A staggering 70 percent of staff believe that diversity, equity and inclusion are an afterthought in the financial services industry, according to research from strategic talent solutions partner FDM Group.
As a result, two-thirds also claimed that financial services institutions currently do not do enough with their diversity policies.
The findings were revealed by a poll of 250 decision makers at UK financial institutions and banks, via independent polling agency Censuswide, to measure the current state of diversity and digital skills levels in the banking and finance sectors.
Despite claiming DE&I as a priority, 69 percent say that their firm does not reflect it in practice.
Over four in five financial institutions have female representation at C-Suite level, with 84 percent citing that investing in diversity, inclusion and equity would boost the overall productivity of their organisation.
It was also revealed that two-thirds believe the sector does not support people returning to work after children, with limited flexibility and parenting schemes available.
Sheila Flavell CBE, Chief Operating Officer for FDM Group, commented:
“Diversity, equity and inclusion in the workplace is an important area for businesses to prioritise, providing equal opportunities at all levels. Promoting measures such as access to digital skills training programmes can empower staff development and give them the foundation to take up highly skilled roles in banking, FinTech and financial services.”
“Solving the diversity gap faced by businesses in the financial services sector isn’t an overnight task, but it is important to deliver constant progress towards the goal of creating a diverse workforce. Outlining flexible diversity policies such as remote working options for returners is a primary way to promote inclusion in the workplace. Setting out and maintaining commitments to diversity will begin closing the gap and foster an industry centred on diverse ideas and skillsets.”
Other findings included 88 percent suggesting that their organisation would benefit from greater diversity in staff recruitment.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.