How Well Does Your Finance Organisation Embrace DEI? 

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Diversity, Equality, and Inclusion (DEI) are three of the most important elements of any financial recruitment plan. The more diverse you are with your choice of employees, the easier it is to access a wide range of unique skills, personalities, and talents.   Unfortunately, many companies still struggle to implement the right initiatives for DEI. While many finance teams (78%) now say that DEI is a priority, around 37% of employees say that diversity is a barrier to progression within their organisation.   Failure to diversify your hiring strategy could be the issue preventing your company from outshining the competition in this competitive environment.   Is it time to audit your DEI efforts? 

The Importance of DEI in Finance 

Diversity, equality, and inclusion are essential in any workplace. Today’s employers have a duty to treat all potential employees and candidates with the same level of respect. However, the benefits of DEI go beyond simple ethics. According to the US House Committee on Financial Services, companies with the highest level of diversity and inclusion display higher profitability; and it is a similar story in the UK.  Those with a strong DEI strategy can also improve their chances of attracting the right talent. In an environment where talent shortages are everywhere, the companies willing to go above and beyond for equality are the ones that attract the most committed team members.   Once you’ve brought the right people on board, your DEI strategy can also help you to keep them around. Today, more than ever, employees are looking for empathetic employees who understand their needs and respect their individuality. Unfortunately, many companies don’t notice the bias in their company until it’s too late.  

Finding Your DEI Gaps 

Many financial companies are now taking new steps to improve their DEI strategy – particularly since the remote working revolution has allowed access to candidates across the UK.  According to current studies, around 56.1% of companies say they already have initiatives in place for dealing with DEI in hiring, while another 23.9% say they don’t yet have a plan but are hoping to put something in place. Knowing how to upgrade your hiring strategy with diversity and inclusion in mind will give you access to the talent you need while improving your company’s appearance.  Here are some of the ways you can get started. 
  1. Write inclusive job descriptions 
The quest for DEI starts long before the job interview. Your job description also needs to include the kind of language suitable to attract any employee. Think about the kind of language you’re using when you’re trying to hire a new professional. For instance, a study from Slack found that phrases like “care deeply” are more likely to attract women, whereas words like “competing” attract men.   Think about the requirements you add to your job descriptions too. It may not be necessary to request someone from a specific location anymore, particularly now that hybrid and remote work are becoming more accessible. Allowing people to apply from all over the world expands your hiring pool. If you are going to be hiring globally, consider where you will post your job description. Should it be visible on social media or industry forums? 
  1. Work with a Recruitment Agency 
One of the biggest mistakes companies make when trying to attract diverse candidates is trying to go it alone. The reality is most hiring managers and business leaders have an unconscious bias, even if they’re not aware it’s there. For instance, if you got great results from your previous account manager, you might unconsciously begin looking for an employee similar to that employee, rather than focusing on each person as an individual.   Working with a recruitment team with training in DEI initiatives can help to avoid this problem. Your recruitment team will look at each candidate objectively before passing them to you. What’s more, these professionals can often help you to find candidates in different environments – beyond the places you’d usually consider.  
  1. Standardise the Interview  
Once you’ve got a list of potential candidates to interview, either in-person or over video, make sure you know exactly what you need to ask them. Remember, in an interview, you’re not there to build a rapport with a person and get to know them as a friend – you need to figure out if they’re right for the role. Using standardised questions means you can test everyone by the same measurements.  You can set questions and give point scores to the answers given by each of your candidates during the interview process, making it easier for you to determine which candidate may be best at the end of the process. It can also help to have multiple people in the interview, so everyone can apply their own scores and get an “average” number for each candidate. 
  1. Get Feedback to Optimise 
As you continue to work on your DEI strategy to attract job-seeking professionals, look for opportunities to improve and optimise your current processes. A DEI initiative should constantly grow and improve over time. Getting feedback from your employees about how you can be more diverse and accommodating will help you make meaningful changes.  You can ask candidates for feedback during the interview process to determine whether any bias seems to show through there. It’s also worth talking with your team about the kind of biases they may have noticed when working for you. Anonymous surveys can give staff more confidence to speak up if they believe there’s a diversity issue.  

What Next? 

A strong DEI strategy starts with the right recruitment plan.  A recruitment agency with experience in DEI initiatives can help you overcome the common roadblocks stopping equality and inclusion from thriving in your workplace. Reach out to Rebus Recruitment to find out how we can help you boost your business diversity.   You can connect by emailing us here or calling our direct line on 01282 930 930  Thanks  Rachel Mitson 

About Rebus Financial Recruitment     

Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from various organisations, including SMEs, to large PLCs.      We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.  

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