Finance organisations commit to improving BAME representation

Finance firms have committed to boosting their support for Black, Asian and ethnic minority (BAME) employees.

The Bank of England and HSBC are among the firms that have signed up for the Investing in the Ethnicity and Race Initiative, which was launched in 2017 by Labour MP Dawn Butler and diversity and inclusion specialists SPM Group, with the aim of improving the representation of BAME employees.

Shortage

The initiative was launched after a review by Baroness Ruby McGregor-Smith found that the lack of BAME people was costing the economy £24bn each year. The review also found that there is a shortage of BAME workers in top management positions, with just 6% represented in these roles.

The report also found that despite being more likely to have a degree, BAME people are more likely to be working in lower-paid and lower-skilled job roles.

The Investing in Ethnicity and Race Initiative now aims to tackle these issues, with the scheme helping people from BAME backgrounds to advance in their career and aiming to boost the number of BAME people working at boardroom or other senior levels.

The first awards ceremony for the initiative is set to be held on 1 November 2018, where business leaders will be recognised for their role in helping to promote diversity and inclusion.

Commitment

Commenting on HSBC’s involvement in the Investing in Ethnicity and Race Initiative, Ian Stuart, the CEO of HSBC UK, said: “I was delighted to sign up to the Investing in Ethnicity and Race programme to support our commitment to increasing representation of BAME employees throughout our organisation.”