Why firms should break down the differences between diversity, equity and inclusion

She told FT Adviser there is a fear that diversity work can feel “a bit tokenistic” so to be done effectively it needs to be something that “feels authentic and beneficial to organisations”.

One way of doing this is by breaking down the differences between diversity, equity, and inclusion - concepts that are often packaged together.

“Diversity is about making sure that all people from all backgrounds feel that a working environment is for them and that they would be able to successfully apply and progress within that organisation,” Richards explained.

Inclusion is when people have arrived within an organisation and is the process of making sure they are able to make meaningful contributions to the business and to see their efforts rewarded and recognised, Richards added.

She went on to explain equity is about understanding that different groups could have different needs.

As an example, she pointed out there may be people with special needs or disabilities within the workforce and companies should understand they may need different equipment and ways of working.

She also spoke on how implementing equity in the right way can be beneficial for all members of the workforce, such as working from home which predominantly helped mothers who were juggling work and home life.

“If you do equity well then that creates opportunities for everybody and we’ve all benefited from flexible working over the years,” she said.

Richards added that, when DE&I are all brought together then there is a “change in the culture and fabric of organisations that benefits everybody”.

DE&I benefits

Richards said fairness and opportunity are some of the main benefits of DE&I.

“It’s about acknowledging we live in an unequal world and that we know there are lots of people who, because of that inequality won’t be able to contribute in a meaningful way to organisations who could very much benefit from their support”.

As an example, Richards pointed to students who attend non-Russell Group universities.

“Clearly, there’s a lot of talent in the Russell Group universities, but there’s also talent outside of those universities, and these are spaces where you’ll also see more diversity in terms of people from lower socioeconomic backgrounds.”

Career journey

Richards additionally outlined the many steps on her career journey, recounting that her first entry into the financial services industry through an internship programme at the Bank of England.

“As part of the programme I was on, I had a number of different roles to consider. I loved being part of the central bank.”

She added that she had a “brief foray” into investment banking at Lehman Brothers.

However most of her experience has been as a management consultant, working predominately with Accenture. 

As a result of this career journey, Richards stated that she is “always volunteering and giving back to young people, particularly from disadvantaged backgrounds” to be “a visible role model to others”.

Welcoming industry

Richards described her initial entry into the financial industry as “welcoming on the one hand” as she was on an internship programme that was open to people “who had not considered this type of career paths”.

She had completed a summer internship as part of a management leadership program with the Bank of England.

However, she did add that she felt like a “fish out of water” due to the “prestigious” nature of the BoE.

“You arrive at Threadneedle Street and you’re greeted by the doorman in their wonderful pink jackets and their walking sticks and you go into this grandiose building and, having grown up in Ilford, that was very alien to me.”

Issues

Speaking on what the biggest issues in the industry at the moment are, Richards identified the knowledge that, while talent is everywhere, opportunity is not.

“The earnings of people’s parents, the environment in which they’ve been brought up and many other factors can make the career journey more difficult for some,” she explained.

“Not to mention that many don’t even know that those opportunities are out there, I experienced that myself, with no understanding whatsoever of the raft of career options which were basically on my doorstep.”

She added providing that access to opportunity is something that any firm that wants to remain competitive, innovative, and with a strong work culture needs to be able to “get a handle on”.

tom.dunstan@ft.com

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