Research shows that diverse and inclusive workplaces are more profitable and have more engaged workers. So why is the pensions industry still underrepresenting the people it serves?
Just 24% of board trustees in the sector are women, according to a PwC study, and there is very little research on the percentage of trustees from minority backgrounds.
At a recent Inclusion and Diversity in Pensions event, Dr. Kamel Hothi OBE spoke of her experiences as a leader and how she has used an approach centred on curiosity and empathy to overcome barriers like racism and lack of cultural understanding. Some of her greatest insights and suggestions include:
Know yourself – when you’re sure of your purpose and values, it’s much easier to stay motivated when obstacles arise.
Be curious – it’s okay to ask colleagues questions about their experiences and backgrounds. While it’s not their job to educate you, most people won’t be offended by an honest question driven by a desire to get to know them. Leading with curiosity builds stronger relationships.
Remember small actions can have a big effect – every individual has the power to create change. By doing something small like sharing our own experiences, we can create a ripple effect that empowers other people to do the same.
The Pensions Regulator is taking steps to improve diversity and inclusion in the sector by setting up a trustee diversity working group. Given the cost of living crisis, which looks set to worsen an already existing savings gap in pensions, it’s also vital to improve diversity and inclusion for consumers. This makes it more important than ever for everyone in pensions to work together to drive real change.
At BranWell Ford, we encourage more women to apply for senior roles to improve diversity and inclusion in the Pension sector. Get in touch for an unbiased approach to recruitment.