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DIVERSITYANDINCLUSIONFEATURES


True diversityandinclusion all about culture, not quotas


RESEARCH WRITTENBY ELISATROVATO


Leaders across financial services firms are determined to build more diverse workplaces although many are frustrated by the progress


F


inancial services firms claim tohavemadesignificant efforts in recentyears to increasetheproportion ofminority groupswithin


theirworkforce, fuelledbygreater awarenessof diversity benefits, social pressureandregulation. Whilesomehavestruggledwith


this effort to increasenumbers,an evengreaterchallengehasbeen developingacultureof inclusion, supportedbyleadershipand educational frameworks, toensure eachemployee, regardless ofgender, race,age, sexual orientation, disability orsocialbackgroundfeelsvalued andrespected.Onlybycreatingthis senseofbelongingandpurposecan individualsdeveloptheir fullpotential andthrive. Theseareamongthekeyfindings


emergingfromPWM’sLeadership, DiversityandTrainingsurvey,carried outinpartnershipwithNewYork- basedconsultingfirmGlobalLeader Group. Thestudy,conductedinMarch,


canvassedviewsof62leaders. Geographicallyspread,witheven male/femalecontingents, its respondents includedCEOsand presidents,partnersandfounders,and regionalanddivisionheads, across awiderangeof firms.Theseranged fromglobal privatebanksandasset managers toboutiquewealth firms, familyofficesandfintechs. Themoststrikingoutcomeis that


almostall leaders(98percent) are committedto fosteringadiverseand


FIG 1


HOWSTRONGLYDOYOUAGREEORDISAGREE WITH THE FOLLOWING STATEMENTS ABOUT DIVERSITYANDINCLUSION?


Iamcommitted to fostering a diverse and inclusive culture within the firm


Diversity of background, disability, sexuality and other factors are as important as gender, race and age


Diversity by gender and ethnicity can boostmyfirm's performance and client acquisition metrics


address today, as there is sufficient data and is easier to measure Over the past year, I have strengthenedmy


commitment to racial equity withinmyteam/firm


Using blind CVs is a highly effective strategy to recruit a more diverse workforce


Linking executive pay to diversity targets is an effective strategy


I believe in quotas as an effective way to promote diversity and inclusion


020406080100 Per cent


Strongly agree Source: All charts - PWMresearch/Global Leader Group


inclusiveculturewithin thefirm. Eighty-sixpercent areconvinced that diversitycanboostthe firm’s performanceandclientacquisition metrics (see Figure 1),asdifferent perspectiveslead toamorerobust decision-makingprocess,anda workforceof individualswithdifferent traitsandcharacteristicshelpsfirms bettermeettheneedsof their diverse customerbase.Broadeningthe talent poolalsomeanshiringthe best people, drivinginnovationandinternational reach. “Thereisawidespreadawareness


ofthe fact that diversityandinclusion contributes tocompanies’ financial performance,”saysLuigi Pigorini, headof CitiPrivateBank,Emea. “Whileintheshort term,homogenous teamsproducebetter results, inthe longterm,diverseteamsmassively outperformhomogenousones. This is whyit is crucial to invest in diversity.” However, puttingsuchknowledge


into actionprovesmore difficult,which helpsexplainwhyalmostathirdof leaders arenotsatisfiedwiththeresults achievedbydiversityandinclusion strategies attheir firm (Figure2). “Youcancertainlybuildaworkforce


thatmeetsdiversityquotas.Butto allowthat diverseworkforceto reach its fullpotential,youneedthemindset. Andthat’s culture,asharedbelief systemandcommonpurpose,” states CarolGeremia,presidentandheadof global distributionatUS-basedMFS InvestmentManagement. Her belief is thatpeopleunite


aroundacommonvalue, driving engagementandhelpingattractand retainadiverseworkforce,whileher mainconcernis ofcorporates’“knee- jerk responses”aroundreaching diversity objectives.Shedivides diversity intotwotypes: ‘lowvalue’, unitingemployeesaroundacommon purposeand‘highcognitive’, allowing ethnicallyandsociallydiversetalent to bringdifferent viewpoints,experiences andeducation toafirm.Successful enterprisesneedtocombinethetwo. “Aculturewherehighcognitive


diversity isappreciatedandlowvalue diversity isengrainednotonlymeets employees’ deficiencyneeds,such assafety, trustandcomfort,but also createsopportunityfordeeperlevels ofmotivation,”saysMsGeremia. Onlythenwillemployeesaspireto meettheir growthneeds,suchas


PWMNET.COM 25 Agree Gender diversity is one of the easiest types of diversities I can


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