Diversity, Equity and Inclusion in the workspace: vital for any organisation

Diversity, equity and inclusion (DEI) in the workspace can be achieved by an organisation employing a diverse team of people that reflect the way in which society exists and operates.

Cultivating a diverse and open work ecosystem is all about empowering people by respecting and appreciating what makes them different, in terms of gender, age, ethnicity, religion, disability, sexual orientation and education.

Reboot surveyed 800 financial services professionals from 440 companies for its 'Race to Equality' report. According to its study, 66 per cent of the respondents from ethnic minority backgrounds said they had experienced discrimination at some stage in their careers. The headline findings were that only 36 per cent of respondents believe their companies are ?fully committed? to enhancing diversity and inclusion, and 48 per cent of ethnic minority respondents believe their career progression is slower than that of their white colleagues.

Statistics in this survey say that two thirds of ethnic minorities working in UK financial services have experienced discrimination in the workplace, highlighting how far the industry still has to go on racial diversity.

Furthermore, more than half the respondents said their skills and talent have been overlooked - this was reported by 58 per cent of Asian or Asian British respondents, 56 per cent of mixed or multiple ethnic groups and 55 per cent of Black, African, Caribbean or Black British.

This survey also highlighted ingrained work practices, poor performance of management, lack of effective training and development programmes as other barriers to career progression.

 ?Women in Finance? and the ?FinTech For All? charters

We have decided to sign up to the Women in Finance and the FinTech For All Charters, pledging to promote gender diversity and end harassment in the workplace.

71 per cent of Cubefunder's senior management team is female led and we constantly aim to push gender equality within our workspace.

We aim to promote Diversity, Equity, and Inclusion (DEI). To achieve this, we make sure that our employees have the same opportunities to get promoted, to contribute towards the company's achievements, success and growth, and have the same impact on the business as their peers.

Taking actions

It is clear to us that financial services companies need to do more to address the lack of diversity, equity and inclusion in the workplace.

Achieving gender diversity will require financial services companies to address the unequal promotion rates from entry level to manager and keep a close eye on the gender pay gap.

Companies should take steps to educate and train managers on how to provide emotional support for their colleagues, setting regular check-ins and creating a safe forum for honest conversations around well-being.

Being agile and adaptable is essential to successful recruiting, and companies that fail to adapt to the ever-evolving workforce will face more difficulty in attracting high-quality talent.

Area of expertise:

Diversity and Inclusion Series: Preparing for the Future

This series of webinars aims to raise awareness and provoke discussion about a wide variety of topics relating to diversity and inclusion within the banking and finance sector. The webinars are standalone and so can be attended independently, but our recommendation is to attend all that will be relevant to you and your organisation

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