Diversity, Equity and Inclusion
To strengthen our diverse, equitable and inclusive culture that enables our colleagues, customers, clients and communities to grow.
Barclays Background
Barclays, a distinguished multinational financial services company, stands as a pillar of excellence in the ever-evolving world of banking and finance. With a sprawling global workforce that exceeds 80,000 employees, Barclays serves as an exemplar of success, catering to the diverse needs of its customers across more than 40 countries. At the core of Barclays’ corporate philosophy lies an unwavering commitment to fostering diversity and inclusion within its ranks.
The company firmly believes that a workforce reflective of the diverse communities it serves is not only essential for delivering superior business results but also for driving innovation and delivering exceptional customer service. This case study delves into the intricacies of Barclays’ journey towards embracing diversity and inclusion, highlighting its goals, strategies, and the transformative outcomes it has achieved through its unwavering dedication to creating a more inclusive and representative workforce.
Table of Contents
Findings
In 2019 and 2020, Barclays was recognised as one of the “Top 50 Employers for Women” by the Times in the UK, highlighting its progress in empowering women within the organisation. The company also received recognition from Stonewall as one of the leading employers for LGBTQ+ inclusion in the UK, affirming its efforts in creating a supportive workplace for all sexual orientations and gender identities. Additionally, Barclays’ commitment to sustainability was acknowledged by the Ethisphere Institute, which named the company one of the “World’s Most Ethical Companies” in 2020.
Barclays aims to strengthen its DEI culture to attract and retain top talent, build high-performing teams, and generate better outcomes for its stakeholders. Its strategic priorities, centred on workforce diversity, an inclusive and equitable culture, leadership accountability, data transparency, and optimisation of external relationships, guide the company towards this vision.
Strategy and Implementation
To actualise its diversity and inclusion objectives, Barclays implemented several strategies to build an inclusive and equitable workplace:
- Building an Inclusive Culture: Barclays prioritises fostering an inclusive culture where every employee feels valued and respected. The company offers training programs on unconscious bias, inclusive leadership, and allyship to promote understanding and empathy, encouraging employees to comprehend and appreciate diverse perspectives.
- Implementing Inclusive Hiring Practices: Addressing unconscious biases in the hiring process is paramount to Barclays. By adopting practices such as blind resume screening, structured interviews, and diverse interview panels, the organisation endeavors to reduce bias and ensure fair recruitment.
- Providing Development and Career Growth Opportunities: Barclays actively nurtures the growth and advancement of employees from diverse backgrounds. Offering a range of development and mentorship programs, the company aims to empower underrepresented individuals and enable them to flourish within the organisation.
- Investing in Diverse Suppliers: In line with its commitment to promoting diversity and inclusion throughout its supply chain, Barclays has set a target to invest £1 billion with diverse suppliers by 2025, supporting economic growth and inclusivity.
Outcomes
Barclays’ dedication to diversity and inclusion has yielded tangible outcomes:
- Empowering People with Disabilities: Through its commitment to disability inclusion, Barclays has made strides in creating a supportive environment for employees with disabilities. The company’s efforts have led to increased accessibility, reasonable accommodations, and initiatives that ensure equal opportunities for all employees to thrive in their roles.
- Diverse Leadership: Barclays’ focus on promoting diversity and inclusion has also extended to its leadership ranks. The company has made progress in increasing the representation of diverse talent in leadership positions, reflecting its commitment to creating a diverse leadership team that can better understand and serve the needs of its diverse workforce and customer base.
- Employee Engagement and Retention: Barclay also positively impacted employee engagement and retention rates. Employees feel valued and respected, leading to higher levels of job satisfaction and a sense of belonging within the organisation. This, in turn, contributes to improved employee retention and loyalty.
- Enhanced Customer Experience: With a diverse and inclusive workforce, Barclays is better equipped to understand and respond to the needs of its diverse customer base. The company’s inclusive culture and diverse perspectives foster innovation and creativity, resulting in products and services that resonate with a broader range of customers.
Lessons Learned
Barclays’ journey underscores the importance of a comprehensive and strategic approach to DEI. Their multi-faceted strategy, combining policy, leadership, and engagement, demonstrates a deep commitment to making progress in this area.
Going forward, Barclays will continue to refine and expand its DEI initiatives. The regular feedback from stakeholders is invaluable in helping them adapt and strengthen their focus.
The Road Ahead
Barclays remains committed to advancing its diversity and inclusion initiatives. The company recognises that the journey toward true inclusion is an ongoing one, and it continuously seeks to improve and expand its efforts. Barclays aims to build upon its achievements and further enhance representation and inclusion for all underrepresented groups in its workforce and supply chain. The company also endeavors to strengthen its partnerships with various organisations to collectively drive progress in diversity and inclusion in the financial services industry and beyond.
