September 2020 • Topic: Diversity • by Yasmine Chinwala and Jennifer Barrow
This report, in collaboration with Refinitiv, explores how the Covid crisis is catalysing a step change in diversity and inclusion across the financial services industry. The Covid crisis presents huge challenges – but there are also opportunities. It has propelled the diversity and inclusion agenda to the fore like never before, and shown us that rapid change is possible, desirable, and necessary.
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The report discusses how the Covid-19 crisis is catalysing a step change in diversity and inclusion across the financial services industry in five key areas:
1) Why is radical action necessary? – how the financial services industry is under pressure to change from all directions, both internally and externally, including government, regulators, policymakers to investors, clients, customers, and society.
2) Updating the business case for diversity – how the business case for diversity has been both tested and elevated by the industry’s response to the pandemic.
3) A forensic approach to diversity data – how organisations are using diversity data to better understand how Covid is impacting their employees.
4) The evolving role of the D&I function – how the role of the D&I function is adapting to the increased demands and responsibility placed on it over the past six months.
5) Shifting to an evidence-based approach for people decisions – the stage is set for new criteria for measuring and rewarding performance in a remote working world.
The report also includes a case study of Refinitiv’s approach to radical action to drive D&I forward.