To achieve this, organisations need to create an environment that supports diversity and inclusion at all levels.
6. Monitor progress and adjust strategies
Building a diverse and inclusive workplace is an ongoing process.
Regularly monitoring progress and adjusting as needed is crucial for the long-term success of diversity initiatives.
Three challenges and solutions
While the benefits of diversity are clear, implementing these strategies is not without its challenges.
Resistance to change, unconscious bias, and limited resources can all pose significant obstacles.
Here’s how to address these challenges.
1. Overcoming resistance to change
Resistance to change is a common hurdle in any organisational initiative.
Employees and leaders alike may be hesitant to embrace new diversity strategies due to fear of the unknown or discomfort with change.
Solutions:
- Education and communication: Educate employees about the benefits of diversity and the specific ways it can improve the organisation. Clear and transparent communication can help alleviate fears and build buy-in.
- Involvement and engagement: Involve employees in the development and implementation of diversity initiatives. Encourage open dialogue and feedback to ensure everyone feels heard and valued.
2. Addressing unconscious bias
Unconscious bias can undermine diversity efforts by influencing hiring, promotion, and everyday interactions in the workplace.
The term refers to attitudes or stereotypes that affect our understanding, actions, and decisions in an unconscious manner.
These biases, which can be based on race, gender, age, or other characteristics, often influence behaviour and decision-making processes without our explicit awareness.
Solutions:
- Bias training: Implement unconscious bias training to help employees recognise and mitigate their own biases.
- Objective processes: Standardise hiring and promotion processes to minimise the influence of bias. Utilising objective based-criteria and diverse panels to make decisions.
3. Managing limited resources
Financial and human resources can be a limiting factor, especially for smaller firms.
However, diversity initiatives do not always require substantial investments.
Solutions:
- Leverage partnerships: Partner with organisations and networks that focus on diversity to access resources and support.
- Start small: Begin with small, manageable initiatives that can be scaled up over time. Focus on high-impact areas that align with business goals.
Within our Financial Adviser Academy at St James’s Place, we are committed to building an ‘academy for all’, meaning individuals can thrive as new advisers regardless of their background.
Here are three ways we are addressing the above challenges in our business:
Created a flexible, accessible adviser training programme: We have moved from a previously in-person learning experience across four training centres to a mix of online learning and face-to-face sessions at our 22 locations.
This has removed geographical constraints and enabled individuals who may need greater flexibility or extra support to fully access our programme.
Established strategic partnerships and collaborations to connect with diverse communities: We collaborate with organisations that represent diverse talent, broadening our reach and enhancing representation.
For example, we work with organisations such as Career Returners, who put us in touch with professionals seeking to return to the workplace after an extended break.
Implemented a data-driven approach to monitor and improve diversity practices: We now capture diversity data through a regular survey to better track and measure the effectiveness of our diversity strategy.
For example, we use representation metrics to evaluate the diversity of our intakes, facilitating succession planning and helping to serve and support more clients with their financial needs.
As a result our academy data shows 26 per cent of all graduates are now female, against an industry average of 16 per cent. Additionally, the average age of an academy graduate is 35, lower than a wider industry average of 58.
Final thoughts
Creating a diverse and inclusive financial advice sector is an ongoing journey that demands continuous and proactive effort.
