Diversity and Inclusion in financial servicesdownload the 2018 report
Diversity among workforces remains a hot topic with gender pay gap reporting coming into force in the UK earlier this year, organisations are needing to move with the times.
Having a more inclusive approach to hiring will also stand your company in good stead with millennials, the demographic expected to comprise up to 75 percent of the global workforce by 2025.
According to Alison Starmer, MD of Randstad client solutions, "embracing diversity of thought, age, ethnicity, gender, disability and sexual orientation, and creating a workplace culture that is inclusive, results in better decision making and I believe leads to improved business performance.”
Benefits of diversity in the workplace
A diverse workforce is more likely to have a positive effect on your employer brand, which boosts talent attraction. The more diversity among your staff, the more applications from diverse backgrounds you’re likely to receive as people know they’ll be welcomed. This all starts at the beginning of the recruitment stage.
It is more vital than ever before for organisations to focus on diversity during the recruitment process to ensure they keep up with the current state of the market. Larger organisations are still working to increase diversity and inclusion meaning that smaller companies are sometimes left wondering where to start.
Five tips to consider
Health checking the culture of the organisation especially at a senior level
Is there an overly macho or long hours culture that might disadvantage women? Are entertaining and staff events diverse and inclusive or do they all follow a certain theme?
Ensure interview panels are diverse and minority groups are represented
Interview panels can be a good idea. Interviewers need training and should ask the same questions of every candidate so their comfort level with some prospective employees, based on similarities in their backgrounds, doesn’t bias the process.
Ensure online assessments and access to interviews are fair
Working with support groups and charities such as the National Autistic Society and British Dyslexia Association to ensure hiring managers understand how to adapt interview and selection processes to ensure inclusion.
Create employee forums, mentoring programmes and culture
Celebrating festivals of all the different cultures is one way of creating awareness and acceptance. Some companies even create short courses or slide decks for employees who are travelling to other countries. These trainings can help employees to understand the culture of the country they are visiting.
Introduction/extension of flexible working policies for all staff
A Treasury Committee report, Women in Finance, published in June 2018, wants finance firms to remove the stigma of flexible working through senior men leading by example. Organisations could look at flexibility beyond working mothers and encourage a flexible working approach to workers of both genders.
For more information take a look our HR Guide and diversity and inclusion report within financial services.