Reboot, the group of financial services professionals dedicated to racial and ethnic diversity and inclusion, has noted a decline in firms’ commitments to diversity, equality, and inclusion (DEI).
The “Race to equality” report showed a decrease in the average DEI score for financial services companies compared with 2022, with the overall score dropping from 67 to 65 (the target score being 100).
The decline is driven by reduced levels of perceived commitment to tackling racism from senior leadership, it said.
Noreen Biddle Shah, founder of Reboot, said the results show a clear need for structural change in organisations.
“We need to remember – this is not a fluffy exercise. Diversity of thought will reduce business risk, it will support innovation and robust outcomes, as well as lead to a fairer society,” Shah said.
The report’s data is based on a survey evaluating employee perceptions of the actions taken by their financial services organisation to improve ethnic and racial diversity and inclusion.
Evaluating key sectors across financial services, the report said asset management showed the biggest decline and lowest score compared with other sectors.
The report added that only 54% of employees believe senior leadership teams truly understand the importance of DEI in an organisation’s success.
“A shift needs to happen within leadership frameworks in financial services to cause top-down impact that will empower employees to feel valued in the sector,” the report said.
The organisation worked with pro-bono partners, including Rhotic Media, to deliver the report.
This article is taken from the print edition of Financial Promoter. Click here to subscribe.