We also have a concept called “Vision” at Protiviti, where we interview a variety of senior stakeholders, CEOs, and other thought leaders, and ask them: “What are the key topics that will transform companies over the next decade?” The great thing about that is, I am now able to go to client meetings to talk about cybersecurity, but can also raise these other influential topics that might not impact the client right away, but certainly will in the years to come. You will not always get these ideas from a non-diverse group at the top of an organisation. These ideas come from, 1. When we create the ability for people to be their authentic selves, 2. When people feel validated and 3. When we bring together a diverse set of stakeholders who can provide the team with different insights.
RT: The finger has often been pointed at the Financial Services sector for being slow to embrace the benefits of diversity and inclusion within the workplace. Do you believe that businesses should step things up on diversity and inclusion and if so, why? What benefits would it bring?
BF: This is an important question – and I get asked it all the time. First, when we talk about financial services being slow to embrace the benefits of diversity and inclusion, I think there are a few things to understand. I don’t think financial services are “slow” in understanding the benefits. In fact, I guarantee if you look at any FTSE 100 organization’s website, you will find information about actions they are taking to increase DEI. I think that financial services fall victim to two biases. The first bias is planning fallacy, which is the tendency to believe that one will get more done than is actually achievable. The second bias is action versus intent; this is where, despite an individual’s good intentions, their actions are misaligned in helping them achieve those intentions. If we put those together, organisations can plan to drive equality and change over a period of time and define a series of actions to support those plans, however, what we forget is that sometimes those actions are misaligned – for whatever reason. Therefore, the important thing to focus on is getting organisations to understand how those actions can make their intentions a reality.
I think it is also worth mentioning the importance of diversity of thought. What I have observed – typically in legal firms, but also in the financial services sector also – is that organisations often ‘say’ they want a diverse group of people, but they look to find people who ‘look different’, but are still just like them, often only coming from top schools, affluent backgrounds and speak the Queen’s English, for example. Therefore, these unconscious “conditions” that some organisations have, cause them to find recruiting ethnic minorities a challenge.
I watched a video recently that really resonated with me. In the video, a classroom of children were asked to draw a picture of a pilot, surgeon, and firefighter, and to assign them a name. All of the children drew men and gave them male names. This made me realise the importance of teaching people about diversity and unconscious bias. Because if a group of children perceive these roles to be male-dominated, that bias will only become more ingrained as they get older. We must recognize these biases in order to control and respond to them. In addition, that is why I am so passionate about the Inclusion Initiative – as it enables me to develop my understanding of those biases, and it’s that research that organisations need in order to move the dial.
Last year, the FCA, the PRA, and the Bank of England came together and put out a consultation paper to solicit feedback on if diversity should be regulated across the financial services industry. In the future, if they look to create a standardised framework across the financial services industry, that would allow organisations to objectively, rather than subjectively, assess their DEI metrics. That framework would bring transparency and prevent organizations from misreporting the actions they have taken.
The last thing I want to say in response to this question, is that we need to understand the role people have in making this change happen. I think sometimes when we talk about diversity, we think of it as an abstract concept – rather than thinking about how it can really impact someone’s life.
If we assume that the average person works for 39 hours a week with five weeks holiday a year, across a 50-year working lifespan, they will spend 35% of their lives at work. So, if an individual experiences feeling of anger, unhappiness, or frustration when going into the office, they are spending a third of their lives living in a world where they are not truly comfortable. I think a lot of people believe it doesn’t matter how they feel in the workplace, as it’s only one aspect of their life – but it does. Leaders have the power to make a difference to a third of people’s lives, and so for those who are looking to drive change in the world, becoming an ally and simply making some small tweaks in terms of how you engage with other people can have the biggest effect.
RT: Could you give our readers some top tips on how they can work on developing D&I to this effect?
BF: My three top tips are:
- Work to understand unconscious bias
- If you are in a leadership position, showcase your vulnerability and the challenges you faced to get where you are today
- Realise you can be an ally and truly affect change
Expanding on my first tip, I think it’s important I mention affinity bias and confirmation bias. Affinity bias is the tendency we have to surround ourselves with people who look, think, and act like us, and confirmation bias is where we only listen to that which confirms our own beliefs; both disadvantaging other people who do not fit these biases.
When it comes to learning from vulnerabilities, I think we have to remember that everyone has had their fair share of obstacles. Leaders need to stop acting like they’re impenetrable and articulate their failings and challenges. This will humanise leaders and inspire other people to be like them – which is key to inspiring the next set of leaders within an organisation.
Lastly, we need to recognise that people can affect change. The key to this is simply realising that we have the power to control our own internal narrative. When we understand this, we can challenge any thought we might have – and think more critically. More importantly, by opening up our minds and challenging things that we don’t like, we can drive change. Therefore, by being allies and changing our internal narratives, we have the ability to challenge inequalities within financial services and make a positive difference. If that’s not a passion to drive financial advisers forward, I don’t know what is!
Belton Flournoy is a Director in Protiviti’s Technology consulting practice where he founded the UK Pride network. Under his leadership, the network hosts D&I events at the Shard and recently won best LGBT+ initiative by the Inclusive Tech Alliance. He volunteers with Pride in London, where he serves as Head of Pride in the City – a Mayor backed initiative he founded in 2017 focused on increasing D&I within businesses. Belton is a TLC Lion, a Radius Employee Network Leadership Program graduate, has moderated at the Telegraph’s D&I conference and attended an event at No.10 for his efforts in the D&I space.
