In April 2021 the Banking Standards Board relaunched itself as the Financial Services Culture Board (FSCB), with an expanded membership scope to include firms across financial services. On 23 February 2022, the FSCB together with the Financial Services Skills Commission (FSSC) published a report ‘Inclusion across financial services: Piloting a common approach to measurement’.
The report is based on the largest sector survey in the UK on inclusion to date with over 3,000 employee responses. The survey findings show that, while the majority of employees surveyed felt their managers promoted an inclusive environment at work, individual experiences differed by (for example) disability, ethnicity, tenure and leadership responsibility. This was particularly the case when it came to concerns relating to being stereotyped, speaking up about issues, and the perceived fairness of workplace processes. Other key findings include that one third of firms participating in the survey do not currently discuss inclusion metrics at board level. Many firms compile diversity statistics, and these are likely to be discussed at senior level, but data on inclusion is less frequently reviewed.
Based on the report’s findings, there are four actions organisations can take to help improve inclusion in the workplace:
- Understand and measure inclusion – not just diversity – within firms. Firms should aim to measure both diversity and inclusion in the workplace, in a way that allows different views across employees to be gathered and assessed. A detailed firm wide view is necessary to uncover the variations in employment sentiment and experience.
- Develop and demonstrate a culture of listening and learning. Firms should visibly demonstrate that employee feedback is being listened to, and that giving feedback is recognised and valued.
- Maintain and demonstrate fair and transparent processes and systems. As the workplace evolves, firms should keep internal processes and systems under review from a fairness perspective.
- Demonstrate strong leadership on inclusion. Ambitions around inclusion need to be reflected at all levels within the company with clear leadership and managers ensuring individuals are being recognised when they promote inclusion.