Financial services sector disregards diversity as a secondary concern
The financial sector in the UK is under the spotlight, with a poll conducted by Censuswide revealing some concerning findings about diversity, equity, and inclusion (DEI) in the industry. The survey, which targeted decision-makers at UK financial institutions and banks, was also carried out by Ernst & Young (EY).
The poll revealed that two-thirds of staff believe that the sector does not support people returning to work after having children, with limited flexibility and parenting schemes available. This finding underscores the need for a more inclusive approach towards work-life balance.
Moreover, 69% of staff claim that their firm doesn't reflect DEI as a priority in practice, while 70% believe that DEI is an afterthought. These statistics highlight a significant gap that needs to be addressed.
However, there is a glimmer of hope. Eighty-four percent of financial institutions believe that investing in DEI would boost their overall productivity, and 88% suggest that their organization would benefit from greater diversity in staff recruitment. This indicates a growing recognition of the importance of fostering an industry centred on diverse ideas and skillsets.
Sheila Flavell CBE, Chief Operating Officer for FDM Group, emphasized the importance of prioritizing DEI in the workplace. She stated, "Outlining flexible diversity policies such as remote working options for returners is a primary way to promote inclusion in the workplace."
Promoting measures such as access to digital skills training programs can also empower staff development, according to FDM Group's poll findings. Setting out and maintaining commitments to diversity can begin closing the DEI gap in the financial services sector.
On a positive note, over four in five financial institutions have female representation at C-Suite level. This suggests that progress is being made, but there is still much work to be done. The poll did not provide information on the percentage of staff who claim that financial services institutions don't do enough with their diversity policies, nor did it provide information on the percentage of staff in UK financial services who believe that their firm doesn't reflect DEI as a priority in practice.
In conclusion, the poll findings underscore the need for a more inclusive and diverse financial services sector in the UK. By prioritizing DEI, institutions can not only boost productivity but also create a more equitable and inclusive workplace for all.
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