Member Article

Financial giants and media organisations reinforce commitment to ethnic minority talent

CEOs and business leaders from some of Britain’s biggest financial and media organisations have reinforced their commitment to improving the representation of Black, Asian and ethnic minority (BAME) employees.

The Bank of England, HSBC and Channel 4 are amongst the organisations who signed up to the Investing in Ethnicity and Race initiative last year after it was launched in Parliament by Labour MP Dawn Butler and diversity and inclusion specialists, SPM Group.

Public and private sector businesses are involved in the scheme which works to promote solutions around BAME career advancement and the increased representation of minority ethnic people at boardroom and other senior levels.

The initiative followed a government review which found the lack of Black, Asian and minority ethnic people was costing the economy £24billion a year. The same review by Baroness McGregor-Smith highlighted that workers from minority backgrounds hold only 6% of top management positions. People from BAME backgrounds were also more likely to work in lower paid and lower skilled jobs despite being more likely to have a degree, the report also found.

Founder of the Investing in Ethnicity and Race initiative, Sarah Garrett MBE, said:

“It is unacceptable that people are being held back in the workplace because of their ethnic background. Investing in Ethnicity is all about ensuring that all people, regardless of their ethnicity, have the same opportunities to progress and can achieve their true potential.

“A year on since its launch we have made some great achievements - we’re working with some of Britain’s biggest employers to bring about practical and positive change.

The ideas put forward in the Investing in Ethnicity Maturity Matrix, which was designed in consultation with employers, are being implemented in workplaces all over the country as a tool to start a dialogue around improving opportunities for BAME employees.“

Channel 4 Chief Executive, Alex Mahon, has backed the initiative.

Commenting on the Investing in Ethnicity programme, Ms Mahon, said:

“There is clear evidence that having a more diverse workforce drives innovation and creativity in businesses and delivers financial and competitive advantages. I’m thrilled to support the Investing in Ethnicity programme which I hope will help bring more people from different ethnic backgrounds into senior positions in British industry.”

One of the UK’s largest banks HSBC is also a major supporter of the programme.

Ian Stuart, CEO, HSBC UK said: “We believe a diverse workforce brings benefits for our customers, our business and our people. Building an inclusive culture is vital for our future success, and whilst we have made progress this year, we recognise there is still much more to be done. I was delighted to sign up to the Investing in Ethnicity and Race programme to support our commitment to increasing representation of BAME employees throughout our organisation”

The first ever Investing in Ethnicity Awards will take place on 01 November 2018. The award ceremony follows the launch of the initiative and will recognise business leaders and people in the public eye with a track record of promoting diversity and inclusion.

This was posted in Bdaily's Members' News section by James Boyce .