Black and ethnic minority workers in financial services still experience discrimination in the workplace, according to new report.
The report, ‘Race to Equality: UK Financial Services’, conducted by think tank reboot in partnership with research house Coleman Parkes found that seven in 10 (71%) black employees have experienced discrimination at their organisation.
High levels of tolerance for discriminatory behaviour may be fuelling this culture, with only six in 10 (60%) black employees convinced that racial, ethnic and gender-based jokes are not tolerated in their company.
Over half of (53%) of black employees feel comfortable discussing issues of racism within their team.
The study also found that over a third black (34%) of employees say they are least likely to receive equal recognition at work relative to their colleagues. This compares to 33% of Asian colleagues, and just 20% of white colleagues.
This disparity in experience is reflected in a lack of career progression for black employees, with 39% of the view that their career progression has been lower than that of white peers.
Black employees feel least able to be themselves at work across all ethnic groups, with only 55% responding that they feel comfortable enough to talk about their backgrounds or cultural experiences with colleagues.
Also over a quarter (27%) feel the need to change aspects of their behaviour at work to fit in.
When asked about the barriers to career progression within financial services companies, almost half of black employees (46%) said they believe engrained working practices or cultures have made it hard to progress.
Developing black role models and senior leaders is integral to creating a more inclusive culture. To tackle the issue, two thirds (64%) of black employees would like to see a greater diversity of people in senior levels.
While having a visible senior role model in the company with a similar identity or background is an important factor for nearly half (46%) of black respondents.
The research surveyed 800 employees from 440 UK financial services firms, ranging from blue chip firms to boutiques.
Research lead for reboot and assistant director at EY Lawrence Heming said: “These findings reflect a sobering reality that many black employees face in today’s professional environment. It is no longer sufficient for companies to take a catch-all approach to diversity and inclusion measures.
“The report shows that black employees are the least supported ethnic group within the workplace, and business leaders across the financial services sector need to reflect on the feedback from employees and do more to listen to individual experiences.”
Reboot ambassador and head of retail multi-asset funds at Legal & General Investment Management Justin Onuekwusi added: “These findings highlight the progress financial services firms still need to make to achieve a truly inclusive and representative culture for black employees.
“It is critical that business leaders take the time to understand the individual lived experiences of their black employees and accurately pinpoint the unique challenges they face. With a deeper understanding of the specific prejudices and obstacles experienced, employers must drive more effective change that will achieve greater parity in the workplace.”
Financial adviser and television personality Emmanuel Asuquo told Money Marketing that there is still a lot of ground to cover when it comes to diversity in the upper echelons of the financial sector.
“When we think about financial services as a whole it’s still predominantly a white man’s industry so it can be difficult trying to break these barriers when people have their own preconceptions of who they feel will fit best in their teams.
“I have colleagues who have gone for jobs and not got it not because they don’t have the experience or qualification, but because the [recruiters] felt they won’t blend with the team which basically mean in layman terms that the team is white and you’re black we don’t think you’re going to fit in.”
Comments