Inclusion and Diversity
We value difference, with diverse ideas and perspectives helping us to innovate, manage risk, and grow our business in a sustainable way
Introduction
HSBC UK, a world-leading financial institution, recognised the invaluable importance of creating an environment where diversity is celebrated and inclusion is the standard. Their commitment to this principle was not just born out of a sense of corporate social responsibility, but also the understanding that a diverse workforce fosters innovation, risk management, and drives sustainable growth. This case study aims to delve into the initiatives and strategies taken by HSBC UK to promote diversity and inclusivity within its organisation, highlighting the steps taken and the resulting impacts.
Table of Contents
Problem Statement
In today’s globalised world, it became apparent to HSBC UK that having a diverse and inclusive workforce was crucial to meet the diverse needs of its equally diverse client base. However, creating an inclusive work environment and promoting diversity was not without challenges. The organisation recognised the need to overcome these barriers and focus on developing strategies that enhance representation, respect, and its reputation as an inclusive employer.
Inclusion and Diversity Strategies
In an effort to foster a more inclusive and diverse workforce, HSBC UK launched a strategy built on three key elements: Representation, Respect, and Reputation.
Representation
HSBC UK is dedicated to developing a workforce that accurately mirrors the diverse communities it serves. To achieve this, they focused on creating recruitment processes that were fair, transparent, and inclusive. The process includes providing training to recruiting managers to minimise potential biases, while also expanding recruitment partnerships to include specialist firms that can further enhance the diversity of their workforce. In this way, HSBC UK is making concerted efforts to ensure they attract talent from a wide range of backgrounds.
Respect
Building a culture of respect is another cornerstone of HSBC UK’s diversity and inclusion strategy. The organisation has put in place a robust policy that demands every employee, regardless of their role, treat others with dignity and respect. They have adopted a zero-tolerance approach towards discrimination, bullying, and harassment in the workplace. Additionally, HSBC UK takes proactive steps to accommodate employees and customers with disabilities by making reasonable adjustments to help them perform their duties or access services effectively.
Reputation
HSBC UK is keen on fostering a reputation as an inclusive employer and a champion for diversity. The bank has committed to sharing regular updates on its diversity profile to keep stakeholders informed about its progress towards its diversity and inclusion goals. This commitment to transparency strengthens the trust of its stakeholders and reinforces its commitment to its principles.
Impact
The impact of HSBC UK’s inclusion and diversity strategies has been significant. For instance, the organization has noticed a positive shift in the diversity of its leadership teams, which now better reflect the communities they serve. Employee Resource Groups within the company have also played a crucial role in promoting the principles of inclusivity and diversity.
The strides made by the bank in promoting diversity and inclusion have also been recognised externally. Notably, in 2021, HSBC UK was listed as a Top 10 Employer at the UK Ethnicity Awards. Additionally, the organization became the first in the UK to receive Menopause Friendly Accreditation, acknowledging their efforts to accommodate the specific needs of their workforce.
Awards and highlights:
- Top 10 Employer at the 2021 UK Ethnicity Awards
- HSBC employees recognised in most recent Yahoo Finance OUTstanding (LGBT+), Empower (ethnicity) and HERoes (gender) lists
- Winner of the 2021 European Diversity Awards Team of the Year for our Step Forward career acceleration programme
- Winner of the 2021 Ethnicity Awards Network of the Year for our Embrace ERG
- Ian Stuart, CEO of HSBC UK, named Disability Smart Awards Leader of 2021
- First Menopause Friendly Accredited Employer in the UK (2021)
Working with Others
In a world where diversity and inclusion are paramount, HSBC UK has taken steps to be at the forefront of this global movement. The bank has sought partnerships with a multitude of organisations, all of which share HSBC’s commitment to inclusion and diversity. Such partnerships not only benefit the bank’s employees, but also their customers and the broader communities they serve.
Benchmarking for Improvement
HSBC UK understands the importance of continuous growth and improvement. To this end, the bank consistently measures itself against high industry standards and expert advice, making certain they’re on the right track to reaching their diversity and inclusion goals.
Supporting the LGBTQ+ Community
As a company deeply rooted in the West Midlands, HSBC UK wears its support for diversity and inclusivity proudly. This is most evident in their sponsorship of Birmingham Pride, the UK’s largest two-day LGBTQ+ festival.
Enhancing Disability Inclusion
The bank’s commitment to disability inclusion is clear in its partnership with the Business Disability Forum (BDF). Using the BDF’s Disability Standard, HSBC UK continually measures and improves its performance, ensuring a supportive environment for disabled colleagues, customers, and stakeholders.
Acknowledging and Supporting Carers
In partnership with Carers UK, HSBC UK has earned the Carer Confident Standard. This significant achievement signals an inclusive workplace where carers are recognised, respected, and supported.
Supporting Employment for All
From providing reasonable adjustments as a Disability Confident Employer to offering work placements via the Down Syndrome Association’s Workfit program, HSBC UK’s commitment to making employment accessible to all is clear.
Fighting Racial Inequality
In a significant commitment to support racial equality, HSBC UK has pledged £2m to the #Merky Foundation. This will assist 30 new Stormzy Scholars at the University of Cambridge, creating opportunities where they may not have previously existed.
Prioritising Health and Wellbeing
HSBC UK’s recognition as a Menopause Friendly Employer illustrates the bank’s commitment to its colleagues’ wellbeing. Through awareness and understanding, HSBC UK creates a supportive environment for all employees.
Driving Equality in the Workplace
As a founder signatory of the Business in the Community Race at Work Charter, HSBC UK is driving equality in the workplace with five critical commitments. HSBC UK also actively supports LGBT+ equality, assessing its achievements against the Stonewall Workplace Equality Index.
Promoting Gender Diversity
HSBC UK was one of the first signatories of the HM Treasury Women in Finance Charter. Fulfilling the charter’s four pledges, the bank champions gender diversity and inclusion across all levels of the organisation.
Strategies
To achieve its diversity and inclusion goals, HSBC has implemented a number of strategies. These include:
- Building an inclusive culture: HSBC has focused on building an inclusive culture where all employees feel valued and respected. The company has implemented training programs on unconscious bias, inclusive leadership, and allyship to help employees better understand the experiences of their colleagues from diverse backgrounds.
- Implementing inclusive hiring practices: HSBC has implemented inclusive hiring practices to reduce bias in the hiring process. These practices include blind resume screening, structured interviews, and diverse interview panels.
- Providing development and career growth opportunities: HSBC has focused on providing development and career growth opportunities for employees from diverse backgrounds. The company offers a variety of development programs, mentorship programs, and career advancement opportunities to help employees from underrepresented groups advance their careers within the organisation.
- Investing in diverse suppliers: HSBC has committed to investing in diverse suppliers to support economic development and promote diversity and inclusion in its supply chain. The company has set a goal to spend $2 billion with diverse suppliers by 2025.
Results
HSBC’s diversity and inclusion efforts have resulted in a more diverse and inclusive workforce. The company has made progress in increasing representation of women, people of color, LGBTQ+ individuals, people with disabilities, and other underrepresented groups at all levels of the organisation.
In 2020, HSBC was named one of the “Top 50 Employers for Women” by the Times in the UK. The company was also recognised by the Human Rights Campaign Foundation as a “Best Place to Work for LGBTQ Equality” for the third consecutive year.
In addition to its diversity and inclusion efforts, HSBC has been recognised for its sustainability initiatives. The company was named the most sustainable bank in the Dow Jones Sustainability Index in 2020.
Conclusion
HSBC’s commitment to diversity and inclusion has helped the company build a more diverse and inclusive workforce and has positioned the company as a leader in the banking and financial services industry on these important issues. Through its efforts to build an inclusive culture, implement inclusive hiring practices, provide development and career growth opportunities, and invest in diverse suppliers, HSBC has made significant progress in increasing representation of underrepresented groups within its workforce and supply chain.
This case study underscores the transformative power of thoroughly considered strategies and persistent efforts in driving substantial changes in corporate diversity and inclusion. As such, HSBC UK serves as a compelling model for other organisations aiming to make their workplaces more diverse and inclusive.
