In February 2018 the Chair of the Treasury select committee, Nicky Morgan, wrote to 33 financial services firms calling on them to sign the Women in Finance Charter*. Originally drawn up in 2016 the charter represents a joint commitment by HM Treasury and the financial sector to work together in order to deliver gender balance at all levels across financial services firms.
Since its inception more than 160 companies representing over 600,000 employees have signed up to the charter. Of those which are yet to sign up, a number have already confirmed openly that they support the charter’s aims with signature to the charter being under active consideration. For example, Goldman Sachs was quoted by the BBC as seeing their participation in the charter as one element of a broader commitment to diversity and inclusion at all levels across the organisation. Similarly, a Close Brothers spokesman confirmed their commitment to promoting diversity and equality, commenting that “our chief executive is a longstanding member of the 30% Club, an institution aimed at promoting gender balance at all levels.”
This raises an interesting point. Over recent years diversity and inclusion has become a mainstream topic across the business spectrum. As a result businesses are facing calls to improve diversity levels from a variety of sources including government, quasi government organisations, regulators, investors and others. Given this momentum, adding a signature to a pledge in most circumstances will only be putting a public face on an ongoing internal transformation.
Committing to diversity
Signature or not, true commitment to diversity requires an organisation-wide reappraisal of training methodologies, working practices and perceptions. For example, there is little point in committing to diversity of opportunity if a department leader then arbitrarily imposes early starts or late meetings; effectively disenfranchising those who may have childcare commitments. Similarly, those with caring commitments of any kind may not be receptive to the imposition of a training schedule which requires regular absences from the home.
On the other hand, blended learning schedules which are designed to respond flexibly to individual needs can be one of the greatest weapons in the diversity armour. Not only do they deliver training as and when required; by responding to individual needs they help people to take responsibility for their own development and destiny.
Diversity and inclusion isn’t simply a matter of job progression. It’s about giving everyone a chance to learn and to grow and to deploy their own individual talents for the benefit of the organisation. Signature or not, commitment to diversity starts in the boardroom and with the executive team but success only comes once that commitment is built into every aspect of the business from internal and external relationships to processes, attitudes and behaviours.
*https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/519620/women_in_finance_charter.pdf
