27 June 2022
Quilter, the wealth manager and financial adviser, has launched a two-year inclusion and diversity action plan to proactively improve the diversity balance within the company.
The plan prioritises solutions with measurable impact that will sustain over the long-term. The plan supports an equity-based approach focusing on the differing needs of underrepresented groups.
The action plan focuses on five areas:
- investing in the next generation;
- improving data transparency and disclosure;
- embedding inclusive leadership;
- improving culture contribution and
- transforming its recruitment practices and processes.
As of 31 May 2022, Quilter achieved 39% female representation across its executive committee and their direct reports. Similarly, 8% of this community are Black, Asian or ethnically diverse which has beaten the 5% target set in 2020.
The next two years will see a focus on education and open discussions. All managers will have inclusion & diversity sessions organised for them for the coming year with work and organisational psychologist John Amaechi OBE and his organisation, APS Intelligence. The senior leadership community will also need to report on the retention and promotion of underrepresented groups and identify and reduce pay disparities. Progress is linked to executive pay and overseen by the PLC board.
Quilter is building a diverse talent acquisition business partnering function, which will oversee the enforcement of diverse interview panels, modernise job descriptions and ensure they are appealing to all.
Quilter will focus on professional qualifications relative to the role instead of degree alongside skills, potential and values.
Paul Feeney, CEO at Quilter:
“Although we have made positive strides forward in the past few years there are still too many talented individuals out there not considering a career in this fantastic sector because they feel it is not for them. The reality is that companies that fail to attract this talent will ultimately get left behind.
“We’ve started by addressing the diversity issues at the top and have built a much more diverse board of directors. However, this new action plan will improve the pace of change throughout the company and help us to build a more diverse, balanced and innovative Quilter.”
Tosin James-Odukoya, head of inclusion, diversity and talent acquisition at Quilter says:
“It’s important that we don’t pay lip service to improving the diversity of our company and sector and take direct and meaningful action to help make our it representative of the UK population and the customers it serves.
“We all know that an inclusive company that values diversity of thought, ethnicity, gender and socio-economic background will spur innovation and improve employee wellbeing, but the pace of change has been too slow for too long.
“We’re embarking on a two-year programme of changes so that we can get the basics right and build a more diverse, inclusive and better Quilter for the future. This plan puts in place tangible actions that give us the chance to effectively measure our success and make positive change. “
