CEOs and business leaders from some of Britain’s biggest financial and media organisations have reinforced their commitment to improving the representation of Black, Asian and ethnic minority (BAME) employees.
The Bank of England, HSBC and Channel 4 are amongst the organisations who signed up to the Investing in Ethnicity and Race initiative last year after it was launched in Parliament by Labour MP Dawn Butler and diversity and inclusion specialists, SPM Group.
Public and private sector businesses are involved in the scheme which works to promote solutions around BAME career advancement and the increased representation of minority ethnic people at boardroom and other senior levels.
The initiative followed a government review which found the lack of Black, Asian and minority ethnic people was costing the economy £24billion a year. The same review by Baroness McGregor-Smith highlighted that workers from minority backgrounds hold only 6% of top management positions. People from BAME backgrounds were also more likely to work in lower paid and lower skilled jobs despite being more likely to have a degree, the report also found.
Founder of the Investing in Ethnicity and Race initiative, Sarah Garrett MBE, said: “It is unacceptable that people are being held back in the workplace because of their ethnic background. Investing in Ethnicity is all about ensuring that all people, regardless of their ethnicity, have the same opportunities to progress and can achieve their true potential.
“A year on since its launch we have made some great achievements – we’re working with some of Britain’s biggest employers to bring about practical and positive change.
“The ideas put forward in the Investing in Ethnicity Maturity Matrix, which was designed in consultation with employers, are being implemented in workplaces all over the country as a tool to start a dialogue around improving opportunities for BAME employees.”