BAME individuals still face a glass ceiling in the workplace. Despite the fact that the number of students from ethnic minority backgrounds has doubled over the past 25 years, they are still under-represented at all levels of UK organisations.
But according to the McGregor-Smith Review, in addition to being a matter of fairness and equality, bridging the ethnicity pay gap could uplift UK GDP by up to £24bn per year – 1.3% of GDP growth.
Diverse companies are better companies. Businesses who work towards diversity and inclusion are rewarded with up to 100% higher individual performance, happier and more engaged staff, and are 33% more likely to outperform their peers on profitability. And better inclusion at every level of business is reflective of our diverse society.
While a lot of the reasons for the ethnicity pay gap and the lack of representation are based on societal issues, there are still actions that businesses like yours can take.
Bridge the gap – the CBI’s new practical guide, supported by Eversheds Sutherland – will help your business learn from the barriers other firms have experienced and the initiatives they have trialled, and understand how to close your pay gap. Be inspired by real case studies which will help you to:
- Develop campaigns to encourage employees to declare their ethnicity
- Create strategies to improve BAME representation from entry level to boardroom
- Start a conversation about race in the workplace and create a culture of inclusion.
Download your practical guide to fast-track towards achieving these benefits – and ensure you join the movement of UK businesses moving the dial on race equality.
Access your exclusive member guide
Building diverse and inclusive teams is an imperative for EY which we strive to achieve through targeted action. government-backed reports such as the Parker Review and the McGregor Smith report also provide a call to arms. EY believes that UK PLC needs to widen its focus onto race and ethnicity to create diverse and competitive businesses, and fully supports Parker’s call for ‘beyond one by 21’ and McGregor-Smith’s view that ‘the time for talking is over, now is the time to act’.— Steve Ivermee, UK&I Diversity and Inclusiveness Lead Partner, EY