At HW Global our commitment to diversity and inclusion is therefore not just a laudatory aim rooted in promoting social justice; it is central to our vision of delivering best in class talent solutions to our clients.
It is why we signed up to HM Treasury’s Women in Finance Charter and pledged to the following actions to promote diversity:
• Having a member of our senior executive team responsible and accountable for gender diversity and inclusion.
• Headline target to maintain 30% of women in senior management by September 2022 and supporting targets – maintain our offering of flexible working and promotion opportunities available for all members of staff.
• Publishing progress annually against these targets in reports on our website.
• Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.
HW Global already boasts successful retention rates, with 10 out of 14 female employees having remained with the firm for more than two years and half for more than five years. We aim to maintain more than 50% female employees across the Group.
Many of our clients – in both financial services and other industry sectors we support – also regard diversity and inclusion as a source of competitive advantage, and specifically as a key enabler of growth.
To help accelerate action on diversity, support an industry-wide approach and promote discussion on gender diversity at the highest levels we take the following approach with our clients, from initial meetings through to completion and placement of a candidate:
• Aim to deliver shortlists comprising at least 30% female candidates.
• Advise and guide clients to be more flexible about candidates in order to meet diversity targets, considering candidates from different sectors, backgrounds and experience.
• Focus on promoting non-gender diversity characteristics within our recruitment strategy such as varied age, ethnicity, disability, socio-economic background, LGBT+.
The Women in Finance Charter
The Women in Finance Charter was launched by HM Treasury following recommendations in a review by Jayne-Anne Gadhia, former CEO of Virgin Money, on the representation of women in senior managerial roles in financial services.
Her report ‘Empowering Productivity: Harnessing the talents of women in financial services’, which focused on the talent pipeline at the executive population below board level, was published in March 2016. It found women made up only 14% of executive committees in the financial services sector.
There are now 330 firms across financial services signed up to the commitments of the Charter – from global banks to credit unions, the largest insurance companies to the smallest fintech start-ups – with headquarters in the UK, USA, Europe and Asia.
This means more than 800,000 employees in the UK are now covered by the Charter, which commits firms to supporting the progression of women into senior roles in financial services by focusing on the executive pipeline and the mid-tier level.
Research by McKinsey & Company showed that companies with ethnically diverse leadership are 33% more likely to outperform on profitability and 21% more likely to have above-average profitability with gender diverse leadership teams.
BCG and the Technical University of Munich found a direct correlation between innovation, diversity in leadership teams and profitability of new product releases. They discovered that four types of diversity – industry background, country of origin, career path, and gender – positively correlate with innovation.