This month we marked the first ever Race Equality Week in the UK. Although it may seem remarkable that it is only now that we are marking this as a country, it is also perhaps a significant move given that racial inequality has been in the spotlight more than ever before. It is time for everyone to play their part in championing diversity – speaking up; being brave/courageous in asking the questions that we feel uncomfortable asking; and working together to maximise the abundance of associated benefits that comes with having a diverse workplace.
Warren Partners is proud that as a business we were one of a handful of founder signatories of the CBI’s ‘Change the Race Ratio’ campaign; spearheaded by a group of senior leaders who are ‘committed to taking action to increase racial and ethnic participation in British businesses’. Warren Partners are supporting their commitments to achieve the following:
- Increasing racial and ethnic diversity among Board members
- Increasing racial and ethnic diversity in senior leadership
- Being transparent on actions and targets
- Creating an inclusive culture in which talent from all diversities can thrive
Recent well publicised global events have highlighted that we are not as progressed as a society on racial equality as we might have thought, and this is mirrored in a business context. The latest Parker Review report into ethnic diversity shows that progress is simply too slow. 37% of FTSE 100 and 69% of FTSE 250 companies surveyed still do not have any ethnic minority representation on their boards.
‘Treating others as we want to be treated’ has been a guiding principle of Warren Partners since our inception, regardless of ethnicity, sexuality, race, gender, or social background. The moral grounds are clear, but the business case for diversity is also well proven. In May 2020, McKinsey published a report ‘Diversity Wins’ revealing that the top quartile for businesses of ethnic diversity outperformed businesses in the bottom quartile for ethnic diversity by 36% for profitability. The simple fact is diverse boards perform better and the benefits are well documented.
Join us in supporting the Change the Race Ratio campaign for greater racial and ethnic diversity at board and senior leadership levels. For more information please see: https://changetheraceratio.com/