Diversity, equity and inclusion: Strategies for success

Abstract

The diversity, equity and inclusion (DEI) agenda has been growing in importance in recent years and is now seen by many firms as essential to a productive and effective workforce and a healthy culture. In addition, with increasing regulatory scrutiny in this area, firms are investing more in strategies to promote DEI in their workplace. However, many firms still struggle to identify which programmes bring the greatest benefits. This paper explores the fundamental case for DEI in the workplace, looking at the benefits for firms and wider trends in DEI. It also examines the regulatory perspective and analyses the findings of the FCA multi-firm review published in December 2022 on approaches to D&I (diversity and inclusion) in financial services. Finally, this paper turns to look at the essential elements of an effective DEI approach, including a clear strategy driven by firm-specific data, buy-in from the top, a positive firm-wide culture, measurable targets and interventions across the employee life cycle. Practical examples are provided of workplace initiatives and how firms can build success.