Changing the culture starts with every one of us
Two further points are worth mentioning. First, shifting the approach to recruitment isn’t about filling quotas – although these are sometimes necessary – but implementing processes that should organically result in a more diverse range of candidates. The motivations of minorities can differ and hesitation to apply for a role may not equate to a lack of interest. We need to lean in, understand, adapt and personalise the recruitment journey to each candidate.
Second, if adopting these methods to tailor the recruitment process places extra demands on hiring managers, so be it. If asset managers are serious about finding the best person for the role, which in turn will improve the diversity of their teams, they should be prepared to do the legwork.
I can say from experience the effort is worth it. Too often, the discussion around the lack of diversity in finance is framed in terms of abstract numbers and statistics. But for those of us who don’t fit the stereotype of an asset management professional, it can be a painful aspect of our working lives. Trying to find your way in an industry that offers few role models or opportunities for progression can feel wearying.
To ensure everyone can reach their potential, we need an organisational culture that values difference. Leadership based on empathy and curiosity will be important in driving this change: line managers should be looking to identify what every individual needs to thrive, rather than adopting a blanket approach. But each of us has a role to play in implementing practices that favour cultural “add” rather than “fit”.
We can all listen more closely and try a little harder to learn from one another. In a high-pressure environment, the importance of these “soft” skills often gets overlooked in the frenzy to meet deadlines – but they will be crucial if we are to nurture the talent needed to meet the challenges of the future.
Thankfully, more and more people now recognise the need to shift the culture of asset management so everyone feels able to contribute and achieve their potential. A great deal of work still needs to be done before the industry is truly representative of wider society, and there is no quick fix. Rethinking recruitment is a good place to start.
