives in this wayward nation contributes to its determinedly individualistic approach. We lead the world in creativity – in fact it makes up £101.5bn GVA, the second-highest sector in the economy. In times of economic retrenchment and difficulties that may lie ahead, there will be the potential for green shoots to force their way through, for businesses to grow and develop in unlikely sectors and unexpected ways.

In the 2007/8 recession, people delayed big-ticket purchases and cut back on eating out. This saw a rise in small spends - cupcakes, lip-sticks, feel-good treats. Home baking and entertainment surged with businesses that could supply this ‘batten down the hatches’ mood benefitting. The emergence of shows like The Great British Bake-Off first screened in 2010 after 18 months in development and production captured this back-to-basics mood. Now a highly profitable global tv format sold across many countries, it illustrates how there are opportunities in even the most trying economic circumstances.

As the next few weeks and months unfold, focus on these five points in both your business and personal dealings. Keep your mind alive to opportunities, inventive thinking and potential pivots. Living with uncertainty is something we’re all getting used to within our own lives, the UK economy and planet as a whole.  So embrace it and turn it into positive actions build a commercially inventive road ahead.

About Erica Wolfe-Murray:

Cited by Forbes.com as ‘a leading innovation and growth expert’ Erica Wolfe-Murray runs innovation studio, Lola Media Ltd. With creative head and FD experience, she focuses on auditing intellectual assets/IP to evolve new products & services from a company’s existing business. 

She is also the author of ‘Simple Tips, Smart Ideas : Build a Bigger, Better Business’ aimed at the UK’s 10m+ micro business & freelance sector to help build greater commercial resilience in this dynamic but often ignored part of the economy. 

She's only the second African-American female broker in the Exchange's 226-year history. According to a 2017 study by Stanford University, men comprise 75% of the wealth management field and fill more than 80% of leadership roles.

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