The Black Lives Matter movement sparked a positive change four years ago and had a huge influence on Financial Services businesses’ commitment to race equality in the workplace.
However, since then there has been no remarkable improvement, with over two thirds of employees saying that their employers current state of ethnic and racial diversity efforts has not changed or has declined compared to two years ago, according to new research from Reboot: Race to Equality: UK Financial Services 2024 report*.
The research, conducted by Reboot – a campaign group of senior financial services professionals working to advance the dialogue and action on race and ethnicity in the workplace – and research house Coleman Parkes, reveals that funding is being reduced and diversity, equity and inclusion (DEI) programmes are being decommissioned as CEOs prioritise cutting costs rather than focusing on improving diversity.
Reboot’s report found that employees believe their CEO should be doubling down on diversity, with six in ten (61%) feeling that if top level leaders took significant action to address racism it would have a considerable positive impact on the culture and ultimately, on the bottom line.
Mary O’Connor, former Chief Executive Officer and Board Director, said: “As a former CEO, I have seen how diversity not only protects firms from downside risks such as groupthink, but also fosters growth and unleashes productivity and innovation. Companies that fail to embrace diversity are also failing to achieve their commercial potential and leaving money on the table.”
