“This is a world where people are more comfortable opening up in front of people who are like them. I personally am more likely to open up to a woman than a man, because they are likely to understand my issues and my insecurity.”
Streames adds: “You can reflect different attitudes and brainstorm in a company, building a wonderful culture where you can all harmonise to drive performance, ensuring everyone is heard, included and considered on their own needs and opinions.
Closing gaps
According to North, not embracing DE&I runs the risk of excluding huge chunks of the population, thereby limiting advice knowledge and experience and also limiting the impact on making the world a better place.
North says that “clients deserve to be advised by people with a variety of life experiences and ways of viewing the world and delight in working with people who truly empathise with their own challenges”.
There are other practical advantages to creating a DE&I-friendly culture.
For instance Streames points out that there are still many existing gaps in equality – representation gaps, but also pay gaps and pension gaps.
“I believe the only way to close these gaps is when we strive to embody DE&I so that those in these gaps currently will feel more comfortable to get the vital advice they need from their peers who, simply put, look like them, represent them, are them,” she says.
Another practical advantage is reducing employee turnover and the associated costs.
“To support and include your workforce truly will stop employee turnover, which will lead to better retention and profits,” says Streames.
North adds that recruitment and retainment practises are key. “Remember that most people who do not feel included or who are finding things tough might not tell you and will either just not apply for your job, leave their role or not approach you as a client or make excuses to go elsewhere.
"Considering how you can be a welcoming environment to all and seeing the advantages of this rather than focusing on how it might inconvenience you is the way forward.”
Regulation
Many advisers and managers feel DE&I is a regulatory imperative, as well as a business imperative.
For instance, regulation good because true DE&I creates healthier business cultures, according to North.
“Truly diverse, equitable and inclusive businesses lead to healthy business cultures, as well as making better businesses. Healthy cultures ensure that bad behaviours are discouraged and best practice is championed, all of which is a win-win for regulators,” she says.
