reboot., a network of senior financial services professionals working together to maintain the dialogue on race and racial inequality in the workplace, has today launched its inaugural annual reboot. FS Race to Equality Index, which reveals that the UK’s financial services industry is not yet fostering the right work environment for ethnic minorities to feel like they truly belong and can succeed in the industry.
As part of its Race to Equality: UK Financial Services report, launched earlier this year, reboot. developed the index alongside research house Coleman Parkes, surveying 800 employees from 440 UK financial services firms and asking respondents to score their organisation across three key pillars of D&I within their organisation:
- Representation – the ethnic minority representation of employees across all levels, from entry-level to senior management
- Culture – the treatment of employees from ethnic minority backgrounds and fostering of a more inclusive culture, and senior leadership’s evidenced commitment to improving diversity
- Action – whether steps are being taken to improve D&I, such as training for all employees on D&I or recruitment policies to improve the ethnic diversity of the workforce
The target score for companies is 100 – at which point their workplace could be described as optimal across D&I criteria. However, with the average industry score sitting at 65 there is clearly still much work to be done. reboot. also analysed the data split by sub-sectors within financial services, with each of them scoring 66 or less – almost identical rankings across the board.
Baroness Helena Morrissey, reboot. advisory board member, commented: “We hope the reboot. FS Race to Equality Index will be used as a measure of annual progress in the financial industry so we can be confident that skin colour is not a barrier to progression. That goal should be a business imperative as well as a moral one – there is clear evidence that a diverse and inclusive workforce leads to better decision making and greater innovation.”
Doug Sharp, EMEA CEO at Invesco and reboot. ambassador, said: “We’ve seen an increase in corporate commitments to diversity and inclusion over the past two years, and tools like the reboot. FS Race to Equality Index help hold us accountable for meeting those commitments. Increasing representation at senior levels and creating lasting culture change doesn’t happen overnight. We need to see genuine, year over year commitment if we’re going to create meaningful change.”
Lawrence Heming (pictured), Research Lead for reboot. and Assistant Director at EY, commented: “The Index clearly reveals that significant improvements are needed to build a workplace culture that fosters a true sense of inclusion and ensures there are no barriers to opportunity for ethnic minorities. The five-point-plan for the financial services industry is a good starting point for organisations looking to develop a strong approach to creating an ethnically diverse and inclusive workforce.”
Catherine Howarth, CEO, Share Action, said: “Financial institutions have huge influence over the way our economy runs. The companies they invest in shape our lives—for better or for worse. If we’re going to build a society that is more equal and inclusive, then financial organisations have a responsibility—as stewards of our money—to help drive that change. They can start at home, making sure that they themselves are diverse and inclusive at all levels—and reflect the society they serve. reboot.’s research is a powerful call to action we can’t afford to ignore.”
