Gender Equality and Inclusion in the Investment Industry
This content delves into the importance of male allies in promoting diversity and inclusion in the investment and savings industry. It highlights the need for men to step up in support of gender parity and offers insights on allyship, gender ally personas, and actions to foster a more inclusive workplace culture.
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Male Allies Cosmo Elms, Head of ETF Business Development, Legal and General Investment Management, DP Male Allyship Lead Mark Freed, CEO and Founder of E2W & Member of the board for Men for Inclusion Janine Menasakanian, Investment Consulting Director Altus Ltd
Agenda Think about Diversity and Inclusion Being the only one in the room We have more in common than we often think The personal case for inclusion / what is in it for me? career, health and wellbeing, opportunity and choice, responsibility Lived experiences and their consequences Actions that you can take
Commentary & Analysis Investment and Savings Industry This has been achieved by focusing much of our efforts on supporting women to succeed: Coaching, Mentoring in OUR World and by recruiting and retaining more of them. Very little has been done, our thought, about to harness the potential of the vast majority in the industry. Will more men stepping up to inclusion and leveling the playing field accelerate progress. % of all firms predicted to be reaching gender parity by decade ( equal no. of men DP members - Mean Average Pay Gap DP members - Mean Average Bonus Gap 35% 28% 72 50 16% 71 14% 70 7% 69 46 45 44 2020's 30's 40's 50's+ Never 2017 2018 2019 2020 2017 2018 2019 2020 Women earnt x pence for every 1 that men earn From 17 to 20 = 12% improvement From 19 to 20 = 5% improvement Women earnt x pence for every 1 that men earn From 17 to 20 = 12% improvement From 19 to 20 = 5% improvement
Role of an Ally Be a visible agent of change. When leaders act, it encourages others to do the same and shifts the workplace culture by reinforcing what is, and what is not, ok Set the tone by inviting others to call you out courteously when you make a mistake. Look out for non-inclusive behaviours and act in solidarity and partnership with those who you think are being excluded Everyone gets things wrong because we are all guessing what others think or feel. So, ask questions, listen, expect to learn and adapt what you do and say
Three Gender Ally Personas Persona One: I am supportive and do what is asked of me. I want to do a good job by complying with the firm's policies and meeting my targets & measures Motivation My team are diverse, albeit we are predominantly men, We are close knit, good mates, a great team My colleagues are all equal and have equal opportunity I know I have bias s; we all do Mindset I do all I can to meet my objectives and targets When I am recruiting, I hire the best person for the job I am worried about speaking out in the wrong way; or concerned that speaking out will damage my career progress Action
Three Gender Ally Personas Persona Two: I recognize the business case for diversity and want to help. Our firm has some great policies and initiatives that I am supporting and helping to define. I have seen the challenges and barriers faced by my wife/partner/ daughter/ and want to make things better for them. Motivation I am aware of the relative advantage I have had as a (white) man. I am aware that I occasionally make mistakes, accidental sexisms, that may inhibit the progress of others. Mindset I suspect that some women's lived experiences present a challenge that we need to change. I help women to succeed in my world, by championing, mentoring and training them I am now hiring the best person for the team, with an eye on diversity Action I have joined and support the Gender Network
Three Gender Ally Personas Persona Three: I am an agent of change, delivering better outcomes for all. An inclusive culture and society have given me, and everyone, better career, health & well being, opportunity and choice, outcomes I see it as my responsibility as a (white) man to join hands with those that have traditionally campaigned for change Motivation My relative advantage as a (white) man means I can drive change To drive the change, we desire we need to understand and respond to the limiting lived experiences of minorities within our firm and society Mindset I have changed my leadership style to be more inclusive, I am more understanding of and get better results from my team I am prepared to callout others and welcome the opportunity to be called out Action
Impact Assessment of the different Personas Persona 2 Persona 1 Persona 3 Internal Impact External Impact
The personal case for inclusion / what is in it for me? Responsibility Career Opportunity & Choice Health and Wellbeing
Accidental Sexism All men and women exhibit some accidental sexism o Derived from deeply engrained social expectations of different genders Barriers to equity of opportunity in the workplace persist o Research shows are more likely to be experienced by women than men and especially women of colour Accidental Sexism is often invisible to those who don't experience it o Even those who do tend to put it down to individual experience. As a result, even the most well-intentioned managers can reinforce barriers for women - without realising that is what they are doing
5 Cs of Accidental Sexism 5Cs of Accidental Sexism Capability Constraint Communication Credit Connections Types of bias arise from Role congruence bias Ability bias & benevolent sexism Language bias Performance bias Affinity bias Impacts Unfair allocation of prestigious work and 'office housework' Competence questioned and negatively judged when behave counter- stereotypically Being interrupted or talked over impedes contribution & feeling of being respected Not being credited for your contribution Having less access to influential relationships internally and externally Less likely to progress according to potential Well meaning decisions made on your behalf without discussion Non-inclusive language tolerated Thought to owe position to diversity targets Not defended against assumptions or sponsored for career progression
Effective actions for group situations Dealing with issues that take meetings off track Tackle interruptions Give credit where its due
Get in touch! Mark Freed, Men for Inclusion / E2W: Mark.Freed@e2w.co Janine Menasakanian, Altus: janine.menasakanian@altus.co.uk Cosmo Elms, LGIM: cosmo.elms@lgim.com
