The latest Race to Equality Index from campaign group Reboot shows that the insurance industry is leading the charge when it comes to Diversity & Inclusion (D&I).
The Index reveals that the average Diversity, Equity and Inclusion (DE&I) score for financial services firms has improved from 65 to 67 (out of an optimal 100) in the last 12 months.
The research also shows that ethnic minority employees who work in large firms, and those who are 30-34 years old, have felt the greatest improvements when it comes to financial services companies becoming more diverse, equitable and inclusive places to work.
Significantly, hedge funds and insurance companies have seen the greatest improvements by sub-sector, climbing from 65 to 68, and 66 to 68 year-on-year, respectively
While the improvements both hedge fund and insurance companies have made in the past 12 months have helped to establish both sub-sectors at the top of D&I league table for the financial services industry, asset management companies are lagging behind and is the only sub-sector that has regressed, declining from 66 to 64 this year.
The 2022 Race to Equality Index, which is in its second year, also found that large organisations ($10 billion or more in revenue) registered an index score of 70, up from 67 last year. 30 to 34 years olds were also more positive year on year, scoring 70 this year, compared to 65 last year.
Noreen Biddle Shah, founder of Reboot, commented: “Increased efforts to boost diversity, equity and inclusion within the industry have been a commercial reaction as well as a socially conscious one.”
“Multiple studies have concluded that a diverse workforce boosts profits, innovation, creativity, and productivity. It can also improve decision making and risk outcomes. And while it’s promising to see that there’s been a slight uptick in the overall average index score over the past 12 months, our upcoming report highlights that there is still much more to be done to level the playing field for ethnic minority groups within financial services.”