by Rachael Brooks | 4 June 2019
What can we do to attract more diverse talent into the Wealth & Investment Management sector? In this blog to celebrate LGBT Pride month, Manager Rachael Brooks explores.
The Wealth & Investment Management sector has been known to fall down when it comes to equality, diversity and inclusion (EDI) due to its traditional nature and ‘white middle class’ roots. As a result it often fails to attract and retain the diverse candidates I believe it needs to secure its future growth. As our talent pool shrinks, the need to recruit from a wider talent pool grows, which is something investment houses need to realise before it is too late.
This might not be an immediate concern for many organisations that have a solid and long-standing workforce, but the need to recruit is inevitable, and if our talent pool continues to decline recruiting the right talent is only going to become more difficult. In these instances, if steps are not taken by these organisations now, they are likely to lose out on the best talent and be left with large gaps in their teams.
That being said, there are some positives, and despite the Wealth & Investment Management sector lagging behind when it comes to diversity and inclusion, there is some momentum growing which is great to see. There is a real sense of urgency amongst my client base and I am witnessing a widespread commitment to improve diversity within the sector, making the need to make changes now all the more vital. However more still needs to be done and the rest of the sector needs to catch up.
But what action needs to be taken? Firstly, organisations within this sector need to audit themselves internally and ensure they have a culture and environment that will attract and retain diverse candidates. Businesses within this sector need to be championing diversity in everything they do, and ensure that they have an inclusive environment that encourages all candidates.
Putting boundaries in place to reduce inappropriate office ‘banter’, setting up internal networking groups and offering benefits that promote a healthy work/life balance are just a few ways businesses can do this. Ensuring staff are adequately trained in EDI is also hugely important and a highly effective way of reducing discrimination within any business. Organisations also need to be flexible and adapt with the needs of their workforce. Gone are the days when a one-size-fits all approach would work. Instead, businesses need to listen to what the market wants and adapt in order to remain competitive.
If Wealth & Investment Management organisations do not diversify, I believe they run the risk of pigeon-holing themselves to one ‘type’ of candidate and limiting the talent pool they can recruit from longer-term. Businesses in this sector need to understand that the best talent not only wants, but expects to work in an inclusive and diverse workplace, which makes the need to diversify essential rather than optional.
If you would like assistance attracting more diverse candidates to your team feel free to contact me by emailing me at firstname.lastname@example.org.
This blog was originally featured in the Liverpool Business Post.