It has become commonplace to see company commitments and initiatives to improve diversity and inclusion in the workplace. We can certainly see some progress since the conversation started, however, I think we can all agree we still have a long way to go, especially when it comes to D&I across leadership in financial services.

The key decision makers occupying C-suite, the board, and those in the line of succession are strikingly homogeneous. Research from Stanford University[1] found that women and racially/ethnically diverse employees were still severely underrepresented in upper management and the CEO level. They also found there was less diversity in positions leading to a CEO or corporate board positions. The largest percentages of diverse executives were found in positions which historically have lower potential for leadership advancement.

What can well-intentioned companies and leaders do to help progress D&I?

1. TAKE PERSONAL ACCOUNTABILITY

Let’s start taking accountability on an individual basis, rather than as a collective. Our company is not responsible for implementing D&I, you and I are. We can experience the bystander effect when we share responsibility for this agenda, but the impact can be felt on an individual and collective level. Personal accountability can be especially powerful if you have the ability to make change in your company, for example, if you are involved in hiring the CEO, Board members, and the Chairperson.

Those in leadership positions have the power to create company culture that is inclusive. By recruiting a diverse workforce that represents the community we live in, you create an inclusive environment. You also create opportunities by hiring promising leaders from underrepresented groups in the sector.

2. BE GOAL ORIENTED
Every company measures success and failure. We have milestones, objectives, outcomes for everything leading to success in the workplace. Companies should have the same for their D&I strategy. It’s when we start to measure D&I, as if it were as valuable as revenue, that we start to take ownership of the agenda.

3. MAKE YOUR PLAN SUSTAINABLE AND CAPABLE OF EVOLVING

Think about what you want your company to look like. Will you be happy if it looked the same 5 years from now? We all want to grow and change with the times, and our D&I agenda should be no different. Does your leadership represent your shareholders, customers, and clients? If not, what can you do to make sure it does?

And, finally when you have achieved a sustainable diverse and inclusive company, make sure you invest in your leaders and managers so they can continue your success. If your leadership teams understand the journey and progress you have made with the D&I agenda, they will value you it enough to protect it and sustain the success and evolve with the agenda.

We all need to hold ourselves accountable for ensuring everyone is given an equal opportunity to become the next CEO, board member or leader in our company. When a search is carried out professionally and thoroughly it allows an equal opportunity for all candidates matching the brief. In our experience, on average our longlists are made up of over 1/3 of diverse candidates. A good search firm will explore all skilled candidates on the longlist in detail and discuss them with the client, limiting unintentional bias by highlighting the strengths and skills of individual.

Ultimately, a candidate must be chosen on merit. A CEO or board member should ideally be selected because he or she has the skills and is the strongest candidate to lead a company, regardless of their gender, ethnicity, disability, age, religion, or orientation. We’re open to talking with you about how to hire in a more accountable and diverse way. We want to enable you to create systemic change by choosing successors and peers based on skill, experience, and potential, giving opportunities to the underrepresented groups in the sector.

There are many business cases for hiring diverse candidates and benefits for endorsing equality in the workplace. Whilst they play an important role in pursuit of the aim, we hope one day there won’t be a need to justify diversity, inclusivity, and equality; we do it because it is fair, our norm, and ensures the best talent secures the role.