The business case for a robust diversity and inclusion strategy in your organisation

Becky Hughes our consultant managing the role

The past few months – and indeed, years – have demonstrated just how important diversity and inclusion are in modern society. Through the #MeToo and Black Lives Matter movements, a light has been shone on the inequality and injustice that persists, not just in our day to day lives, but also in the workplace.

We can no longer ignore how important diversity and inclusion are to businesses, nor can we expect things to get better without actively working to improve conditions and outcomes for everyone. And while promoting diversity and inclusion is absolutely the right thing to do for employees, there are also business benefits to doing so. 

What is diversity and inclusion?

Diversity and inclusion aren’t just a priority for HR departments – it should be a key business strategy for all organisations. Workplace diversity can be defined as the understanding, acceptance and promotion of differences between people. This includes those of different genders, races, ages, sexual orientations, disabilities and religions, as well as people who have different educational, socioeconomic and experiential backgrounds.

Meanwhile, inclusion is about creating a supportive and respectful work environment that values collaboration and participation of all employees, helping everyone to feel included. Together, diversity and inclusion make companies more welcoming, accessible and harmonious for everyone, not to mention more profitable and competitive.

Why is diversity and inclusion important?

First and foremost, diversity and inclusion are essential to make workplaces better for everyone. Purely from a compassionate perspective, it’s the right thing for employers to create environments where people feel comfortable to be themselves and can succeed without limitation. Commercially, diversity and inclusion have a significant number of benefits.

Firstly, a strong focus on D&I can significantly widen the candidate talent pool , giving you access to more candidates who may be excluded by non-diverse hiring strategies. With 70% of job seekers looking for a company’s commitment to diversity when applying for new roles, it’s clear that you may be missing out on top talent if you neglect to address D&I in your organisation. 

On top of that, diverse organisations have better business results, higher employee satisfaction and are more innovative, according to Business in the Community . McKinsey research shows that executive teams in the top quartile for gender diversity were 25% more likely to have above-average profitability than those companies who perform poorly in terms of executive-level gender diversity. This figure jumps to 36% when analysing teams with ethnic diversity. Diverse teams have also been proven to be more innovative, solve problems faster and have more engaged employees. 

Small steps to move the dial on D&I in your organisation

The current emphasis on working from home presents a key opportunity for employers to rethink their D&I hiring strategies, with current conditions potentially opening up more flexible, part-time opportunities for those who may not have otherwise been able to commit to a 9-5 office job. To welcome more working parents and caregivers, disabled people and those with neurodiversity requirements, consider whether vacancies could be flexible, remote working or on part-time hours. Now is the perfect time to rethink your workspace and how it can be made more accessible to more people.


A dedicated diversity and inclusion policy, taskforce or officer can help to highlight its importance within your business. You could perform a D&I audit, examining the levels of diversity that exist within the company and specifically at the executive level, and set goals to achieve a more balanced, inclusive environment within a certain time period. Have open conversations with your team members about D&I and ask them what would make them – and new team members – feel more welcomed. It’s also important to acknowledge the diversity that already exists in your company, such as by celebrating different cultural and religious events, greeting bilingual employees in their mother tongue or inviting families into work. 

Finally, while diversity and inclusion should be championed at the very highest levels of your business, it’s crucial that every single team member feels safe to contribute to these discussions and voice their opinions and stories. Prepare to tackle some difficult topics and be questioned. While subjects like the gender pay gap, lack of executive-level diversity and opportunities for progression can feel difficult to address, they are important conversations that need to be had in the process of making real change. 

Marks Sattin can help to diversify your talent pool

By partnering with a specialist recruitment agency which has a strong focus on diversity and inclusion , you’ll benefit from having access to more candidates and guidance on how to actively recruit from diverse talent pools. At Marks Sattin, we can help you identify, attract and retain exceptional people across financial services, technology, change management and more.

 Learn more about our commitment to diversity and inclusion or contact us to have a chat about how we can work together. 

05/08/20
posts

Related articles

Will IR35 affect your business?
Will IR35 affect your business?

Teaser

General

Content Type

General

20/09/20

Summary

Employees in the United Kingdom can be categorised as full-time, part-time, casual, freelance and contract workers, with the self-employed bracket now making up 15% of the entire working population. The number of self-employed workers jumped from 3.3 million in 2001 to 4.8 million in 2017, with a corresponding fall in the unemployment rate showing the overall boost in jobs growth from the rise in self-employment. However, the attractive market for freelancers and contractors has been hit with some uncertainty in recent times, thanks largely to the 2018 Autumn Budget’s announcement of IR35 tax reforms. Here’s what the new IR35 rules could mean for you and your business: What is IR35? IR35 is a piece of legislation originally introduced to the UK in 1999. Its purpose is to differentiate between those workers who operate as genuine contractors and those who work as ‘disguised’ employees to avoid paying tax. It came about to challenge contractors who were taking advantage of the tax efficiencies of working through a limited company, with the aim of defending both the Exchequer from lost taxes and protecting workers’ rights from unscrupulous employees. However, the IR35 has proven to be ambiguous for many, with some contractors taking advantage of loopholes and a lack of clarity. Hence, the new IR35 rules aim to tighten up the contractor market and ensure tax avoidance loopholes are closed. How does IR35 work? There are three principles that can help to determine employment status and whether a contractor falls inside or outside IR35: Control (the degree of control the client has over the work a contractor does and how and when they do it) Substitution (whether the worker needs to do the work themselves or if they could send a substitute in their place) Mutuality of obligation (whether the employer is obliged to offer work and the contractor is obliged to accept it). Additionally, the contract type, provision of equipment and whether a worker is “part and parcel” of a business can all help to determine whether someone falls inside or outside IR35. The change in IR35 rules shifts the responsibility to determine tax status away from the contractor and onto the business that takes them on. Until now, contractors have been able to self-determine their status, however as of April 2020, when the new rules come into effect for the private sector, companies will risk being fined if they don’t make the correct assessment.  How will IR35 impact contract workers? It’s anticipated that many contract workers who have been enjoying the tax benefits of working outside IR35 will fall under the legislation when employers are tasked with determining their status. This will see more contractors having tax and National Insurance contributions deducted from their pay. However, if you operate as a legitimate small business and are determined to work outside of IR35, you will not be affected by the rule changes. How will IR35 impact employers? The major change for businesses is that they will now be responsible for determining the IR35 status of any contractor working for the company. The new rules will only apply to medium and large sized businesses, so contractors who work for small businesses can continue to set their own IR35 statuses. Those businesses that the IR35 rule changes do apply to will face paying back taxes and fines should they be found to be noncompliant. What should I do to prepare for IR35? Contractors may wish to speak to an accountant or personal finance expert to determine whether IR35 will impact them and if a move to permanent work may prove to be more beneficial after the rules come into effect. For many, contracting will remain appealing regardless of increased tax responsibilities, however it’s important to factor in any change in income that IR35 may bring about. Businesses are being warned not to make blanket assessments that cover all their contractors, as this can leave workers without a fair assessment and risk them paying unnecessary taxes without equivalent employment rights. Instead, businesses should consider IR35 status on a case-by-case basis or they may risk losing out on top talent. The HMRC has released a consultation document for businesses to prepare for the IR35 changes, recommending identifying and reviewing current contract workforce status and putting processes in place for taking on new workers. At Marks Sattin, we pride ourselves on keeping abreast of all industry legislation, updates and changes that affect our candidates and clients. Speak with us about how we can help you. References: https://www.bbc.co.uk/news/business-44887623 https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/trendsinselfemploymentintheuk/2018-02-07 https://www.contractorcalculator.co.uk/what_is_ir35.aspx https://www.axa.co.uk/business-insurance/business-guardian-angel/how-ir35-changes-will-affect-freelancers-and-self-employed-contractors/ https://www.telegraph.co.uk/business/ir35-rules/new-contractor-tax/ https://www.telegraph.co.uk/business/ir35-rules/how-will-new-rules-impact-business/ HMRC consultation document

Teaser

Employees in the United Kingdom can be categorised as full-time, part-time, casual, freelance and contract workers

Read full article
Pres Pillai

by

Pres Pillai

Pres Pillai

by

Pres Pillai

Engaging employees when working remotely
Engaging employees when working remotely

Teaser

General

Content Type

General

11/06/20

Summary

According to Buffer’s 2019 State of Remote Work report, 99% of respondents admitted wanting to work remotely in the future. While that may have seemed like a distant reality for some, in what felt like an overnight transition, the majority of the workforce went from seeing their colleagues every day to communicating entirely online. Managers too had to adapt to this ‘new’ normal and familiarise themselves with hiring and onboarding remotely. In the first few weeks companies were caught up in the flurry of activity, but as things have started to settle, many employers are beginning to question what impact remote working will have on employee engagement. Most organisations have likely brought their daily stand up meetings into the virtual space but there’s much more that can be done. The following tips will help companies engage their remote employees by creating a positive working culture that not only works during the pandemic, but also in the post-coronavirus world. Create a distinction between home and work Buffer’s State of Remote Work report also shows that 22% of remote workers struggle with switching off from work, making it the top problem these employees face. Employers must help their team maintain good mental health by creating a separation between work and leisure time. Take inspiration from others: Good-Loop has offered each employee £50 to spend on their home office, inspiring them to create a space that helps them to concentrate. Meanwhile, advertising agency Merkle has sent out printable artwork for their employees to bring some life to their virtual background. This is also helpful for managers who want to conduct a video interview for maximum impact. Recognition According to O.C Tanner’s 2020 Global Culture Report, company leaders see an 83% boost in engagement when they recognise their employees. For recognition to be effective, leaders must ensure they celebrate those big achievements whilst also showing appreciation for the small wins. A learning culture Isaac Newton achieved some of his greatest mathematical breakthroughs whilst in quarantine and the modern-day workforce also has the opportunity to unlock their stores of creativity during times of limited social interaction. Virtual classrooms and content co-creation tools like online whiteboards are just two options for boosting workplace learning during Covid-19. Here are some other methods: Initiate a ‘learning from home’ hour Having employees block out a ‘learning from home’ hour in their calendar ensures they have the time to dedicate to improving their industry knowledge. This time can be spent taking a course, reading thought-leadership articles, or learning about anything that helps them feel more engaged in their work. Internal learning sessions Hosting internal learning sessions is a great way to encourage knowledge sharing within and across teams. Employers can either schedule fortnightly meetings where teams present insights from their ‘learning from home’ time or give employees the option to share thought-provoking ideas in the Friday wrap-up session.  Involve external thought leaders Invite external industry experts to bring a fresh perspective into the business, either through a presentation or by collaborating with them on a webinar. Working alongside a thought leader can spark innovative thinking, boost motivation and help employees feel more engaged in their field of work. Use surveys and questionnaires This is a dynamic way for organisations to engage their team because it empowers the employees to generate fresh ideas, mention pain points and state what helps them feel more involved in their work. This method receives bonus points because it saves companies the time of trialling and testing engagement practices that have worked for other organisations and skip right to applying practices that are personally suggested by their team. It’s important to remember that what works for one employee or team may not for the next. Employee engagement organisation, Effectory, began surveying employees since the outbreak of coronavirus to gain insight into the new working pattern and what it means for productivity and wellbeing. The results show that 66% of the workforce are able to do their job effectively from home and though this is a majority it still leaves one in three people struggling with the new working culture. Effectory have created a free Covid-19 Workforce Pulse survey which enables organisations to gain fast feedback on their employees’ engagement levels during the pandemic. The aggregated data from the survey shows that the top-performing companies all have one thing in common – they actively involve their employees. Use values to cultivate a sense of community Involving employees in the decision-making process through questionnaires also creates a sense of community. To nurture this environment, employers should seek more ways of helping their teams feel connected, something that’s particularly important for remote workers with limited social interaction. Emphasising the company values will ensure that employees working remotely feel as though they are marching to the beat of the same drum whilst encouraging camaraderie. To ensure their team feel connected and engaged, GitLab is hosting virtual coffee mornings. Boasting the world’s largest remote workforce, GitLab understands the importance of bringing colleagues together and promoting a shared sense of purpose. From e-birthday cards to online quizzes, there’s a lot that organisations can do to create a positive and inclusive virtual office culture. Are you looking for advice that’s relevant and timely? Since our advent in 1988, Marks Sattin have gained the expertise and knowledge that enables us to source the very best talent for businesses at every level, from start-ups to global organisations. Our recruitment consultants are committed to staying on top of trends in their specialist markets meaning they're able to provide our clients with the most relevant advice. Contact us to find out how we can help you recruit the top talent in your industry or register a vacancy now.

Teaser

According to Buffer’s 2019 State of Remote Work report, 99% of respondents admitted wanting to work remotely in the future.

Read full article
Matthew Fitzpatrick

by

Matthew Fitzpatrick

Matthew Fitzpatrick

by

Matthew Fitzpatrick

How to attract top talent for your Fintech start-up or SME
How to attract top talent for your Fintech start-up or SME

Teaser

Technology

Content Type

General

04/06/21

Summary

Recruiting outstanding talent is the goal of every talent acquisition team. However, market forces have made that task increasingly difficult. Often candidates are unwilling to leave jobs that have seen them through the pandemic, and those who are looking for new opportunities are often the subject of bidding wars. Even highly desirable businesses, like Fintech SMEs, are having a hard time finding enough people with the right skill set for their companies. Ultimately, these candidates command a premium and, as a business, you may very well offer and exceed their expectations, however, that still may not be enough to sway them to work for you.  So, in a skills' drought, what can your business do to attract the best talent for your Fintech start-up or SME? Understand the candidate’s motives                                                                               As a Senior Recruitment Consultant, who specialises in the Fintech market, I have multiple conversations a day about the cons of working for a start-up vs. a large organisation. Some of the key themes from these conversations include:1. Potential lack of learning and development in a smaller business2. Fewer opportunities to progress in SMEs3. Less opportunity for flexible working and longer working hours4. Not enough employee benefits5. Less job security in a start-upYes, there are risks that come with joining a smaller business, but start-ups are some of the most progressive and creative businesses around. Remuneration, employee benefits and job security are only some of the motivators for people in their working life. People often work at start-ups because they believe in the mission or product, not necessarily for financial gain or job security.   Make your job opportunity stand out from the crowd Recruiting top talent in the Fintech market is difficult, every hire is integral and can make or break your company. With budgets being a big concern for many businesses, you need to think strategically about how you present jobs to potential candidates. A job advert is not a list of responsibilities.  Companies need to understand who they want to attract with the job advertisement. A well put together job advert, which covers all of the essential qualities the candidate needs to possess to be successful and what you can offer them in return, is a great starting point.  Utilise websites like Gender Decoder to ensure your job adverts are gender neutral and consider using SEO practises to attract better quality and more diverse candidates.Showcase your employer brand Candidates want to know what it is like to work for a company before they work for them. Attracting candidates whose values and work style align with those of your company will make your recruitment process smoother, as you won’t have to sift through candidate profiles that aren’t a match in any way. It also works the other way around. Candidates who don’t like what they see will deselect themselves from the selection process.                                                                                                                                                                                   To ensure you’re getting candidates who fit in your company, showcase your company culture through as many channels as possible and communicate why you’re a great place to work." Boost retention and retain talentRetaining talent is an essential component of acquiring talent. The Fintech industry is compact and well-connected. One person’s poor experience with your organisation could have a damaging impact on your ability to hire new people. Therefore, ensuring there is a keen focus on developing and retaining talent is a must if you want to recruit successfully for your Fintech SME. ● Incentives  Start-ups and SMEs are often disadvantaged when it comes to their ability to incentivise their employee’s roles, and provide the type of working environments, benefits and conditions that incentivise employees to stay long-term. This is because start-ups may not always be able to compete with large organisations on remuneration, benefits and bonuses. Therefore, it is essential to see appropriate and financially sustainable incentives as a cornerstone of talent acquisition and retention.● Training and progressionSome SMEs might shirk the cost of training, however learning opportunities often lead to increased productivity. Furthermore, employees are much more likely to stay with a business if they can see a clear progression and development plan. And whilst there is always the risk that if you train your employees and enhance their education, that they will leave, if you don’t offer a clear progression and training route, they are even less likely to hang around. ● Welcome feedback You should actively seek feedback from your people around the business. The people on the frontline of your organisation are often the ones best placed to provide insight into business performance. Moreover, employees  who are engaged and feel heard often stay in their roles longer. Ask for help                                                                                                                             The average employee exit costs 33% of their annual salary. However, some studies have found that the real cost of making a bad hire is closer to £130k! This is taking into account the loss of talent, time, recruitment fees, training and decreased productivity. A high turnover rate can cripple a start-up or SME. It is essential that as a business, small or large, that you don’t fall into a pattern of making bad hires. There are several routes to acquire talent, such as referrals, ex-colleagues, and reaching out to connections, which are advantageous. However, scaling and growing a business on the back of referrals is time-consuming, and there are fewer safety nets in place if the hire isn’t quite right. That is why engaging the services of specialist recruitment consultancies, like Marks Sattin, is essential. We don’t just find you your next hire, we are uniquely placed to consult with businesses on hiring trends, candidate behaviour and best talent attraction methods for your business. And the best part is, it won’t cost you anything until we have made a placement.You can read our previously published article on the pros and cons of taking recruitment in-house. If you would like to discuss any of the above, please don’t hesitate to reach out to me. 

Teaser

Recruiting outstanding talent is the goal of every talent acquisition team. However, market forces have made that task increasingly difficult.

Read full article
Lewis Toms

by

Lewis Toms

Lewis Toms

by

Lewis Toms

jobs

Related jobs

Management Consultant - Investment Management

Salary:

€65,000 - €75,000 per annum + Bonus

Location:

Dublin

Industry

Hedge Funds

Investment Management

Qualification

Finalist / Newly qualified

Fully qualified

Market

Financial Services

Salary

£60,000 - £70,000

Job Discipline

Qualified Finance

Newly Qualified Finance

Contract Type:

Permanent

Description

Management Consultant - Asset & Investment Management

Reference

BBBH165032

Expiry Date

30/06/21

Matthew Fitzpatrick Find out more
Audit and Accounts Senior

Salary:

£28,000 - £35,000 per annum

Location:

Manchester, Greater Manchester

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£35,000 - £40,000

Job Discipline

External Audit

Contract Type:

Permanent

Description

Audit and Accounts Senior

Reference

BBBH164801

Expiry Date

15/06/21

Michael Smart

Author

Michael Smart
Find out more
Practice Manager

Salary:

Negotiable

Location:

Manchester, Greater Manchester

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£40,000 - £50,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Qualified Practice Manager

Reference

BBBH165004

Expiry Date

25/06/21

Michael Smart

Author

Michael Smart
Find out more
Banking & Capital Markets Tax Manager

Salary:

£45,000 - £55,000 per annum

Location:

Leeds, West Yorkshire

Industry

Professional Services

Qualification

None specified

Market

Professional Services

Salary

£50,000 - £60,000

Job Discipline

Tax

Contract Type:

Permanent

Description

Reference

BBBH164618

Expiry Date

30/06/21

Andy Craven

Author

Andy Craven
Andy Craven

Author

Andy Craven
Find out more
L&D Specialist (Regulatory)

Salary:

Up to £32,000 per annum + Benefits

Location:

Leeds, West Yorkshire

Industry

Insurance

Qualification

None specified

Market

Financial Services

Salary

£30,000 - £35,000

Job Discipline

Human Resources

Contract Type:

Contract

Description

Join this financial services business with a difference in their L&D Team who have an exciting opportunity for a new L&D Specialist on an 18 month FTC basis.

Reference

BBBH164984

Expiry Date

25/06/21

Stephanie Teale Find out more
Accounts Manager

Salary:

£70,000 - £80,000 per annum

Location:

Esher, Surrey

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£80,000 - £100,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

I am currently representing a top 20 accountancy firm based in Surrey who, due to growth are looking for an Accounts Manager

Reference

BBBH163294

Expiry Date

30/06/21

Josh Rufus

Author

Josh Rufus
Josh Rufus

Author

Josh Rufus
Find out more
Finance Transformation Manager

Salary:

€75,000 - €90,000 per annum + Benefits, Bonus

Location:

Dublin

Industry

FinTech

Professional Services

Business Services

Qualification

Finalist / Newly qualified

Fully qualified

Market

Professional Services

Salary

£80,000 - £100,000

Job Discipline

Qualified Finance

Newly Qualified Finance

Contract Type:

Permanent

Description

Finance Transformation Strategy Manager - Dublin - Management Consulting

Reference

BBBH164909

Expiry Date

30/06/21

Matthew Fitzpatrick Find out more
Audit Supervisor within the Not For Profit Team

Salary:

Up to £50,000 per annum

Location:

City of London, London

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£50,000 - £60,000

Job Discipline

External Audit

Contract Type:

Permanent

Description

Top 10 professional services firm in Central London are looking for an Audit Assistant Manager to join their Not For Profit team.

Reference

BBBH164104

Expiry Date

02/07/21

Josh Rufus

Author

Josh Rufus
Josh Rufus

Author

Josh Rufus
Find out more
Audit Senior - Banking & Alternative Finance

Salary:

£43,000 - £46,000 per annum

Location:

City of London, London

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£40,000 - £50,000

Job Discipline

External Audit

Contract Type:

Permanent

Description

Top 6 practice in London have an exciting opportunity to join the FS team, specialising in Banking and Alternative Finance, as an Audit Senior

Reference

BBBH162593

Expiry Date

30/06/21

Josh Rufus

Author

Josh Rufus
Josh Rufus

Author

Josh Rufus
Find out more
Finance Manager - Real Estate

Salary:

£60,000 - £70,000 per annum + 30% bonus and benefits

Location:

City of London, London

Industry

Investment Management

Real Estate

Qualification

Finalist / Newly qualified

Fully qualified

Market

Financial Services

Salary

£70,000 - £80,000

Job Discipline

Newly Qualified Finance

Contract Type:

Permanent

Description

You will be involved in the life cycle of the deal

Reference

DMT028

Expiry Date

16/06/21

Sunil Basra

Author

Sunil Basra
Sunil Basra

Author

Sunil Basra
Find out more
View all jobs