Some UK Financial Services Firms Keep Flexible Working to Boost Women in Workforce

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As firms across the City of London consider clamping down on working from home, Schroders Plc is sticking to its policy of letting workers decide how much time they spend in the office.

“Flexible working provides a strong link to enabling women to successfully fulfil their career ambitions,” Emma Carroll, head of HR business partners for the investment manager, said in emailed comments to Bloomberg News. “It was clear that a one size fits all approach would create obstacles to designing a truly inclusive workplace going forward.”

Since rolling out the policy during the COVID-19 pandemic, there has been “a significant increase in the percentage of employees who believe Schroders cares about their well-being,” as well as those who see the firm as an inclusive workplace, Carroll said. London-based Schroders has about 6,000 employees globally.

Financial Services Firms Acknowledge ‘Awful’ Culture in UK Sexism Inquiry

After a year punctuated by sexual harassment scandals, pressure is bearing down on the City of London to show the results of a raft of commitments to diversity, equity and inclusion over the years. The Financial Conduct Authority and the Prudential Regulation Authority are considering making companies publish data on whether under-represented groups are advancing.

Insurers such as Zurich Insurance Group AG have overhauled their approach to recruitment to boost the number of women in the workforce. Within a year of starting to advertise all vacancies on a part-time, job-share and flexible basis in 2019, Zurich has said it appointed a third more women to senior positions in the UK.

Aviva Plc, meanwhile, adjusted its job descriptions in light of research showing that women are less likely to apply for a job if they don’t meet all the requirements. As a result, most of the insurer’s ads have listed salary bands and no more than five requirements since April 2022, leading to a 9% increase in women applicants for senior roles over a nine-month period.

Chief Executive Officer Amanda Blanc has also spoken publicly about her continued frustration with the sexist culture of the finance world. She told lawmakers this week in an inquiry into the culture of the City that she had received “appalling” reports of such attitudes in response to a call-out on LinkedIn.

It may take some time before the impact of companies’ changes filter through to the broader workplace, said Paul Sesay, CEO and founder of the National Diversity Awards. “It can take five years for the culture to change within an organization properly,” he said.

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