Future forward Embedding diversity and inclusion into our value proposition

Embedding diversity and inclusion into our value proposition

Diversity and inclusion are distinct concepts that complement each other. A diverse organisation has a broad representation of people. Inclusiveness indicates that everyone has an equal opportunity to participate, contribute, and grow. Organisations that combine both stand to gain the most benefit. Research by Deloitte found that firms with inclusive cultures are three times more likely to be high performing, six times more likely to be innovative and agile, and eight times more likely to have better business outcomes.¹

Michael Spiegel
Global Head of Transaction Banking,
Standard Chartered

In this interview, Michael Spiegel, Global Head of Transaction Banking at Standard Chartered, discusses why the Transaction Banking business is focusing on diversity and inclusion (D&I) and what this means for clients.

1. Why is D&I important for Transaction Banking at Standard Chartered?

Organisations with a diverse and inclusive workforce create an environment where everyone can thrive. When employees feel psychologically safe at work, and have equal access to opportunities, they tend to bring their best selves to their jobs. Research shows that employee retention is more than five times higher in a diverse and inclusive workplace, with employees nearly 10 times more likely to look forward to going to work.² This benefits business performance and our clients.

More broadly, by championing D&I, we strive to live up to our brand promise ‘here for good’. Our aspiration is to be the best place to bank, the best place to work, and we want to be active contributors to the communities where we operate.

² “Why is Diversity & Inclusion in the Workplace Important?” by Matt Bush, 13 April 2021

2. What does D&I mean to Standard Chartered and Transaction Banking in particular?

In April 2021, Transaction Banking formed a D&I committee comprising six teams, each focused on an aspect of our D&I agenda. These six pillars are: gender, nationality and ethnicity, disability, LBGTQ+, generations, and well-being.

This structure provides visible commitment from senior leadership, encourages truthful dialogue, and involves everyone in driving meaningful change. We adopt a global approach that respects local sentiments and practices, with team members volunteering in each of the six pillars to contribute to an organisation-wide agenda. Today, there are more than 70 volunteers across the globe bringing their energy, passion, and enthusiasm to realise this vision.

3. What are the benefits for Transaction Banking clients, and how do these benefits translate into tangible daily client experiences?

Our Transaction Banking business continues to be disrupted by new technology, regulatory and market changes, and shifts in customer behavior and expectations. A transforming landscape requires a mindset of innovation, a spirit of collaboration, and the ability to respond to change with agility.

People working in organisations that strive for diversity and inclusion develop deep listening skills. The business learns to pay careful attention to unique needs. Out of this comes a culture of innovation because people also develop critical thinking that enables agility and adaptiveness. Diverse thinking enables you to look at a problem from many vantage points.

We recognise that a culture that cultivates D&I directly translates into an elevated client experience.
It also enables our business to challenge the status quo. That is essential to evolving the industry to keep pace with emerging client needs.

4. What are some important considerations as you execute a diversity and inclusion strategy globally?

Creating a culture that is diverse and inclusive requires more than a list of action items or occasional events. At Standard Chartered, for example, we continue to recognise key global dates, such as International Women’s Day and Pride Month, as opportunities to raise awareness and educate.

However, when we launched our TB D&I committee, we went beyond events clusters. We reframed our strategy towards sustainable initiatives. One example is We Care, an ongoing programme that supports mental well-being throughout 2021 and 2022.

Another consideration is that there is no one-size-fits-all approach to D&I. Standard Chartered is a global organisation with a unique footprint and expertise. It’s important to understand your organisation’s strengths and weaknesses around D&I and how to close the gaps.

Finally, it is important to demonstrate commitment to real change that is enduring. Inclusive leadership must be a constant. This creates accountability starting at the top by setting the tone and priorities.

5. What are the team’s proudest D&I achievements this year?

In 2021, Standard Chartered created a Pride Charter, which is our roadmap for upholding an inclusive workplace for our LGBTQ+ colleagues. The initiative began in Transaction Banking. The LGBTQ+ team, one of the six teams under our D&I committee, drafted the charter. The challenge was to take a charter as an unproven concept and develop a defined strategy for operationalising it, backed by a strong commitment from the senior leadership team.

According to research by the Human Rights Campaign Foundation, 46% of LGBTQ workers say they are closeted at work.³ This underscores the imperative to create a safe place where LGBTQ+ employees can thrive at work. We are very proud to have originated the charter, which established a model for other business units to follow. The Pride Charter now has Bank-wide adoption.

³ A Workplace Divided: Understanding the Climate for LGBTQ Workers Nationwide, Human Rights Campaign

6. What are long-term benchmarks of success?

The Bank uses Key Performance Indicators to gauge and track our D&I progress. However, there is a danger in relying solely on metrics to measure success.

Diversity is easier to measure than inclusion. For example, you can achieve diversity on paper but not truly cultivate an inclusive workplace. One challenge of quantitatively measuring inclusion is that it is fundamentally a qualitative experience. It is difficult to put metrics around things like empathy and a sense of belonging. You can have a great metric, but do you understand what it really means?

That’s why it is vital to measure success both quantitatively and qualitatively. For example, in Transaction Banking at Standard Chartered, we have integrated the topic of psychological safety into our annual My Voice survey. We’re delving into survey findings through employee focus groups to better understand employee responses. We are listening as an organisation and giving employees opportunities to speak.