Reboot finds 'lack of real progress' in financial services DEI
Reboot said the current decline suggests that 'almost no progress' has been made in the last three years.
It revealed the average DEI score for the sector has declined from 67/100 in 2022 to 65/100 this year, returning to the same level reported in 2021.
Inaugural IA EDI report finds smaller firms are setting fewer targets
The score is based on the views and experiences of 800 employees in financial services with at least ten years' experience, and the group said the current decline suggests that «almost no progress» has been made in the last three years.
The recent decline was mostly attributed to lower levels of perceived commitments to tackling racism from senior leadership, Reboot found.
In its latest Race to Equality: UK Financial Services report, the group discovered that 40% of respondents did not believe their CEOs or top-level management were sufficiently committed to addressing racial discrimination in the workplace.
When asked about such claims, nearly half (48%) of respondents said senior leaders did not fully understand the impact of racism, while 43% argued leadership feared backlash from either within or outside the workplace.
If significant steps to tackle racism were taken, the vast majority of respondents (81%) said such measures would lead to positive change across their organisations.
Jörg Ambrosius, executive vice president and chief commercial officer at State Street, said: «The research makes it clear that the need for proactive and intentional measures with well-defined outcomes and expectations is what is needed from leadership. While each of our organisations can individually try to address these issues, it will take the collective effort and influence of our industry overall to create lasting
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