Building an Inclusive Work Environment
In our increasingly globalised and interconnected world, diversity and inclusion have evolved from mere buzzwords to essential business pillars. Creating an inclusive work environment goes beyond simply hiring a diverse team. It involves cultivating a culture where every employee feels valued, heard, and empowered to express their true selves at work. In this blog post, we delve into the strategies for fostering such an environment.
Understanding Inclusion
Before we delve into the specifics, it's crucial to understand what inclusion means. Inclusion is about making sure everyone—regardless of their race, gender, age, religion, disability, or sexual orientation—feels genuinely valued and respected. It's about creating an environment where differences are not just tolerated, but celebrated as a source of strength.
Why Is Inclusion Important in the Finance Industry?
Inclusion in the finance industry is not just about ticking boxes or meeting quotas. It's about leveraging diverse perspectives to make better decisions, drive innovation, and improve performance. Here are some reasons why inclusion is crucial in finance:
Better Decision-Making: Diverse teams tend to make better decisions because they bring a range of perspectives and experiences. This diversity of thought can lead to more robust risk analysis, innovative financial solutions, and improved financial performance. Having diversity, specifically with female talent at the top, allows great role modelling for junior hires. Moreover, it sends a strong message about the company's commitment to diversity and inclusion, fostering a culture that values talent and hard work over stereotypes and biases. We have worked directly with clients to ensure their gender balance is as fair as it can be when it comes to future hiring which has included curating specific market maps that highlight potential female candidates in the industry. These maps not only provide a comprehensive view of the talent landscape but also help identify and target qualified women who could bring unique perspectives and skills to the table.
Enhanced Reputation: Companies that prioritise inclusion often enjoy a better reputation, which can attract top talent. They are seen as progressive, socially responsible, and appealing to work for. We have noted from our own hiring into growth investment banking teams that the best talent will be more inclined to join a firm that prioritises diversity, and will often chose this over a higher compensation package. This shift in priorities reflects a broader societal change. Today's top professionals are not just looking for a pay check; they seek meaningful work in an environment that respects and values all its staff.
The Benefits of an Inclusive Work Environment
PwC's Female Millennial Report states that 85% of respondents revealed that "an employer’s policy on diversity, equality and workforce inclusion, was important when deciding whether or not to work for that employer." An inclusive work environment isn't just good for employees—it's good for business. Studies such as these show that diverse companies are more innovative, better at problem-solving, and more profitable.
Examples of Diversity and Inclusion in Investment Banking
The importance of diversity and inclusion in investment banking cannot be overstated. Many leading firms, including those Pearse Partners work with, are taking significant steps to promote these values:
Goldman Sachs, for instance, has set a goal to achieve equal gender representation in its global workforce by 2025. This commitment reflects their understanding of the value that diverse perspectives bring to the table.
Similarly, JPMorgan Chase has established an Office of Disability Inclusion, aimed at promoting greater inclusion of employees with disabilities. They've also set targets for increasing the number of women in leadership positions and hiring more employees from diverse backgrounds.
Morgan Stanley has also shown a strong commitment to diversity and inclusion. They believe that a diverse and inclusive environment is not only the right thing to do but also makes them a better firm by bringing in a wide range of perspectives and ideas.
Deutsche Bank has built its values on diversity and inclusion, considering them prerequisites for their Global Hausbank ambitions.
Working with Pearse Partners
As a finance recruitment firm, based in London, we regularly work with large, renowned firms where building an inclusive work environment is top priority. Therefore we have undertaken specific work to analyse the market and work with clients to identify these gaps. This has not only led to a better understanding of the roles they need to fill, but also enabled us to help build the right team for the job. We strive to have an open and collaborative dialogue with our clients which fosters inclusion in all areas of recruitment. Our commitment doesn’t stop there, as we work together with them to embed diversity into their organisations. Contact us and we will be happy to meet with you to build your future inclusive and diverse investment banking team.
