As an industry, the investment and savings profession is not representative of the population as a whole. While female employment rates across the board in the UK are not that far behind their male counterparts; 72.4 per cent compared with 80.6 per cent across the UK, the pay gap between men and women within fund management is actually the second largest of any sector in the UK, with only investment banking registering worse figures. In London, where the majority of fund managers are based, 18.5 per cent of the population is Asian and 13.3 per cent is Black. Yet, in the fund-management industry, 10 per cent of individuals identify as Asian and only 1 per cent identify as Black.
Despite all of the educational, demographic, social and cultural shifts we have witnessed in recent years, it remains far more difficult for anyone to rise to the top in the financial services sector if you do not come from a narrow band of the population: white males, privately educated and from a select group of universities.
Many organisations have tried diversity and inclusion initiatives and in spite of some progress, there often seems to be a long way to go for that awareness and support to translate into more people from diverse backgrounds entering and progressing within the organisation. Unfortunately organisations consider these earlier steps a failure because measurable success is not seen quickly enough. However, the reality of changing culture within an organisation and across a sector is that it takes a strategic approach and a long period of concerted activity to deliver any measurable change.
Within my own organisation we have been on a journey of trial and effort over recent years, and it is safe to say we still have a long way to go, and the diversity statistics do not tell the story I would like. But we do have an inclusive culture which welcomes new joiners from all backgrounds and supports people’s career. There is a real desire by everyone in the business to remove historical barriers to progression wherever they exist.
At the start of our journey, we didn’t have enough diversity in the leadership team. So we replaced the existing all-male executive committee with five operational committees. This led to more diverse, multigenerational teams contributing to business strategy. Our colleagues told us they felt more valued and more confident as they were shaping decision-making in a way that strengthened their career horizons and ambitions.
At the same time, we set up a reverse mentoring scheme for our male senior managers with more junior employees. The idea was to gain insight into a different generation/culture outside their typical circle. Meeting virtually, every four weeks, it has significantly impacted the views and work practices of all involved.
Our middle management 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 diversity and inclusion lens.
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.
We also held a 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.
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.
Our approach to building an inclusive culture is already bearing fruit. Staff tell us they feel more connected to each other and it’s become a key feature of why people want to work for us.
ndustry, the investment and savings profession is not representative of the population as a whole. While female employment rates across the board in the UK are not that far behind their male counterparts; 72.4 per cent compared with 80.6 per cent across the UK, the pay gap between men and women within fund management is actually the second largest of any sector in the UK, with only investment banking registering worse figures. In London, where the majority of fund managers are based, 18.5 per cent of the population is Asian and 13.3 per cent is Black. Yet, in the fund-management industry, 10 per cent of individuals identify as Asian and only 1 per cent identify as Black.
Despite all of the educational, demographic, social and cultural shifts we have witnessed in recent years, it remains far more difficult for anyone to rise to the top in the financial services sector if you do not come from a narrow band of the population: white males, privately educated and from a select group of universities.
Many organisations have tried diversity and inclusion initiatives and in spite of some progress, there often seems to be a long way to go for that awareness and support to translate into more people from diverse backgrounds entering and progressing within the organisation. Unfortunately organisations consider these earlier steps a failure because measurable success is not seen quickly enough. However, the reality of changing culture within an organisation and across a sector is that it takes a strategic approach and a long period of concerted activity to deliver any measurable change.
Within my own organisation we have been on a journey of trial and effort over recent years, and it is safe to say we still have a long way to go, and the diversity statistics do not tell the story I would like. But we do have an inclusive culture which welcomes new joiners from all backgrounds and supports people’s career. There is a real desire by everyone in the business to remove historical barriers to progression wherever they exist.
At the start of our journey, we didn’t have enough diversity in the leadership team. So we replaced the existing all-male executive committee with five operational committees. This led to more diverse, multigenerational teams contributing to business strategy. Our colleagues told us they felt more valued and more confident as they were shaping decision-making in a way that strengthened their career horizons and ambitions.
At the same time, we set up a reverse mentoring scheme for our male senior managers with more junior employees. The idea was to gain insight into a different generation/culture outside their typical circle. Meeting virtually, every four weeks, it has significantly impacted the views and work practices of all involved.
Our middle management 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 diversity and inclusion lens.
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.
We also held a 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.
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.
Our approach to building an inclusive culture is already bearing fruit. Staff tell us they feel more connected to each other and it’s become a key feature of why people want to work for us.