A campaign to increase diverse racial participation in the business world has gained 100 signatories, including Britvic, JLL, Paysafe, Sage, and more.
The Change the Race Ratio campaign, originally launched on 1st October 2020 by the Confederation of British Industry (CBI) and other major organisations, asks all signatories to agree to four commitments to change in their organisations.
The first is more racial and ethnic diversity in the boardroom, with diversity targets set from the Parker Review. This includes at least one racially or ethnically diverse Board member by the end of 2021 for FTSE 100 firms and at least one racially or ethnically diverse Board member by late 2024 for FTSE 250 firms.
The second is increasing racial and ethnic diversity in senior leadership. This encompasses taking action at ExCo and ExCo minus one to set clear and long-term targets and publish them within 12 months of committing. Firms should also aim to set a separate target for Black participation at both levels.
The third is being transparent on actions, publishing a clear plan to achieve targets and sharing progress in annual reports or company websites. They should also disclose ethnicity pay gaps within two years of committing to the campaign. Previously it had been by “2022 at the latest”; however, the updated deadline applies retrospectively to all signatories who have joined since January 2021.
The fourth and final commitment is creating an inclusive culture for diverse talent to thrive. This includes focusing on recruitment and talent development to establish a diverse pipeline. Firms should also be prioritising data collection and analysis, creating a transparent dialogue with mentoring, support and sponsorship, and working with diverse suppliers and partners, including minority-owned businesses.
Lord Karan Bilimoria, CBE DL, CBI President, said: “We can and must vastly improve racial and ethnic diversity in business. Not only is it a vital step towards giving more people the chance to succeed and making society more inclusive, the business case is also crystal clear. Diverse companies perform better on every metric.
“I’m incredibly proud to reach the milestone of 100 companies signed-up to our campaign commitments. We have been overwhelmed with interest since Change the Race Ratio launched. All firms have a role to play in shifting the dial on diversity in business, and that’s ensuring talent from all walks of life can thrive in the workplace.”
Stephanie Hyde, JLL’s UK Chief Executive and one of the Change the Race Ratio’s newest signatories, said: “Like many businesses, we are working towards a more diverse and inclusive culture and making this latest commitment to Change the Race Ratio is central to this. Ultimately, we want JLL to be a place where people feel like they belong and thrive and that all individual differences are valued.”