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It’s recognized that diversity in the workplace is essential across industries, but despite this, some sectors struggle with implementation and retention.

A survey by the CFP Board Center for Financial Planning within the Financial sector shows that only 3.5% of CFPs are black or Latino. Also, about 32% of financial advisers were women as of 2017. Minority representation in the industry shows an upward trend but there is still much room for improvement.

How does an organization recruit and retain a diverse workforce to boost creativity and innovation?

First of all, hiring managers need to undergo “blind spot” awareness training that will make them aware of their unconscious biases. If necessary, the company should alter its recruitment efforts in order to find qualified minority candidates.

Purposeful hiring

When hiring, posting of job openings must happen on non traditional websites such as in local veterans’ organizations, churches, ethnic support groups and professional organizations.

In addition, hiring managers must also recognize that to retain a diverse workforce, the company must have the culture for it in place. The company must have seminars and classes that explore cultural awareness or other aspects of diversity for all employees.

The company can also create programs where top-level leaders can have one-on-one meetings or discussions with each employee about diversity.

Another option is having special project workgroups participated by people from as many different backgrounds as possible (age, gender, family status, race, religion, geography, sexual orientation and more.) The project allows people from diverse backgrounds to learn from their differences and grow as a team and as an organization.

After recognizing the value of diversity and the recruitment problems to achieve a diverse workforce, the financial sector must work towards inclusion by embracing diversity at a fundamental level.

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