PEOPLE from ethnic minorities still encounter offensive jokes, fewer opportunities, and uncomfortable remarks in the financial services industry, with HR, often doing little to help, according to a survey, revealed by researchers in a survey.
The research was carried out by professional grouping Reboot and company Coleman Parkes, which was based on 800 financial services professionals with at least 10 years of experience in the field.
Seven out of ten ethnic minorities (68 per cent) have faced discrimination at work in the last year.
Eight out of ten ethnic minorities (82 per cent) have encountered unfavourable comments based on their origin. Thirty two per cent of respondents who identified as ethnic minorities said they did not have the same opportunities as their white counterparts.
It also found, 25 per cent of participants thought that racial jokes were still tolerated at their workplaces.
Hannah Grove, advisory board member and non-executive director of Reboot, said: “These stark findings are bad for society and business and mean that we are perpetuating systems and practices that keep a significant talent pool from achieving their full potential.”
She added: “The cost of status quo is way too high and success, or failure, will impact us for generations to come.”
Furthermore, 75 per cent of respondents indicated they did not believe the department was handling these issues effectively, despite 47 per cent saying they had brought up discrimination-related issues with their HR staff.
People who had experienced prejudice said that managers scrutinised them more, and 48 per cent claimed that after reporting it, their co-workers treated them differently.
Dimple Mistry, the co-chair of the race and ethnicity workstream at the Diversity Project and Reboot Ambassador, said the findings are “a call to action for all HR professionals to come together, educate themselves and create safe channels for staff to approach them, and for matters to be taken seriously when raised”.
Also, the report revealed this has an immediate effect on companies, as almost half (49 per cent) of those who experienced discrimination in the last year reported having to take time off work, and a similar proportion needing to seek counselling to help them cope with all the stress at work (56 per cent).
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