Women In Finance Charter – THE BLUEPRINT REPORT – PILLAR 4 EMBEDDING DE&I
The Women In Finance Charter (WIFC) Blueprint Document released in 2022 was originally focused on gender equity, however it is common belief that the four reinforcing pillars can be used by companies of any size in meeting their whole diversity, equity and inclusion targets.
The blueprint was structured into four reinforcing pillars; Recruitment , Retention & Promotion, Culture & Behaviour and Embedding Diversity Equity & Inclusivity.
Pillar 4 – Embedding DE&I – The blueprint identified that signatories who set gender representation targets which were then made public had been a major success of the Women In Finance Charter. Whilst embedding DE&I best practice it allowed them to create a transformational, data-led approach to facilitate change which should evolve into business as usual (BAU) practices in the long-term. This approach included creating targets, with accountability at C-Suite/Exec Board level, with continual monitoring.
Embedding DE&I with a transformative approach has five key aspects:
CHANGE IS HARD
Only 12% of organisations have achieved the desired results from change efforts. A transformation taskforce allows companies to accelerate their gender parity agenda until it can become BAU. The taskforces main goals are to translate a high level plan into a roadmap whilst monitoring key KPIs.
Of those Signatories surveyed:
13% have a transformation taskforce that manages dynamic initiative portfolio and roadmap
59% collect diversity data at each stage of employee lifecycle
18% conduct analysis linked to initiatives
32% have a real-time dashboard with gender parity targets at ExCo and Board meetings
The blueprint suggests a number of ideas to improve your company’s embedding of DE&I, leading companies surveyed have already implemented a number of these including:
High level targets for gender representation in senior management
C-Suite member who is accountable for gender diversity initiatives
Partner with external DE&I training providers
Regularly collect gender representation data and feedback at each pillar stage of employee lifecycle.
Track and report representation of women in senior management using a Real-Time dashboard to showcase progress against gender targets accessible to both employees and external
Engage organisation in DE&I plan through regular communications
Training managers in small groups on coaching, giving degendering feedback and building an inclusive culture
Identify which key risks are most likely in different phases of the DE&I programmes, and re-evaluate these every 60 days with a tailored mitigation plan.
Identify and implement mitigation actions for top risks.
WHERE DO YOUR STAND?
The blueprint identified a number of key questions for companies to do a self-assessment of embedding DE&I.
Do you cascade targets through all levels of the organisation?
Is your senior management held financially accountable for progress against targets?
Do you have a sponsorship spine set up through the organisation?
Are you measuring the impact of your initiatives and making adjustments as required?
Do you actively manage risk of your DE&I transformation programme?
WHAT IS YOUR NEXT STEP?
We really hope these series of articles have been of benefit. If you haven’t read the WIFC Blueprint make sure you get a copy of it, one of our team would be happy to send you across a digital version. The blueprint report helps you identify the key DE&I dimensions, shows ‘best in class’ examples, and provides you with an actionable toolkit to accelerate your journey.