DP21/2: Diversity and inclusion in the financial sector – working together to drive change

DP21/2: Diversity and inclusion in the financial sector – working together to drive change

The Women in Finance Charter Annual Review 2020 found some positive indicators of progress in supporting gender diversity. Some highlights include the following:• 53% of its signatories collect additional data within their female senior management population, with ethnicity, sexual orientation and disability being the most commonly collected data points.• Other signatories reported expanding their data collection to cover new data points for the first time. These are positive developments in considering intersectionality.• Some signatories were able to demonstrate how they are ensuring that their actions to achieve targets are inclusive to women across diversity strands, also recognising the importance of intersectionality, this time in reaching targets. Examples include supplementing data on gender, ethnicity and disability with more granular data tracking internal promotions, lateral moves, and proportions of women across diversity strands within sponsorship and mentoring programmes.• There have been improvements to initiatives and practices amongst firms such as diverse shortlists (mentioned by a third of signatories) and diverse panels (one in six firms ensure that underrepresented groups sit on interview panels), more inclusive language on job adverts such as highlighting flexible working opportunities, and rejecting non‑diverse shortlists put forward by head‑hunters.• Some firms also prioritise encouraging women to apply for stretch opportunities and are now turning their attention to building a pipeline of talent by focusing on those within the firms that are at a lower level than senior management.• Some firms have demonstrated how they have embedded diversity and inclusion into their day to day business, and how this has impacted increased accountability placed upon senior leaders (i.e. objectives and key performance indicators linking clearly to end of year appraisal and pay)

Findings from the Women in Finance Charter Annual Review 2020

https://www.fca.org.uk/publication/discussion/dp21-2.pdf

Related Articles