BACKGROUND
A prestigious UK private bank, with a vision to become the leading full-service, human-scale relationship bank powered by modern technology, recognised the critical importance of elevating their diversity, equity, and inclusion (inclusive culture) efforts.
The bank understood that to achieve their ambitious vision and maintain a competitive edge in the evolving financial services landscape, they needed to create a workplace culture that embraces diversity, promotes equity, and fosters a sense of belonging for all employees.
To address this need, the bank partnered with Mahogany, a renowned award-winning inclusive culture consultancy, to develop and implement a comprehensive inclusive culture strategy.
This partnership was driven by several key factors:
- Regulatory Compliance: The bank needed to ensure its inclusive culture initiatives fully complied with Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) consultation parameters to maintain its reputation as a reputable financial institution.
- Cultural Evolution: The bank needed to cultivate a culture of belonging to attract, retain, and empower diverse talent, recognizing the value of varied perspectives for innovation and decision- making.
- Leadership Development: The bank’s C-Suite executives needed strategic inclusion masterclasses to explore biases, discuss challenges, and shape the inclusive culture vision in a safe environment.
- Comprehensive Assessment: The bank needed a thorough inclusion diagnostic programme, including a detailed survey, safe space conversations, and demographic data analysis to understand the current inclusive culture landscape.
- Customised Strategy: The bank needed a tailored 3-year inclusive culture strategy focusing on Governance, Diversity, Inclusion, Education and Engagement, Empowerment and Accountability, and External Impact.
- HR Capability Enhancement: The bank’s HR community needed targeted training to become confident inclusive culture experts capable of coaching and supporting leaders, managers, and colleagues in fostering an inclusive culture.
- Leadership Support: Leaders needed mediation support and one-on-one coaching to translate their inclusion ambitions and intentions into concrete actions.
- Contextual Intervention: The bank needed each inclusive culture intervention to be tailored to its unique needs and context, following a discover-design-deliver approach.
SOLUTION
Inclusion Diagnostic Programme. To gain a deep understanding of the bank’s current inclusive culture landscape, Mahogany Inclusion Partners conducted a comprehensive inclusion diagnostic programme. This included:
- A detailed external survey with a high response rate of 73%
- Safe space conversations with various employee groups for psychological safety
- Analysis of demographic data and representation across the organisation
The diagnostic revealed key insights, which highlighted key areas of strength and key areas for action and extra exploration.
Developing a 3-Year Inclusive Culture Strategy.
Based on the diagnostic findings, we collaborated with the bank to develop a robust 3-year inclusive culture strategy. This strategy was designed to meet the parameters set in the PRA and FCA consultation, focusing on six key areas:
- Governance
- Diversity
- Inclusion
- Education and Engagement
- Empowerment and Accountability
- External Impact
The strategy included clear objectives, activities, and measures of success for each focus area. ensuring alignment with regulatory expectations and the bank’s unique context.
Educating and Upskilling HR and People Teams.
We delivered targeted training to develop the bank’s HR community into confident inclusive culture experts. This empowered them to coach and support leaders, managers, and colleagues in sustaining a culture of inclusion.
Mediation Support and Leadership Coaching.
To address specific challenges identified, provided mediation support and one-on-one coaching for leaders. This helped them translate their inclusion ambitions and intentions into concrete actions, fostering a more inclusive environment across the organisation
Tailored Interventions.
Throughout the process, we ensured that each intervention was tailored to the bank’s unique needs and context. Our discover-design-deliver approach included:
- Discover:
- In-depth analysis of existing policies, feedback, processes, values and HR approaches.
- Design:
- Creation of a bespoke inclusive culture vision statement aligned with the bank’s overall vision.
- Design of education programmes specific to different roles within the organisation • Deliver:
- Implementation of a clear inclusive culture strategy. Inclusive culture governance structure and specific tailored interventions aligned with organisational ambition and needs identified in the diagnostic process.
RESULTS AND IMPACT
As a result of the consultancy’s comprehensive approach, the bank has made significant strides in its inclusive culture journey.
- Increased awareness and commitment to inclusive culture at all levels of the organisation
- Development of a clear inclusive culture vision and strategy aligned with regulatory requirements
- Enhanced capability within the HR team to drive inclusive culture initiatives
- Creater transparency in inclusive culture reporting and communication
CONCLUSION
Through expert guidance and a tailored approach, this leading financial institution has transformed its approach to diversity, equity, and inclusion. The bank is now well-positioned to create an environment where all employees can perform at their best, supporting its vision to be a leading human-scale relationship bank.
This case study demonstrates the power of comprehensive inclusive culture solutions in driving meaningful change in complex financial institutions.
