‘Minority staff face bias in finance sector’
SURVEY SHOWS UK FIRMS FAILED TO CREATE AN INCLUSIVE CULTURE
TWO THIRDS of UK finance workers from ethnic minority backgrounds have faced discrimination in the workplace, a survey of 800 employees from more than 400 companies has found.
Analysis on Tuesday (6) revealed 66 per cent of BAME staff had experienced discrimination at work as a result of their background.
Around 28 per cent of staff from ethnic minority backgrounds said discrimination was holding back their career, while 41 per cent thought their employers weren’t demonstrating a full commitment to creating an inclusive environment. Nearly half (48 per cent) felt their career progression was slower than for white colleagues. The findings are detailed in the Race to Equality report by Reboot, a network of senior black, Asian and minority ethnic executives. Its authors said the industry was “failing to back up diversity pledges with concrete action”.
“This is not a problem for ethnic minority employees,” they said. “It is a problem for financial services.”
Reboot advised industry leaders to listen to their employees; update and evolve training programmes; develop role models through senior business sponsors; and educate and empower HR teams and review practices.
In response to the findings, Jörg Ambrosius, European chief executive of the US investment manager State Street, who are part of the Reboot network, said: “There is more work for all of us, and the problems and challenges that remain will only be solved if we address them collectively. This must have everyone’s attention.”
Justin Onuekwusi, head of retail multi-asset funds at Legal & General Investment Management, said industry bosses needed to carefully consider their employees’ individual needs.
“They need to work to develop how they can support their career progression and create a more inclusive culture. This is something that is apparent across the sector – it is not restricted to one area of the financial services
space – so there is no room for anyone to bury their heads,” Onuekwusi said.
In July, a report from the Financial Conduct Authority found that fewer than one in 10 management roles were held by black, Asian, or other ethnic minority staff.
Currently, only 13 of the 100 largest UK-listed employers currently report their ethnicity pay gaps. Companies
with more than 250 employees have been legally required to disclose their gender pay gap since 2017.
The poll also follows recent data that found the City of London is making slow progress on narrowing the gender pay gap – women in investment banks earn 56 pence for every pound that men earn when comparing their average hourly pay.