Tesco, the Bank of England and HSBC are urging for more people of BAME backgrounds to make it to the boardroom and across the workplace.
The organisations have also backed a drive to improve career progression opportunities for people of Black, Asian and ethnic majority backgrounds.
Other organisations that have signed the pledge to improve BAME diversity include the NHS, MediaCom, Berwin Leighton Paisner, Baker McKenzie, Lloyds Banking Group and The London Ambulance Service.
The companies have made their pledges to the Investing in Ethnicity and Race initiative ahead of attending the Investing in Ethnicity and Race conference in October. The conference comes on the back of a government review, which found that the lack of BAME talent in executive positions is costing the economy £24 billion a year.
The Race in the Workplace study, led by Baroness Ruby McGregor-Smith, discovered that the employment rate for people of BAME backgrounds is 12 per cent lower than that of their white counterparts, with just six per cent landing executive jobs.
On FTSE 100 boards, 58 per cent have no minority presence, with white women 20 times more likely to be a Chair, CEO or CFO than an ethnic minority woman.
HSBC UK CEO has confirmed that the bank has now launched a plan to shift from ‘talk to action’; while the Bank of England says it’s focusing on the BAME agenda to ensure a good pipeline of talent for the future.
Ian Stuart, CEO, HSBC UK, said, “The race and ethnicity agenda is of great importance to HSBC and I believe that having a diverse and inclusive culture is key to our business success.”
“While we have a lot more to do, we are making progress and have a strong plan to continue the shift from talk to action.”
“Our ambition to become the bank of choice for both our customers and people, drives us to new ways of working that helps foster an open culture better suited to a changing society.”
“We are a global organisation that greatly values the diversity of the markets that we operate in and we want to work more closely with organisations that are investing in this agenda to make a real impact for the bank and beyond.”
Rob Elsey, Bank of England’s Chief Information Officer, said, “The Bank values the different perspectives, ideas and open debate that having a diverse workforce brings.”
“Focusing on the BAME agenda as part of our wider inclusion strategy gives us the opportunity to ensure we are representative across all levels of the Bank with a good pipeline of talent for the future.”
“Our efforts in this space help us to achieve our mission of attracting the best people to public service and reflecting the diversity of the UK.”
Benny Higgins, CEO Tesco Bank & Tesco Executive Committee Sponsor for Diversity and Inclusion added, “At Tesco, we are committed to creating a diverse and inclusive business, where we reflect the communities we serve and where everybody is treated as they like to be treated.”
“We recognise the true benefit a diverse colleague base brings to our business, supporting us in creating innovate products for our customers and in our ability to overcome challenges.”
“We’re proud to support the Investing in Ethnicity and Race Initiative at Tesco – this is an important element of our journey to be a truly inclusive brand and employer.”