Branding everything as a diversity effort can make people weary and better outcomes could be achieved if diversity was integrated into firms' core structures, according to Isabel Scavetta, co-lead of Inclusive Cyber at Global Shapers.
Scavetta, a Global Shaper (an initiative of the World Economic Forum), explained that, while diversity is “amazing”, evoking it too often could lead to its own drawbacks.
“For some people it can feel like a softener to your career”, she explained.
As an example, she pointed to a number of internships at financial services firms she has engaged in, all of which have been “very heavily diversity branded internships”.
“It can feel like I was fast streamed into those internships and that it wasn’t the same as a ‘real internship’,” she explained.
“Diversity outreach is amazing, but I would challenge companies to actually integrate that as a core part of their regular structures, rather than exclusively doing specific tracks for different groups.”
Mentorships
Scavetta discussed what more the industry could do to improve, identifying mentorships as one particular area that could see further development.
While she stated she “loves mentorship schemes”, and has participated in many during her career, she acknowledged they don’t always go far enough.
As an example, she pointed to the gender pay gap, stating it will take the industry “300 years” to equalise the problem and so it is important to prioritise solutions that make “real tangible changes”.
This involves not just upskilling people at the level they are currently at, but instead helping them move into the level above.
To help achieve this career ascension, Scavetta pointed to sponsorships becoming “much more important”.
“Having someone who is more senior than you, more connected than you, that is willing to put your name forward to groups, organisations, and opportunities that you may not have access to is really helpful," she explained.
“Especially in terms of general mobility and improving diversity."
She added it was “great to see” opportunities for people to develop and progress and “become leaders” being focused on, in addition to supporting them within their current roles and levels.
Encouraging younger people
Scavetta praised one particular area of financial services outreach, highlighting how effective it is to offer internships to students to bring more young people into the industry.
She described this offering as being “really helpful in terms of explicitly calling out for other backgrounds and underrepresented backgrounds”.
She pointed out that companies’ job spec’s might turn off potential applicants who believe they are not up to the standards being offered.
Instead, she recommended explicitly calling out for the groups companies are interested in, such as from a diverse range of different academic backgrounds.
“We just want to speak to you and learn from you,” she said.
Career journey
Scavetta outlined her career journey, pointing out that while she has ended up in a more tech based role, she had spent her fair share of time within financial services.
She recounted participating in a number of internships in financial services while she was still in university which offered her a “practical understanding” of what the industry looks like.
However, during the pandemic, she made the decision to explore other options, specifically looking into a career in cyber to pursue a long held interest.
Despite this career shift, Scavetta still works very closely with the industry, as she explained: “If we're talking about cybersecurity, I see banking and financial services as part of the backbone of the world at large.”
She warned how important cyber was for protecting financial services as: “In terms cybersecurity attacks or attacks on critical infrastructure, banking is one of the biggest threats in the world right now.”
Industry concerns
Scavetta identified a vulnerability to cyber attacks as a particular area of concern for financial services.
She explained the constant emergence of new technologies is currently outpacing legislation and policy, thereby presenting a “huge amount of risk”.
“We are becoming a technologically enabled generation, a technologically enabled society, but not a technologically educated one,” she stated.
This presents a huge danger as, while full time cyber professionals may be aware of the latest technological scam, “a lot of the traditional advice that we’ve learned around cyber is now outdated”.
For advisory firms to be protected against this ever-continuing evolution of technology, Scavetta suggested remaining educated and up-to-date on all the latest threats, pointing to resources such as cyber newsletters to remain aware.
Additionally, she advised “keeping your ear to the ground” within client bases and peers as they will all have different cyber experiences and will have seen different scams and attacks on their accounts.
“This is one of the easiest ways to stay on the pulse as we’re social creatures,” she added.
tom.dunstan@ft.com
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