Boosting diversity and inclusion in financial services: putting principle into practice

Role reversal offers insight

In January 2021, we set up a reverse mentoring scheme for our male senior managers and more junior female employees. The idea was to gain insight into a different generation/culture outside their typical circle. Meeting virtually, every four to six weeks, we would get together once a year to review their experience and set objectives for further programmes. As part of the same initiative, 30 per cent of any senior manager potential bonus would be dependent on achieving diversity and inclusion objectives.

Malcolm – and Muriel – in the middle

Our middle managers is a 50/50 gender split, but our experience has been that they can often inadvertently block change, usually through lack of knowledge or not “joining the dots” on how their actions are perceived. To address this, we have implemented monthly manager networks to discuss and agree best practice around our management techniques through the D and I lens.  One outcome: our managers have proposed changes to interview structure to ensure fair opportunity for all candidates. We also set up a monthly people strategy group for employees who use the Investors in People framework to inform our aim to make our business a true reflection of its colleagues.

Making meetings more meaningful

Meetings have changed too. Each attendee takes a minute or two to update the others on what’s happening in their life, particularly their personal development and wellbeing. Although there was some hesitation at first, everyone has fully embraced the approach, not least because it signals that our priority as a business is the welfare of our people, setting a more responsive, open and effective tone.

Story-sharing celebration

So, too, has a wider company effort to keep the conversation heading in the right direction. We held a themed, virtual D&I week, featuring a daily, hour-long segment covering mental health, gender, disability, ethnicity, and age. Entirely hosted by and involving 30 staff (from a workforce of 150), they told – and discussed with colleagues – their stories. Feedback from the week was astonishing and it has helped establish a culture of inclusion where staff are much more willing to celebrate difference and challenge traditional ways of working.

Flexible working future

The pandemic proved we can operate remotely. To emphasise the positives of this experience and reinforce that this is now the norm, we adopted the Diversity Projects flexible working manifesto, which includes all employees working flexibly in some way by the end of 2021, flexibility designed into job specification and managers being helped to oversee remote, dispersed colleagues.

My final message is that the journey to an inclusive culture is an ongoing one, we are always trying out and learning new things we can do better. Do consider your own diversity and inclusion journey and if things are not working go back a reconsider different elements that may work better within your own organisation and try again.

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