We have today published the Financial Services Culture Board (FSCB) and Financial Services Skills Commission (FSSC) Inclusion across financial services: Piloting a common approach to measurement report. Measuring inclusion in the workplace, developing a culture of listening, and prioritising inclusion alongside diversity in the Boardroom is key to attracting and retaining talent across financial services, according to a report published today by the Financial Services Culture Board (FSCB) and the Financial Services Skills Commission (FSSC).
The report, Inclusion across financial services: Piloting a common approach to measurement, is the largest sector survey in the UK on inclusion to date with over 3,000 employee responses. The findings showed that, while the majority of employees surveyed felt their managers promoted an inclusive environment at work, individual experiences differed by (for example) disability, ethnicity, tenure and leadership responsibility. This was particularly the case when it came to concerns relating to being stereotyped, speaking up about issues, and the perceived fairness of workplace processes.
The research identified five principal findings:
- Nine in ten (89%) employees are positive about their managers’ efforts to promote inclusion at work.
- One third (33%) of firms participating in this survey do not currently discuss inclusion metrics at Board level. Many firms compile diversity statistics, and these are likely to be discussed at senior level, but data on inclusion is less frequently reviewed.
- One fifth (19%) of respondents were concerned about being judged on their ability based on stereotypes about their identity or background.
- 17% of employees worried about the negative consequences of raising a concern and a quarter (25%) of respondents were unsure, or did not feel listened to, when speaking up.
- Nearly three quarters (72%) of employees said that they had fair access to progression opportunities, but around 13% did not. When asked what leaders could do to make their organisation more inclusive, suggestions related to recruitment, reward, progression, and workload were among the top 3 groups of responses.
