THERE IS a considerable disparity in the representation of managers in the UK financial services industry, based on a recent study.
Unmistakably, there is a difference in the percentage of white employees who get management posts (14.5 per cent) compared to those from minority backgrounds (7.5 per cent).
Barrington Hibbert Associates, a recruiting firm, conducted the research, interviewing 2,000 employees across various sectors, including finance, legal, healthcare, and education.
Also, a significant portion of employees, one in four, believe they’ve faced career setbacks due to discrimination based on factors such as ethnicity, sexuality, religion, age, or gender.
The findings paint a concerning picture, with 27 per cent of respondents considering diversity and inclusion in their workplaces to be, at best, an ‘average’ priority.
Moreover, one in ten employees admitted to feeling out of place at work.
The report also highlighted the issue of “code switching” where ethnic minorities feel compelled to alter their behaviour to fit into the workplace culture.
Michael Barrington-Hibbert, chief executive of Barrington Hibbert Associates said: “The UK’s position as a leading global financial centre is under threat — more so now than ever before.
“The financial services sector contributes 8.3 per cent of the UK’s total economic output, providing over one million jobs. And yet, a vast amount of economic potential is untapped by a culture that is failing to harness the skills of black people in the industry.”
Mental health issues and disabilities were identified as significant barriers to career progression, according to the report.
Additionally, one in five employees expressed dissatisfaction, exclusion, or anger, feeling unrepresented by senior team leaders or executives in their companies.
The survey emphasised the importance of diversity at senior levels, as half of the respondents believed that diverse leadership would result in more inclusive decision-making.
The lack of representation, especially at the top, was cited as a cause for missed opportunities and a failure to harness the full potential of the workforce.
Sheila Flavell CBE, Chief Operating Officer of FDM Group, commented on the findings, saying, “Equality, diversity, and inclusion must be high on the agenda, especially in industries such as tech where we are seeing major skills shortages. Stereotypes and bias are still evident within such industries, holding back the opportunity for growth, creativity, and innovation.”
*FDM Group: A British information technology consulting company.
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