Bank of England: A Policy of Diversity and Inclusion.

Recently, the Bank of England (BoE) incorporated a new progressive policy of diversity and inclusion. This policy, representing a cross-section of society, helps the bank to make better decisions on behalf of the UK.  

BoE Promotes an Encouraging Work Environment for Its Workforce 

With inclusion on top of BoE’s agenda, they want to ensure that everybody is able to give their best to the organisation. They are looking forward to creating an environment where everyone gives their best, and therefore, better decision-making processes are achieved. Mark Carney, the Governor of BoE said that their policy is not only about meeting targets, it is about bringing cognitive differences to the forefront. He further said that they are actively working towards creating a congenial environment where everyone is able to enhance their potential. BoE’s workforce is always motivated to come up with new ideas and perspectives that are aligned with the goals and missions of the bank.  

The Bank Recognises the Need to Engage a Majority of the Population 

The bank realises that thinking outside of the box is the need of the hour and that it is not possible with a homogenous team. In order to drive a positive change and come up with ideas that are going to affect the whole of the UK, they need to engage a majority of the population in the decision-making process. This is the reason why the bank is eagerly looking for people who are ambitious; think differently; are passionate about genuinely making a difference and can wholeheartedly commit to public service.  

As part of their diversity and inclusion policy, the bank has set certain specific goals to achieve, such as: 

• Tripling the proportion of women in senior roles to thirty-five per cent by 2020. 
• Increasing the proportions of BAME (Black, Asian and Minority Ethnic) employees to thirteen per cent by 2022. 

In addition, the bank has entered upon a partnership with Career Ready and Access Aspiration to include people from disadvantaged backgrounds into the organisation.  

BoE Has Started to Recruit Employees from Outside the Usual Pool of Economics Graduates 

As a monumental move, the bank has started to alter the mix of academic disciplines that they have always recruited from. They have actively started hiring people from varied disciplines to bring about richness during discussions and debates.  

The bank has also expanded its school leaver programme, which gives young people who have completed their A-levels and do not wish to attend university, the chance to do an apprenticeship programme. This way, BoE are providing lucrative opportunities to young people who do not wish to go to university.   

With the number of women taking on senior management responsibilities having increased from 25 to 30 per cent over the last 2 years and women working below senior management increasing to 45 per cent, the bank’s efforts have certainly shown results.  

The employees of the bank are also of the opinion that diversity has helped the bank to progress and make better decisions. As per the annual employee opinion survey, the number of employees who believe that the BoE is a diverse and inclusive place to work has improved by 7 points.  

Are you interested in a career with Bank of England? Please click here.  

Vercida works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with Vercida to promote your diversity and inclusion initiatives and attract the best candidates, please call 02037405973 or email [email protected] for more information. 

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