26 July 2024
Quilter, the FTSE-250 listed wealth manager, has launched a new three-year inclusion and diversity action plan to further embed and expand upon the success of its original two-year action plan launched in 2022.
The new plan builds on the positive changes achieved thus far and continues to prioritise solutions with measurable impact with long term sustainability at the fore.
Quilter’s action plan features a renewed focus on five key areas, including:
- investing in the next generation of talent;
- further improving data transparency and disclosure;
- driving inclusive leadership;
- prioritising culture contribution and
- continuing the evolution of recruitment practices, processes and diversity of talent pools.
In 2022, Quilter set out to have 80% of all diversity data questions completed. In 2024, the average response rate across the Quilter Group now sits at 79%, with questions on ethnicity and religion achieving over 80% response rates and many others following closely behind.
Quilter has already surpassed its commitment to increase the proportion of senior leadership roles, including Executive Committee and direct reports, held by women to 40% by 2025. As at 30 June 2024, 45% of Quilter's senior leadership roles are held by women.
In addition, 2% of Quilter’s senior leadership were held by ethnically diverse colleagues in 2020. This has now risen to 9% as of 30 June 2024, and Quilter is committed to increasing this further to 13% by 2027.
The next three years will see a renewed focus and expansion of the work that has been underway since 2022. The data gathered so far, which has been bolstered by the support of internal focus groups, roundtables and inclusion and diversity committees, has strengthened accountability and will allow Quilter to monitor and address any gaps.
A programme of activity, in partnership with the Forward Institute, will support a ‘tone at the top’ approach to ensure managers and senior leaders are well versed in inclusive practices. Bi-annual progress updates will be submitted to the Senior Leadership Committee to help drive continuous improvement, and further investment will be made to ensure more senior leaders and colleagues are trained Mental Health First Aiders to support wellbeing.
Since 2022, an interactive wellbeing guide, a wellbeing library, a toolkit on reasonable adjustments, and menopause and gynaecological health policies have been introduced to support Quilter colleagues. In the next three years, Quilter will add to this by introducing toolkits focusing on carers, trans and non-binary inclusion, and fertility.
Quilter will also adopt a more focused approach to fostering the development of employees from underrepresented groups by implementing group coaching and will invest in an extensive suite of virtual reality scenario based training for managers to enhance cultural competency.
Steven Levin, CEO of Quilter says:
“It’s two years since we launched our original I&D Action Plan and it’s evident that we’ve achieved significant progress. By hitting our previous key targets, we’ve established a solid foundation. Now, it’s time to raise our ambitions. Our updated action plan aims to speed up the pace of change, nurturing a culture that values diversity and ignites innovation.
"Our I&D Action Plan is our blueprint for fostering an environment where each colleague’s unique skills and connections are fully developed. We are committed to infusing our business with diverse perspectives, ensuring innovation at every level.
“Wealth management is about empowering individuals to make important life choices. Embracing inclusion and diversity means we believe wealth creation is a right for everyone, regardless of background. I am dedicated to ensuring Quilter continues to advance positively."
Tosin James-Odukoya, head of inclusion, diversity and wellbeing, adds:
“I am proud to be surrounded by colleagues who have answered the call to action to help us gather more complete data and demonstrate our commitment to building an equitable workplace where all can thrive. We have focused on collecting data to celebrate the removal of barriers to opportunity and to prevent assumptions being made about the makeup of our business. By creating opportunities for talent from all backgrounds, we not only enrich our workforce but also drive innovation and growth.
“Our data-driven action plan demonstrates our ongoing commitment to eliminating workplace discrimination. We take pride in being part of a powerful and influential sector, and we are dedicated to leveraging our position to address and reduce inequality.”
