Wealth Managers are finding new types of customers, or areas of client growth:
The Financial Services industry is historically known as ‘male, pale and stale’. Diversity makes this industry fairer for all and also reflects the changing faces of the clients that they work with.
It stands to reason that by searching a large and broad range of candidates you will, even inadvertently, come across the best of the best. However, there is so much more that we advise our clients to do, to ensure they hone their approach and make their hiring process more efficient and thorough and in doing so, naturally more diverse and inclusive.
What is just as crucial as ensuring the hiring process is spot on, is making sure that once you have attracted and secured the best talent, your company culture means they want to stay with you! So, we’ll have a look at the best way to do that too.
Creating an inclusive financial services workplace requires commitment and enthusiasm from those in charge in regard to setting the company tone. Championing diversity should be second nature, and inclusivity the norm.
Putting policies in place ensures that an accountable standard is set and continuously maintained across the board. Policies with trackable targets, that identify potential issues and layout strong action plans with full accountability will create a clear strategy. Appointing a committee or individual champions to make sure a sustained focus is maintained is useful.
Every company will have specific policies that are important to them in creating their own particular inclusive culture, but certain areas are a given:
Many choose to implement a flexible working policy to accommodate diverse needs. This means those who need to adjust their hours to suit family responsibilities, disabilities or cultural practices for example, are fully able to do so without drawing attention to themselves or feeling uncomfortable.
By making diversity a reality, you are protecting against negative bias to:
Having a diverse hiring panel before you even start thinking about developing your recruitment process, is a way to hit the ground running. The REC have said that “To become more diverse, equitable, and inclusive, many companies have turned to unconscious bias training.” The idea is to eliminate bias, unconscious or otherwise, from any decisions that are made.
Additionally, consideration could be given to certain techniques such as:
In order to appeal to a larger audience, and as we mentioned earlier, with the aim of truly accessing the best of the best, some employers engage in outreach programs which target underrepresented groups of society, or partner with educational institutions (perhaps attending careers fairs) and diverse professional financial organisations. This can be useful in snagging excellent employees before someone else!
So, now you have found and hired the best for your inclusive financial services workplace, how do you go about keeping them?
Even without considering diversity, inclusion and equity, your workplace should always be a place where any employee feels safe to express their opinions and concerns. Sadly, a lot of environments are still far from this idyll. So, what can an employer do to make their company a happy place where people stay?
Celebrate Diversity – Any differences, cultural or otherwise, should be celebrated. Companies will have their own innovative ways to do this, but it could be by observing cultural holidays, or holding specific events to highlight differing cultures. What is of paramount importance is that diversity becomes the norm and every individual feels comfortable being themselves.
Now you’ve hired the best and you’ve developed a workplace culture where everyone feels included…what’s next?
How do you continue to move forward with what you’ve achieved?
Where does diversity and inclusion in finance go from here for your company?
In an ideal world there would not be the need for this, and maybe there isn’t in your company, but it never hurts to remind and reinforce to your workforce (at all levels) to be mindful of unconscious bias.
Emphasising the need for and benefits of inclusive leadership for managers and educating staff at all levels on being aware of bias in their decision making and day to day activities, is a definite must.
For those younger staff who are still finding their feet in employment and learning the skills and culture that will see them through their working life, it is important to instil in them the benefits of an inclusive and diverse workplace. There is no reason this should not be the norm for them from day one. For those entering the workplace from a diverse background there are certain things an employer can do to help them in their career development.
The use of these types of programs where more experienced employees are connected with less experienced, probably younger, colleagues to help them develop in their career and foster a sense of belonging, are extremely beneficial. They can be used for all employees alike.
Another very useful way to foster an inclusive workplace is to actively encourage the formation of Employee Resource Groups (ERGs). These are useful for all employees, but can be particularly helpful for those from a different or diverse background. It provides somewhere for networking and professional development opportunities as well as a place where one might feel comfortable voicing concerns or making suggestions. It is an excellent place to raise discussion points for specific issues within specific communities and could focus on aspects of diversity such as:
It’s not all about internal involvement with staff, but external partnerships are important too. Engaging with diverse organisations and communities outside your company will help build your reputation as an inclusive employer whilst also giving you access to a wider field of diverse talent, suppliers and vendors. This attitude will drive better business outcomes through innovation and varied perspectives, ultimately enhancing the workplace. What’s not to love?
It’s no good having systems in place if you do not take a step back every so often and ask yourself if they are working as you intended. Hopefully you are moving forward in your goals, but measuring this progress is a wise move. If you are not where you want to be, then this is the time to fix it and regular reporting of diversity metrics can help you to see where you are, so you know where you need to focus your attention. Look at things like:
For any metrics to be used to their full advantage it is a good idea for managers to be accountable for promoting an inclusive culture, with performance reviews having diversity and inclusivity goals and other incentives included.
We’ve touched above on metrics to track progress and D&I accountability for managers, but communication and transparency is also vital in creating a workplace culture that is inclusive, welcoming and allows everyone to thrive regardless of their background.
The Diversity Project for example, whose aim is to recruit, develop, and grow a diverse generation in financial services.
From their vision:
“If we are successful:
Diversity, Equity and Inclusion is not only a social obligation, it’s a business imperative in our industry”
Diversity can enhance employee satisfaction, productivity, and retention. Afterall, when employees feel accepted and valued for who they are, regardless of their gender, age, or ethnic background, they just tend to be happier. Happy employees are more productive and less likely to leave the company prematurely.
Diversity is also great for clients who are looking for financial advice, as it will mean that they feel that they are being represented by people who are as diverse as they are.
Diversity is just the right thing to do – which very much connects with our values here at Truestar Talent. It’s about treating all people fairly.
By putting the focus on diversity for candidate attraction, to recruitment, to ongoing employment – how can it be anything other than a total win for everyone?
Diversity, equity, and inclusion, empower wealth management companies to more effectively serve potential and existing clients and to more successfully attract top talent to their teams.
Diversity makes this industry fairer for all and reflects the clients who Wealth Planners work with. The Financial Services industry is historically known as ‘male, pale and stale’. Clients come in many shapes and forms and so should our Financial Planning people!
Creating an inclusive financial services workplace requires commitment. Policies with trackable targets, that identify potential issues and layout strong action plans with full accountability, will create a clear strategy.
