The importance of diversity & inclusion in financial services

Promoting diversity and inclusion at the core of financial services??

Equity, Equality, Diversity and Inclusion (‘’EED&I’’) is a critical element of our strategic focus, not simply because diversity of thought has been proven to make companies more competitive, but because it’s the right thing to do.?

We believe we have an opportunity to reshape the industry, and leave a lasting legacy we can be proud of.

EED&I starts from the top down??

A comprehensive EED&I strategy in financial services begins with a commitment from the top leadership. That commitment is easier to gain when the leadership itself is more diverse. As part of our commitment to maintain equity, diversity and opportunity at all levels of our business, recently announced the appointment of another seven talented women to key leadership roles:?

Transparency?

Firstly, it is important to acknowledge where you are on the journey to improving your EED&I KPIs. We believe in transparency being the cornerstone of progress, which is why we voluntarily publicly released a global Sustainability report earlier this year, disclosing our current performance and KPIs in order to hold ourselves accountable for progress and encourage others to do the same.???

https://www.apexgroup.com/corporate-social-responsibility/sustainability-report-2022/?

Equity and Diversity Beyond Financial Services?

As an industry, Financial Services has a lot of work to do when it comes to Equity, Equality, Diversity and Inclusion (“EED&I”) It’s why in 2022 we launched our internal Women’s Accelerator Program to drive equity for female progression within our business. In 2023 we took the Women’s Accelerator externally and were also pleased to announce the promotion of seven women to senior leadership roles within the business.??

Outside of gender equity we are also driving awareness and inclusivity with the launch of our Resource groups for Inclusion, Support and Education (“RISE”). Our five RISE groups are a network and sharing forum to educate employees on different diversity topics and help drive initiatives to enhance inclusivity within the business. Covering LGBTQIA+, Parents and caregivers, Gender, Accessibility, and Ethnicity we will look to role out more groups in 2024.??

Our vision of a more diverse and equitable society extends beyond just the world of financial services. We want to enable women in all walks of life to thrive and break through boundaries. That’s a key tenet of our partnership with SailGP. They strive for greater equity in sport in the same way as we do in financial services. Their Women’s Pathway aims to create an inclusive sporting championship that has gender equity at its heart - where the best athletes have equal opportunity to compete on the catamarans. To help with their commitment, we’ll soon start rolling out the Women’s Accelerator Network within SailGP:?

The Power of Diversity: Beyond Visible Differences??

Diversity encompasses more than just visible differences. It extends across backgrounds, lived experiences, cognitive approaches and much more besides. In November, we launched our Changemakers Hall of Fame, to acknowledge the diverse and exceptional people we have within our organisation, who contribute to improving the lives and experiences of those around them.?

One of our first entrants to the Hall of Fame is Morné van der Waltsleben, a true champion of EED&I within our business. His contributions to improving the experience of our LGBTQIA+ employee community were central to his nomination:

Many of our Changemakers were nominated for their work on driving diversity and inclusion both within and outside our business. They embody the values we hold most closely as an organisation and which we’ll never stop championing.

At Apex Group, we celebrate the rich tapestry of our diverse workforce, comprising 12,000 individuals globally, representing over 100 nationalities. Our success is fuelled by the unique talents, perspectives, and experiences of our globally connected team members.?

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Overcoming setbacks on your EED&I journey.?

Despite 66% of organisations citing EED&I as a major priority, research shows an alarming number are failing to make adequate progress. Forecasts suggest the gender gap will take another 131 years to close at the current rate of change. And McKinsey estimate there’s a 30% disparity in wages between black and white workers in the US.?

Our recent blog investigates why so many well-intentioned efforts fail and what can be done to try and ensure greater success rates:?

https://www.apexgroup.com/insights/why-dei-efforts-fail-the-importance-of-proper-diagnosis-and-robust-follow-up/?

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Our pledge for the future? ?

We understand our responsibility to drive positive change in the broader industry. By actively promoting diversity and inclusion, we aim to influence a more inclusive financial landscape.?

Creating affinity groups, investing in comprehensive training programs, and developing mentorship initiatives are crucial steps that foster a culture of belonging and respect.?

EED&I is a driver of growth, innovation, and sustainability, enabling the creation of stronger, more resilient organisations which meet evolving client needs and contribute to a more equitable global financial landscape.???

In conclusion, as Verna Myers says:

Diversity is being invited to the party. Inclusion is being asked to dance.??

To begin creating a truly inclusive business, there are several key steps you can take:???

• Leadership commitment is paramount, leaders should champion EED&I? initiatives and embed them within the business’s core values and strategic goals.???
• It is essential to establish clear EED&I policies, including transparent recruitment, promotion, and compensation practices, and ensure the representation of diverse voices at every level of the business.???
• Creating affinity groups and resource networks can provide a platform for employees to connect, share experiences, and advocate for change within the industry.???
• Additionally, investing in comprehensive EED&I training programs for all employees can help foster a deeper understanding of the importance of diversity and inclusion and promote a culture of belonging and respect.?

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Celebrating Diversity?

One of our core values is ‘We Promote Respect’ - as an inclusive workplace we embrace diversity, celebrate our differences and learn from the varied experiences of our global team. 2023 marked our 20th year in business and, to coincide with this milestone, we introduced the Changemakers Hall of Fame. Our Changemakers are members of our team who have generated brave and bold ideas, made these ideas a reality and are drivers of positive change, not just within the business but in the industry, in the wider society and for the planet.?

From volunteering at a not-for-profit championing LGBTQIA+ issues to providing care packages for colleagues during the COVID-19 pandemic, our Changemakers are pillars of our culture.?

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Helping You Create a More Inclusive Culture??

Our DEI solution helps clients collect data on, evaluate and improve their own DEI performance. It helps investors and companies overcome the many challenges faced when trying to effectively collect and report on DEI data.?

To begin your journey to a more diverse and inclusive way of operating, take a look at how our DEI solution can help:??

https://www.apexgroup.com/apex-esg-ratings/dei-solution/?