Research articles and reports

Progress Together, sponsored by HSBC

Abstract

The VOICE blueprint aims to support individuals, managers, and firms in enabling the retention and progression of colleagues from lower socio-economic  backgrounds (SEB) in financial services in the United Kingdom (UK). VOICE was created based on extensive input from colleagues from lower SEB working in financial services across the UK who participated in our qualitative research. The VOICE blueprint identifies the underlying biases that hinder the retention and progression of colleagues from lower SEB with recommended actions, backed with behavioural science research, that managers, individuals, and businesses can take to bring positive change.

It identifies challenges and opportunities and provides recommended actions for five ‘VOICE’ focus areas identified through the study: Voice and Visibility, Open-Mindedness, Inclusion, Chance of Success, and Empowerment.

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WIBF, published May 2024

Abstract  

The COVID-19 pandemic underscored pre-existing genderinequalities, burdening women with the biggest share of unpaid carework and greater employment losses globally, reversing some of theprogress made towards closing the gender employment gap acrossG20 countries.Although labour market recovery since the pandemic has helped reverse some of thedisproportionate impacts on women, progress in financial and professional services hashistorically and continues to be slow. This raises concerns that the pandemic, followed by thestart of the cost-of-living crisis in 2022, might have long-lasting implications in advancing genderequality within these industries.

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Published March 2024

Abstract 

This piece delves into the core of what it means to be inclusive, empowering each of us to play a part in creating a workspace where everyone is acknowledged and valued. The report addresses the industry’s demand for a detailed exploration of inclusivity at the individual level, providing deep insights from a comprehensive study that includes a diverse range of professionals. It highlights the transformative impact of inclusivity on personal development and the overall workplace atmosphere.

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Published January 2024

Abstract

This study tests whether personality traits are legitimately rewarded in the labour market or whether there are differing rewards across gender that cannot be explained with productivity. We investigate if personality traits affect the likelihood of making it to the top income quintile within an occupation differently by gender using UK Household Longitudinal data. We find that being agreeable hurts men more than women across a majority of occupations, which points at the role of gender norms for wages. Further, female legislators and senior officials who are conscientious, extraverted, neurotic and open are more likely to be among the top earners than men. Other than that, we find small gender differences in personality rewards.

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Published January 2024

Abstract

This study develops and validates the 'Individual Inclusiveness Inventory'. Collaboration and inclusion are key contributors to successful work outcomes in an increasingly diverse workforce. We capture what makes an individual inclusive of others at work. We define an inclusive individual as someone who actively includes individuals in a group and encourages diversity of thought and background but still encourages the group in a way as to maximise performance and productivity. To develop the 'Individual Inclusiveness Inventory' we combine a deductive and inductive approach: we generate scale items based on the existing literature on inclusion and interviews with 14 experts in diversity and inclusion. The items are then reduced using exploratory factor analysis and confirmed using confirmatory factor analysis in two samples of working professionals in the UK. This results in a two-factor solution where factor 1 'Belonging and Uniqueness' captures the importance of fostering belonging and uniqueness at work and factor 2 'Challenge and Openness' captures being open to challenge and being challenged. We test the predictive validity of the two-factor solution with respect to work outcomes. We find that 'Challenge and Openness' is positively related to all work outcomes studied including income. This link to productivity is intuitive for individuals who are open to challenge are also likely competitive and innovative. 'Belonging and Uniqueness' is positively related to the number of people managed and perceived comparative seniority and happiness. This factor is less predictive of productivity as fostering belonging and uniqueness is likely more about group outcomes or happiness.

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Published November 2023

Abstract

Organisations’ attempts to improve wellbeing at work are too narrowly focussed and fail to account for the diverse and individualistic ways employees cultivate wellbeing. Moreover, a clear disconnect exists between the amount of money invested into organisational wellbeing initiatives and the ever-increasing levels of ill-being at work. The ‘Beyond Workplace Wellbeing’ Framework therefore brings together findings from a large qualitative study involving 100 semi-structured interviews across financial and professional services in the UK. We propose that employers should not intervene with wellbeing, but should instead focus more on improving psychological safety and reducing ill-being of employees that is directly attributable to their employment. We also highlight the significance of employees being given autonomy in choosing how and when they carry out responsibilities subject to satisfying operations. This autonomy allows employees to create a work structure that enables them to be both productive and enhance their own wellbeing. Findings are timely in response to Covid-19 and the re-organisation of work. They simultaneously highlight the importance of large and diverse samples in qualitative research.

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Published June 2023

Abstract

Over 60 women working in mid-level investment roles across Europe were interviewed or participated in focus groups, sharing their experiences and contributing to the development and review of this framework and proposed solutions. The ACCELERATE framework also provides instructions on how to evaluate the progress of each action taken. An evaluative approach not only demonstrates the progress of the actions, but also prevents investment in ineffective interventions. Thus, firms can focus on practical strategies and quicken the pace of change for women in PE. 

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Published June 2023

Abstract

The GOOD FINANCE 'How to' Manual has two main aims. The first is to provide clear instructions on how firms and their individual leaders can operationalise the GOOD FINANCE framework. The second is to provide clear instructions on how firms and their individual leaders can measure progress for each element of the GOOD FINANCE framework.

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Published May 2023

Abstract

Occupational segregation is one of the major causes of the gender pay gap. We probe the possibility that individual beliefs regarding gender stereotypes established in childhood contribute to gendered sorting. Using an experiment with two vignette designs, which was carried out in schools in the UK, we consider whether students aged 15-16 years recommend that a fictitious peer pursue different college majors and career paths simply because of their gender. We find strong evidence that this is the case. The within-majors treatment design shows that our respondents are 11 percentage points more likely to recommend corporate law to a male peer. The across-majors design reveals that students presented with a male fictitious peer tend to recommend degrees that have lower shares of females to males.

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Published January 2023

Abstract

The role of luck in success has a relatively minor, albeit consistent history in academic discourse, with a striking lack of literature engaging with notions of luck within occupational environments. Elucidating why people attribute their own success to luck over ability has predominated in the literature, with interpersonal attributions receiving less attention. Here, we center on systematically summarizing the evidence on interpersonal attributions of success as a function of ability or luck, with a particular focus on whether these differs by gender and race. The perception of the success of others from different sociodemographic groups, and how it is attributed, is a crucial leverage point for inclusion and diversity. Particularly as women and ethnic groups continue to be systematically disadvantaged in the workforce. Ignoring the role of luck conceals and augments privilege, even if not deliberately or consciously invoked.

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Published April 2022

Abstract 

Individuals with common mental disorders (CMDs) such as depression and anxiety frequently have co-occurring long-term physical health conditions (LTCs) and this co-occurrence is associated with higher hospital utilisation. The writers examined the impact of psychological treatment delivered under the nationwide Improving Access to Psychological Therapies (IAPT) programme in England on hospital utilisation 12-months after the end of IAPT treatment. 

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Published October 2021

Abstract

The TRANSPARENT framework is the UK’s first cross-sector framework designed to remove the barriers blocking the progression of talented Black professional women in finance, professional services and big technology.

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Published September 2021

Abstract 

This framework includes insights from Singapore and truly brings the work of The Inclusion Initiative into a global light. Moreover, the topics discussed within this paper connect cross-continental approaches and ideas surrounding inclusion and presents practical guidance to corporations across the globe. 

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Published June 2021

Abstract

To understand the headwinds and tailwinds that women experience when working in financial and professional services, the study undertook a listening tour speaking with 44 women at various stages in their career.

The objective of this study is to use this information to create a framework comprised of actions that a company can take to ensure that they retain and develop their most talented employees, including women.

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