We are proud to have contributed to and be part of the Delivering Diversity Report which was launched yesterday at the Houses of Parliament. Published jointly by the Chartered Management Institute (CMI) and the British Academy of Management (BAM). The report finds that businesses need to apply the lessons from recent progress on gender diversity, including setting targets and publishing progression data.
Consistent with the recommendations made in the 2016 Parker Review and the McGregor-Smith report, Virgin Money has a BAME (Black, Asian and Minority Ethnic) diversity strategy, supported by analytical measures:
- Over 60% of our colleagues have voluntarily completed our “About Me” survey, which gives us valuable data to frame activities in relation to our colleagues of ethnic minorities
- We use data to ensure that we are attracting, promoting and recruiting a diverse range of candidates
- Our company wide Engagement Survey has, for the last four years, included a Diversity and Inclusion element which allows us to analyse the response of our ethnic minority colleagues against the company average scores
All this data contributes to the colleague data profile in our core HR Systems allowing us to track trends, explore how minority groups feel about managers and the opportunities colleagues have to access leadership pipelines. The information allows us to set diversity targets that reflect local population, track the effectiveness of our diversity and inclusion initiatives and listen to our colleagues which helps us to improve.
In addition we have a BAME executive sponsor and a colleague driven Affinity Group both of which support the diversity strategy across our business. Our action plan to date has included:
- Progressing work on identifying and training ethnic minority role models in the company;
- The roll out of unconscious bias training for all people managers across the business;
- Having a dedicated ethnic minority mentoring network that involves other leading FTSE companies
- Established networks with the local business community to share insight and best practice on diversity
We are founding members of the Black British Business Awards and EMpower. Both organisations provide powerful network connections, helping businesses create diverse and representative workplace environments where everyone can succeed.
Speaking from yesterdays launch, Matt Elliott, People Director at Virgin Money said:
We were delighted to contribute to the CMI/BAM ‘Delivering Diversity Report’, launched today at the Houses of Parliament. Enhancing diversity and inclusion at Virgin Money is an essential part of our strategy to make ‘Everyone Better Off’. We are pleased with the progress we have made to improve BAME representation in Virgin Money and ensuring there is no variation based on ethnicity as to how engaged our people are. We recognise there is however a lot of work to do to build BAME representation in senior management and welcome the findings of the report.