At last year’s Confederation of British Industry (CBI) conference, diversity and inclusion (D&I) was mentioned more than any other issue, highlighting how the topic is at an all-time high as a business priority.

However, the seemingly sudden increase of D&I activity can sometimes leave people feeling a bit left behind as they struggle to understand what it all means.

Culture Amp, which is a platform for measuring and improving employee engagement, has written a report, Workplace Diversity, Inclusion and Intersectionality 2019. The report explains diversity in the workplace as being “the range of human differences within a company including but not limited to race, ethnicity, gender, identity, sexual orientation, age and social class.”

It goes on to explain that inclusion is “the act of making a person part of a group, when each member is afforded the same rights and opportunities” and should also include those with physical disabilities and people suffering with mental illness.

Getting this right has a direct impact on whether people feel a sense of belonging, feel heard, and feel safe to express themselves authentically.

The benefits of a diverse and inclusive workforce are plentiful, but the three which resonate most with me are: firstly, that companies will employ more dynamic practises to attract and retain a wider range of talent; secondly, workforces will better reflect the communities they operate in; and lastly, that companies will be more capable of positively engaging with a wider customer base.

A wider pool of talent

Alexander Hall is a culture-driven business based on the values of hard work, integrity and collaboration.

Employees are hired on their ability to express our values and our leaders are those who can best exemplify these values to others.

One major challenge for businesses within the financial services sector is attracting people from a wider pool of talent. To achieve this, we have introduced a number of initiatives to make Alexander Hall more appealing to prospective candidates from beyond the standard recruitment channels:

• I currently act as the executive chair of an internal group-wide BAME (black, Asian and minority ethnic) network. This network was formed in order to help its members share ideas, develop their skills and become better candidates for career opportunities. Events have included working with a range of high profile guests, as well as participation with organisations such as The Africa Centre in Southwark and the Black Cultural Archives in Brixton, where I serve as a member of the Development Board.
• One of our up and coming mortgage advisers Sophie Lowndes-Toole co-chairs a group-wide LGBTQ+ (lesbian, gay, bisexual, transgender and queer or questioning) network. Events have included representation at Pride marches, as well as arranging a variety of events, including talks and panel discussions.
• We have set up an initiative called Inspire50 within Alexander Hall to attract and retain more female talent. Stephanie Daley – one of our associate directors – acts as co-chair. The programme of events allows members to have greater access to a roster of predominately-female business leaders from across financial services, with the view to learning from their career highs and lows.
• Stephanie and I also represent Alexander Hall as part of the Women’s Executive Finance Forum – an external initiative within the mortgage and protection industry. This forum is set up to help its members develop skills and network with the view to strengthening their career prospects.
• I also work with a social mobility charity called ‘Making the Leap’. Its key aim is to help sixteen to twenty-five year-olds, usually from the lower end of the social-economic spectrum, at the start of their careers develop the soft skills they need to perform well in interviews and assimilate into new business cultures if they are hired. Involvement includes hosting sessions in our offices, as well as spending time in schools talking directly to the next generation.

Include D&I in company strategy

The success of D&I programmes are directly influenced by the passion and commitment invested by the leadership team. The best way for business leaders to make a difference is to ensure D&I is a key part of their company’s strategy and to personally take part in and drive initiatives.

Doing so sends a strong message through the company, especially to more junior leaders, that everyone has to play their part to drive change.

We are successfully attracting new team members from a wider pool of talent, thanks to our inclusive, progressive company culture and working environment. This in turn means that our workforce more accurately reflects the multicultural communities we work in, and is therefore better able to connect with a broader range of customers and provide the best possible service to each.

Exemplifying the values of diversity and inclusivity as a company means doing what is best for our own people, as well as for the people we provide a service to – a core value for us at Alexander Hall, and one that always proves to be best for business as well.

The LGBTQ network encourages diversity

Sophie Lowndes-Toole, co-chair of the LGBTQ network at Alexander Hall, explains the importance of a strong culture of acceptance

LGBTQ inclusion is an important topic for me because I have seen prejudice and discrimination first hand. In addition, I fundamentally believe that to get the most out of any group or team you need to embrace and draw on their diversity and the breadth of knowledge that it brings. On a side note, this point is expertly covered in Matthew Syed’s 2019 book Rebel Ideas.

The LGBTQ network here is a group wide initiative of which I am a co-chair. We recently held our first event on the topic of allies, which included external speakers and was a collaboration with ‘Pride in the City’ with whom we have an ongoing relationship.

Within our business, we have a strong culture of acceptance, and my role allows me to assist those who would like to develop their understanding of LGBTQ topics or simply offer support.

At Alexander Hall we participate in the annual Pride event in London and staff involvement has grown year-on-year with the support of senior managers through to newer members of staff. This year we are focusing on growing the LGBTQ network and making it a more effective medium for educating members and allies alike. I strongly believe this helps to attract and retain a wider pool of talent, which in turn is better able to service a more diverse client base.

The ‘pink pound’ in the UK was estimated to be worth £6 billion in 2018. There is clearly a fantastic opportunity here to help customers if businesses can take the time to adapt.

Across the pond, a study carried out by the Iowa State University in April 2019, showed that same sex borrowers are 73% more likely to be denied a mortgage than non-same sex borrowers. Whilst regulation in the UK protects against this level of discrimination, there is still sometimes an antiquated attitude. As an example, there is still a general need to tick a box to identify as either ‘male’ or ‘female’ on an application form.

I believe there are improvements that could be made within the mortgage industry to make people of all genders, races, sexualities and identities feel comfortable approaching the conversation around their finances. Mortgage advisers are perfectly placed to support this, on the premise they have they a genuine willingness to relate to the people they do business with.

A mortgage advisor is a great career for women

Stephanie Daley, co-chair of Inspire50 at Alexander Hall, believes the financial services sector could do more to attract and retain more female talent

The journey towards greater diversity in financial services has gained a lot of traction over the last few years but the results are still way off where it needs to be. Bold pledges and initiatives only work if they trickle down into the interview rooms and into the processes that determine promotions.

If we zoom out of the mortgage sector for a moment, it is interesting to note that only six FTSE100 companies had a female chief executive in 2018, and none of these were in the financial services sector (source: FT). The fact that it made headline news in November 2019 when a female chief executive was appointed within the financial services sector highlights the scarcity of female representation. Why does this matter?

It matters because females at the top of organisations will help to shape the culture of their businesses to better attract and retain female talent; and better senior female representation sends a strong signal to the next generation that roles in financial services are something they should be aspiring towards.

I believe many women are discouraged from even applying for roles at mortgage broker firms. The could be due to the misconception that the industry only caters for a certain type of female who can ‘lean in’ to the ‘old boys club’ culture. Addressing this will require businesses to create a culture of acceptance, which accommodate employees regardless of who they are.

I also believe being a mortgage advisor is a great career for women. The role provides flexibility of working and compliments individuals with strong relationship building skills, a penchant for detail and the ability to multi task. Most companies offer mortgage advisers a standardised commission package and so the commitment you put in, rather than your gender directly influences your pay.

In 2019, we set up ‘Inspire50’, which has helped to connect the female talent within Alexander Hall to the wealth of talent across the wider industry. Having access to role models who reflect our working experiences has had a profound impact already. I am incredibly grateful to those who have shown a willingness to collaborate and invest their time in our futures.