Barriers to the finance sector for people of colour
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diversity and inclusion
There are believed to be no more than 12 black portfolio managers in the entire UK investment management industry, according to a 2018 study by New Financial (1). The lack of people of colour in the finance industry is still at a staggering low, especially at manager or higher positions, although 118 directors in the FTSE 100 are from an ethnic minority – defined as those who “identify as or have evident heritage from African, Asian, Middle Eastern, Central and South American regions” – up from 92 in 2020 (2). This may look like the numbers are on the rise, however it is still significantly lower than the number of white people in the same position.
The number of remote workers is on the rise. In fact, it is expected that 92% of people are expected to be able to work from home at least once a week after the pandemic.
Too many workplaces are not evolving their job listings alongside their company. Even though plenty of workplaces have every intention of wanting to hire and create a more diverse team, their out of date job listings let them down. 90% of companies say they care about diversity and inclusion, yet only 4% actually show it. Hiring the wrong candidate is extremely costly and 89% of placements usually fail within the first 18 months because the candidate isn't the right fit for the company culture.
"Believe that people are created equal, but not the same."
LGBT inclusion in the workplace is becoming increasingly popular to both employers and employees for all types of organisations across the UK. Research from Stonewall claims more than 35% of LGBT staff have hidden that they are LGBT at work for the fear of discrimination. 1 in 10 black, Asian, and minority ethnic LGBT employees have been physically attacked by customers or colleagues in the last year and nearly 2 in 5 bi people aren't out to anyone at work.
And here we are again. Lockdown 3.0. With schools and colleges closed, the panic, dread and complex issues surrounding working from home with children is something employers must approach with diligence.