Business & Investment

Black employees severely discriminated against in the financial services industry

NS Competition for equality: UK financial services The report surveyed 800 employees from 440 UK financial services companies of various sizes and found serious problems of racism and discrimination within the industry.

71% of black employees reported experiencing discrimination in their organizations. The report reports that this is partly due to a high level of tolerance for discriminatory behavior. Only 6 out of 10 black employees reported that racial, ethnic, and gender-based jokes were unacceptable in the company, and only 53% were reluctant to discuss racist issues within the team. not.

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The report also mentions how black employees are restrained for race, with 46% believing that rooted labor practices or cultures make progress difficult. increase.

Black employees are least likely to report equivalent perceptions in the workplace compared to their colleagues, with 34% agreeing, compared to 33% of Asian employees and only 20% of white colleagues. I am. This reflects that 39% of black employees report that their career progress is slower than that of their white peers.

Only 55% of black employees reported that they were comfortable enough to talk to their colleagues about their background and cultural experience. This is the lowest of any ethnic group. Twenty-seven percent feel that they need to change aspects of their behavior at work to suit them.

Finally, black employees report that they need to develop an essential black role model to tackle racism in the industry, with 64% wanting senior-level diversity and 46%. Lists a visible senior role model for the company. Have a similar identity or background as an important element.

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Lawrence Hemming, Research Leader for Reboot. EY’s assistant director said these findings “reflect the cool reality faced by many black employees in today’s professional environment.”

“Listening to the experiences of the black community is an important step in raising awareness and addressing the inequality we see today, as the stories and role models currently presented in Black History Month show. “He added.

“It’s no longer enough for companies to take a comprehensive approach to dealing with diversity and inclusion. The report shows that black employees are the least supported ethnic group in the workplace and businesses across the financial services sector. Leaders do more to listen to employee feedback and individual experiences. “

Justin Onuekwusi, reboot. Legal & General Investment Management’s Ambassador and Head of Retail Multi-Asset Fund said: With an understanding of the particular prejudices and obstacles experienced, employers need to drive more effective change to achieve greater equality in the workplace. “

Mary Fitzpatrick, reboot. A member of the Rolls-Royce Advisory Board and Global Head of Diversity and Inclusion, said: The entire industry.

“To make progress, we need to be at the top. Business leaders need to take diversity and inclusiveness seriously and consider it a top priority for the company. This is at all levels. Includes regular hearings of ethnic minority employees. Senior sponsors and allies for young black employees, and updates and evolution of training programs and recruitment policies to improve awareness and representation. “

Black employees severely discriminated against in the financial services industry

https://www.investmentweek.co.uk/news/4039382/black-employees-heavily-discriminated-financial-services-industry Black employees severely discriminated against in the financial services industry

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