Building a business with a diversified employee base is no longer a nice to have; it's necessary, both in terms of talent retention and client retention.
In the latest episode of "(mis)Conduct, Money & Reputation," Financial Markets and Funds Partner Neil Robson and David Masters of reputation specialists Lansons/Team Farner delve into the increasingly knotty area of Diversity, Equity and Inclusion. They explore a variety of topics, from the perils of over-claiming and under-delivering to the increasing scrutiny around non-financial misconduct.
As they discuss, reputational hazards are many. Because reputation is mostly driven by behavior, claiming to be building a diverse team and not doing so can lead to regulatory and reputational fallout. And in a world where competition for talent is fierce, firms that fail to develop progressive employment strategies are likely to fall behind. Furthermore, the evidence is clear: Diverse teams outperform.
The two also discuss the Financial Conduct Authority (FCA) proposals to require financial services firms to implement evidence-based diversity and inclusion strategies that take into account the individual firm's progress on these efforts.
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