Diversity and inclusion needs a two-pronged approach 

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Events like these are essential, and help us reflect on how to better champion and support people from every walk of life. But, ultimately, it is what we do on a daily basis that really counts. 

The savings and investment world has a lot of ground to cover. 

Good work is being done to tackle this issue. But to make real and lasting progress, diversity and inclusion must be ingrained into everything we do. Every decision we make must consider those that have, and continue to be, marginalised. 

This is, above all else, the right thing to do. But it is also an issue of preservation. If our industry does not continue to improve its reputation, we risk alienating the people we need to make our businesses fit for the future. 

Every sector is becoming more technology-centric, making the war for talent fiercer than it has ever been. Against this backdrop, providers and advisers alike cannot afford to deter anyone with the skills they need to innovate, anticipate and evolve in line with customer expectations. 

We need to make diversity and inclusion matter at every level to avoid limiting the pool of talent we have access to, with far-reaching industry initiatives and targeted internal changes that deliver results.   

A two-pronged approach 

Diversity at a senior level is key. You cannot be what you cannot see. Diverse role models show that career progression is possible for everyone, both at a specific organisation and within the industry that organisation operates.  

I recently joined the City of London Corporation's independent taskforce to boost socio-economic diversity at senior levels in UK financial and professional services. 

We need to make diversity and inclusion matter at every level to avoid limiting the pool of talent we have access to.

Between now and November 2022, the taskforce will challenge the lack of career progression for those coming from non-professional backgrounds and explore the intersections with other protected characteristics, including gender and race.

I look forward to reporting on the taskforce’s progress, but the industry will not change if we only take a top-down approach. The onus is on individual companies to embed diversity and inclusion across their entire organisation. 

We have had great success directly involving our employee networks – which are made up of a third of Standard Life Aberdeen’s workforce – in the development of our diversity and inclusion action plans, but also in the design of specific policies and processes. 

Businesses that are on the front foot will be able to show their employees that the creation of a more inclusive workplace is a priority to them and, ultimately, these are the businesses that will find it easier to retain and attract talent. 

The networks helped shape our parental leave policy and support ongoing efforts to hardwire diversity and inclusion into our HR processes, such as talent and recruitment. For example, we now use software to remove gendered language from our job adverts, encouraging a more diverse set of applicants.  

Our networks are employee-led, but they also have a sponsor at leadership level to maintain a direct link with management. I sponsor Balance, a network committed to promoting an inclusive working environment and improving gender balance at all levels of Standard Life Aberdeen.  

My peers and I have found this system incredibly rewarding. It also supports a culture of transparency, which is something advice businesses of every size can adopt easily.  

Greater transparency is gradually being enshrined in legislation. However, businesses that are on the front foot will be able to show their employees that the creation of a more inclusive workplace is a priority to them and, ultimately, these are the businesses that will find it easier to retain and attract talent. 

Data collection is essential on this front. But finding out as much as possible about the people that work for you and their experiences, through employee surveys and as a part of the recruitment process, is also the best way to identify areas for improvement.

This can lead to impactful changes that do not cost much to implement, such as reviewing the promotion process. 

Making a business more inclusive does not happen overnight, and as an organisation we still have a lot of work to do.

But I am encouraged by the steps we and others in our industry have taken so far and I am confident that with a concerted effort we can reserve negative perceptions and foster a culture that people from every background want to be a part of.  

Noel Butwell, chief executive, Adviser (division) at Standard Life Aberdeen