- Integrate diversity and inclusion in business strategy. Consider whether there are aspects of the company’s strategy or business model that hinder the diversity agenda. For example, if the most attractive leads are consistently allocated to male over female advisors, or the most successful portfolios are routinely assigned to male over female investment managers, an underlying bias may exist with the ability to conceal the potential of female talent.
- Focus on pipeline. The loss of just a few lonely women at the top can cripple gender diversity in many financial services firms. To soften the impact, firms should focus on building their bench of female leaders via targeted recruitment, customized benefits, equitable pay, intentional succession planning and formal sponsorship.
- Measure progress, with gusto. Establish diversity and inclusion metrics within the key indicators of your company’s success, and measure progress against these goals with the same rigor that other business metrics are monitored. Share progress, both good and bad, and take it further to analyze why diverse talent is leaving. According to our recent D&I benchmarking survey, while 50% of financial services firms track employee demographics, only 20% monitor discrepancies in promotions which could be a main contributor to female attrition.
Benefits Think Post-pandemic mission: Bring women back into the workforce
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Stefanie Coleman
Principal
Stefanie Coleman is an Australian, New York-based, principal in the Ernst & Young LLP People Advisory Services practice who focuses on banking and capital markets. She has advised the world’s … Read full bio
