Today 71.4% of colleagues disclose their ethnicity, while this disclosure means our data is not as complete as we want, we’re clearly not where we want or need to be in terms of ethnic diversity. We’ve sought to understand why we’re in this position, and determine what to do about it.
As at 30 September 2021, 3.3% of our workforce is made up of colleagues from ethnically diverse backgrounds. If we break this down by seniority, we have 2.9% representation in our top quartile, 3.2% representation in our second quartile, 2.3% representation in our third quartile and 4.9% representation in our lowest quartile.
The Financial Services industry has not done enough to attract ethnic minority talent – and we’re no exception.
Job advertising and recruitment approaches have failed to attract ethnic minority talent sufficiently.
We have typically attracted talent in locations that are generally less diverse than parts of the UK.
This is exacerbated by long-tenure of staff as it means that our colleague population doesn’t reflect changes in the communities within the last decade.
Where we’ve been successful in starting to attract more diverse talent, it has tended to be at entry level positions.
We continue to challenge ourselves to attract and retain diverse talent at all levels.
Our action plan
We want to address each of these drivers to create a bank that is more representative of the communities we serve.
One of our biggest actions is encouraging more early careers applicants from ethnic minority backgrounds. We see this as our best route to creating sustainable pipelines of diverse talent. However, we also know that if we increase our ethnic minority talent at entry levels it will, in the short to medium-term, increase our ethnicity pay gap.
If that happens we’ll be straight up about both the gap and the causes, because we firmly believe it is more important to create lasting changes rather than chase incremental targets.