Financial and professional services toolkit

For employers

Financial and professional services

Data

Understand the current situation; inform activities; evaluate change.


Any forward-looking socio-economic diversity and inclusion strategy begins with data and this will help shape your plans at every step. Watch the video to find out more or read our full guidance below.

Developing

Recommendations for developing a socio-economic strategy. Activities at each level are related, but distinguished by scale, detail or commitment.

Follow guidance in the prior section, ‘Measurement‘, and ask your applicants, apprentices and workforce Question 1.

Communicate a clear message and intent to your employees about your economic diversity, and the importance of understanding your employees’ socio‑economic backgrounds.

Assure your employees that their data will be stored and handled in line with GDPR best practice, and only used in aggregate to make better decisions about fairer employment practices. It will not be:

  • used for appointment and promotion decisions
  • accessible beyond the core team in HR or corporate and social responsibility.
  • Aim for a 66% response rate.
  • Employees can face immense pressure to record all their time, which can discourage them from completing surveys. Firms need to be encouraging and support employees’ workloads to allow time to complete surveys.

Optimising

Recommendations for optimising your approach. Activities at each level are related, but distinguished by scale, detail or commitment.

Follow guidance in the prior section, ‘Measurement‘, and ask your applicants, apprentices and workforce Questions 1, 2, 3 and, if applicable, 4.

Use questions on other surveys that collect diversity data.

For example:

  • internal communications
  • annual employee surveys

Where appropriate for your industry, add questions to compulsory surveys (always with the option ‘prefer not to say’).

Aim for a 70% response rate to the question (those selecting something other than ‘prefer not to say’).

Drive inclusivity by sharing response rates internally, including longitudinal progress.

Include senior managers by informing them of progress and targets in their areas, providing them understanding on how the data is being used.

Encourage managers to take ownership of response rates.

Target encouragement and support at divisions or teams where response rates are low.

For external reporting on data, see ‘Advocacy’ section.

Developing

To get an overview of your firm’s level of socio- economic inclusion, compare workforce data on socio-economic background with national and industry benchmarks.

Use data to inform and drive your strategy (e.g. use applicants’ responses to see if those from working class backgrounds are applying and are successful).

Optimising

To get a more detailed look at the firm’s socio‑economic profile, benchmark the disaggregated data by seniority level (e.g. partner, senior associate, junior associate).

Analyse intersectionality between socio-economic background and other characteristics (e.g. gender, race). Look at different outcomes (e.g. pay, performance ratings, retention).

Legal and accountancy firms please also refer to Appendix A for additional data recommendations that may be required by regulators.

“By embracing this toolkit and working collaboratively we can make tangible and long-lasting change to create better, more inclusive workplaces. We embrace the individual journeys our people have taken take to come to our organisation and our diversity is our strength.”
Clem Johnson, Head of Social Impact, DLA Piper