"Life is a marathon, not a sprint" I find this quote coming into
my mind regularly when we are working with clients on their
diversity journey.
If we turn the clock back a few years ago, diversity and
inclusion was barely on the business and economic agenda. Fast
forward to 2018 and there's rarely a day goes by without a news
article on diversity and inclusion or a company reporting its
latest progress on driving forward the inclusion agenda. This shift
in conversation on diversity and inclusion is hugely welcomed yet
if we look at the facts, progress has remained stubbornly slow.
The gender pay gap in the UK remains stuck at 18% and it's only
marginally lower in Scotland, hovering at the 16% mark. However we
know that in some industry sectors, companies reported gender pay
gaps far higher than the national average. Within the financial
services sector, we saw some of the highest figures reported: 40%,
50%, 57% - just some of the data figures published.
Women across Scotland are still more likely to work in
part-time, low paid sectors and on average earn £190 per week less
than men.
Disabled people were less likely to be employed than able bodied
people. Our workforces do not represent our population, with
individuals from ethnic minorities less likely to participate or
progress in the workplace, when compared to white individuals. And
we still have to face the uncomfortable truths that the LGBT
community continues to experience discrimination and bias, with
many choosing not to be their true selves at work out of fear.
We know that these barriers that individuals face cannot be
allowed to remain, but not only is diversity and inclusion the
right thing to do - it is an economic imperative. Companies that
are diverse are 35% more likely to have financial returns higher
than their national industry median, according to research in
McKinsey. Diverse companies are better at attracting and retaining
talent. When employees work at companies that are inclusive, they
have a higher level of loyalty and pride for the business they work
for.
In Scotland, if we closed the gender pay gap, we would have a
£6.5bn boost to our economy. A 5% rise in the employment rate of
people with a disability would contribute an additional £6bn to the
UK economy by 2030. Full representation of the BME community in our
workforce would boost the UK economy by £24bn per annum - 1.3% of
GDP. An estimated £70bn is earned and spent by the LGBT community
in the UK every year.
So, the economic and business case for diversity and inclusion
is clear. Employers who pay lip service to this do so at their
peril.
We know there is still a long way to go - remember it's a
marathon not a sprint. At GenAnalytics we believe
that data will drive progress. This is our focus.
Employers can harness data to mainstream diversity. Data allows
employers to benchmark themselves against competitors, establish
baseline information and set targets for progress. Within the
financial services sector we've seen really positive examples of
this, including the Women in Finance Charter. Success attracts
success, so there is a real opportunity to build on what's been
done to date.
There is no room for complacency if we want to ensure that our
economy and our businesses continue to thrive, especially in these
challenging times. So let's up the pace a bit in the marathon -
we've got the ability to do so - and let's really see a push
towards the finishing line and the prize of a truly inclusive and
high performing economy where our businesses thrive.
GenAnalytics is a data analytics insights consultancy which
works with clients across every industry sector to drive business
performance through greater diversity and inclusion in the
workplace.
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