Underrepresentation remains a major issue in the world of finance, and despite the moderate gains made in the past few years, the industry is still home to one of the largest gender pay gaps in the United Kingdom.
This is particularly prevalent as you hit the senior levels – the pay gap for financial managers and directors rested at 28% in 2022, according to data from the ONS, which translates to men earning £37.25 per hour compared to women’s £26.86.
Here at Broadgate, we’re committed to combatting injustices just like this pay gap. By underpinning our entire staffing methodology with a diversity-led approach to life, we can reshape recruitment, and change the way it impacts the world of work for everyone.
What do diversity and inclusion mean to a financial candidate? We have a wealth of experience in placing candidates from an array of different backgrounds, and we’ve found that a company that advocates for DEIB (diversity, equity, inclusion, and belonging) is a real game-changer.
A Stronger Value Proposition
The modern job seeker is more likely to seek out employees that share their values, and as a new generation enters the workforce (the most diverse generation in history) they’re looking for businesses with progressive principles.
As an employer, this represents a unique opportunity – integrating a diversity-led methodology into the talent acquisition process, i.e., an inclusive hiring process, clear representation at the senior leadership level, and a policy that supports diverse candidates can give you the edge over your rivals.
Getting yourself known to the world as a DEIB champion is a strong value-add for talent looking to align themselves with a company mission they can truly believe in.
Opportunities for Growth
One of the key drivers behind the great resignation back in 2021, a phenomenon that saw an abundance of workers quit their jobs, was the lack of support and opportunities for growth in the workplace.
Businesses that value inclusion, value the needs of their people. One of these needs is the space to grow professionally, and if that’s not granted, people have proved that they’ll look elsewhere.
Similarly, poor workplace environments were exposed during the pandemic, as many employees witnessed their rotten company cultures spread into the remote working model.
When diversity and inclusion come first every time, these conditions don’t get a chance to thrive. According to research from Culture Shift, 46% percent of their survey respondents claimed to have witnessed problematic behaviour in the financial industry, and 57% wouldn’t accept a job known to have a toxic workplace.
The finance industry has an opportunity to change its reputation (and its culture) by adopting a diversity-led methodology, provided it does so authentically.
A Wider Talent Pool
Finance is home to a vast number of roles and responsibilities, from private equity jobs and accounting to investment banking and auditing, there’s a need for finance professionals everywhere. As a result, talent comes from all over the world.
Employers that can accommodate everyone’s individual needs, and actively eliminate bias at every cornerstone of the business, can effectively access a much wider talent pool. It represents a world of new opportunities for candidates looking to apply, and it makes the talent search easier for the employer.
Are You Hoping to Diversify Your Talent?
A homogenised workforce can’t answer the diverse range of questions in today’s world. Diversity of thought and collaboration is the driver behind innovation, and here at Broadgate, we believe in reshaping recruitment by placing people at the heart of every move we make.
If you’re searching for your next staffing solution, get in touch with the team today, we’re on a mission to partner with businesses that share a vision of a better working world for all, and we’re here to help.