We believe that society has been bound by preconceived ideas about what people can and can’t do for far too long. Factors such as gender, social backgrounds, ethnicity and ‘who you know’ have had a greater impact on the professional world than most are ready to admit.
At Schroders, we know that these stereotypes within our business and corporate world need to change, and we’re working to break them down and replace them with more inclusive perspectives. But there’s a long way to go before business can truly reflect the societies we all live in. To us, the answer is clear - developing a diverse, inclusive workforce across all our locations is about more than corporate responsibility, it’s a business imperative and it requires a long-term view.
We are going a step beyond saying that the gender pay gap is important. We have taken a holistic approach to gender, diversity and inclusion as well as social mobility. Because to us, they are all interrelated and they all contribute towards making us a market-leading, dynamic and socially reflective business.
At Schroders, we are committed to creating an inclusive culture where everyone can thrive. We are proud of the people that are helping us make positive changes to enhance our future. With their help, we have set out to #rethinktheroles and #rewritetherules.
We are committed to fostering an inclusive culture of diversity across our global workforce. This is led by our Group Chief Executive, Peter Harrison, who highlights why this is so important to him personally:
Our decision several years ago now, for Schroders to communicate our gender pay gap ahead of statutory requirements, reflects my belief that data transparency is key to driving real change. I am still not proud of the figures we are reporting despite continuing to show year on year progress again in 2019. Behind the numbers, the significant progress we have made in recent years to increase female representation at entry level actually slows the progress we can make in closing the gender pay gap but is essential if we take the long-term view.
The data shows a role gap driven by a lack of women in senior management and other higher paid roles, particularly in the investment side of our business. We may have increased female representation from 25% at the end of 2015 to 32% today, but there remains so much more to do.
With progress on diversity metrics linked to pay outcomes for senior management, we are holding our people accountable for addressing this role representation gap, as well as diversity and inclusion more broadly. We are doing this through new recruitment and talent identification methods, better policies and employee-focused business changes like flexible working, regardless of gender. It’s my expectation that all employees contribute to making the necessary changes to ensuring our business and industry continues to become more inclusive in the future.
Our future focus is not just on improving our gender representation but also broadening our approach to begin initiatives related to social mobility, and increasing our BAME and Disability representation. This will range from participating in research on social mobility, creating work and internship opportunities and specific mentoring initiatives for these groups. We plan to publish our BAME gender pay gap in the near future also.
Currently, the proportion of Schroders global workforce with a disability is 0.6%, when 15% of the global population has a disability. To begin to correct this imbalance, we’re focusing on creating additional work experience or internship opportunities for disabled students.
We’re looking at every stage of the ‘lifecycle’ of our employees to see where we can find opportunities to change our policies and our approach in order to improve their sense of belonging. In 2020 we will be reviewing our Parents and Family leave policy as a starting point.
We realise that this isn’t something that we can solve on our own so we are collaborating with external partners to help us change society’s perception of our industry. To be really open about the progress we’re making in all of these areas, we’ll measure it against industry benchmarks and other best-in-class organisations.
We’re talking about diversity and inclusion right across the business and that’s very important. We encourage everyone at Schroders to think about how to make a personal difference. We know true diversity and inclusion makes great business sense.