With over 35 years of experience in financial services, Rob Nicol, Chief Risk Officer, Commercial Finance – Siemens Financial Services, UK (SFS), has seen DEI transform from a concept to an integral part of business culture. Here, he shares his learnings and experiences, and explains why SFS’ initiatives have been so successful.

When I started my career in financial services, joining as a graduate trainee in the 1980s, it was a very different environment to the one that exists today. Though I have fond memories of those years, I know we sometimes look back at the past through rose-tinted glasses. Now I can see that it was highly hierarchical, very male and very white. I remember this (even at the time) being a culture shock – having left a student life made richer by its diversity – but you were required to fit the mould to be able to progress.

Thankfully, times have changed and my current workplace is far more diverse and inclusive. We encourage our people to share and celebrate their differences so that they feel a sense of belonging at work, which then helps them to flourish and reach their full potential. This is a key strategic focus for us at Siemens Financial Services (SFS) and one which needs constant attention. This article will highlight some of our efforts in creating and maintaining this culture of inclusivity.

 

DEI’s place in business

By now, most companies have embarked on diversity, equity, and inclusion (DEI) projects and processes in order to be more inclusive – encompassing age, ethnicity, gender, culture, disability or outlook. They have done this in part because it’s the right thing to do to ensure that we operate in fair and equitable environments where everyone has access to the same opportunities. However, there are also clear benefits for employee and employer alike which underpin such inclusivity initiatives.

For example, a survey conducted by risk management specialist DNV revealed that 57.8% of surveyed companies see diversity and inclusion as a means of attracting and retaining talent. Furthermore, as per McKinsey, ethnically diverse organisations are 36% more likely to outperform companies that are less diverse, achieving above-average profitability, while for gender diverse companies that figure is 25%.

Diversity, equity, and inclusion are three closely linked values held by many organizations that are working to be supportive of different groups of individuals, including people of different races, ethnicities, religions, abilities, genders, and sexual orientations. (McKinsey)ⁱ

As a senior leader at Siemens Financial Services (SFS), participating in DEI initiatives is a priority for me, to ensure each person in my team feels valued, fulfilled, supported, and able to perform their role to the best of their abilities. It’s just as important that when managers and leaders are visibly involved in DEI initiatives, this reinforces the legitimacy of these initiatives in the workplace. It also gives colleagues ‘permission’ to spend time on DEI activities that might otherwise be pushed down the list of priorities.

I want to stress that this has been a learning experience for me too. Over the course of my career, I have seen DEI transform from a ‘nice-to-have’ into a strategic priority for all organisations. Getting involved in the process helps me keep up with today’s business world, rather than getting stagnant or stuck in the old way of doing things.

 

DEI initiatives at SFS

There are many inclusivity activities we pursue at SFS, each providing benefits so important that it is imperative they are maintained even when business conditions get tough. We have selected a few key areas and activities to focus on in this piece, including feedback from colleagues on the outcomes of those activities.

“It’s important not to make assumptions about any group (young doesn’t always mean tech-savvy, for instance!), and ultimately that’s the foundation of any diversity and inclusion exercise.”

 

Listening circles

Listening circles provide a space for all employees (no matter their age, background, or seniority level) to come together and share what’s on their mind in the workplace.

These circles can be about any topic; for example, I have hosted circles on the impact of introversion/extroversion in the workplace, and another more general one on company culture. This activity is great for ‘de-layering’ communication and ensures management really understand what their teams are thinking, what motivates and frustrates them, and how to communicate with them effectively.

Listening circles are an open platform for collecting feedback; after all, you can’t find out what’s important to people without talking to them. Participants have the opportunity to share and celebrate strengths and achievements, but also to talk about what support they need to overcome any barriers or challenges they might be facing. This is the kind of opportunity I needed when new to the workplace and the insight I need as a leader now to make appropriate decisions for my team. It serves to create a feedback culture where people feel empowered to speak up when needed.

“Participating in the Listening Circle felt like being part of a journey in breaking down barriers – whether they be hierarchical, gender or social biases – whilst seeking out those unaddressed uncomfortable experiences that I had pushed to the back of my mind. I left the room feeling that I had been listened to by a diverse audience and that my voice mattered to the leadership team. Overall, an empowering platform, in a safe space which promoted self-reflection.”

Joanne Perry, Senior Customer Relations Executive, Siemens Financial Services UK

Reverse mentoring

Mentoring programmes, where senior employees guide and support junior employees in their professional development, are common in the business world today. Reverse mentoring is a newer concept that does exactly what the name suggests – it gives junior employees a safe space in which to comment constructively on a senior colleague.

The SFS reverse mentoring programme is now in its seventh year. I am currently being reverse mentored by a colleague in the US. So far, we have covered techniques for cutting through layers of communication without undermining relationships between managers and their teams. People at my age and level of seniority need to stay relevant in today’s business culture; learning from the perspective of the younger generation and people at different stages of their career is a useful tool for doing this.

That doesn’t mean we don’t have anything to teach – the population is ageing and that means there’s a pool of experience and knowledge to mine and benefit from. There’s also a whole generation of people who are going to transform our industry and we’ve got the opportunity to support and nurture them as leaders.

“One of the best things about reverse mentoring is the ability to break down invisible walls that often separate generations in the workplace, paving the way for better understanding and collaboration. Learning becomes a two-way street, creating an environment where curiosity is celebrated.”

Louise Cook, Digital Content Manager, Siemens Financial Services UK

Women’s Impact programme

Our six-month Women’s Impact Programme is designed to address gender inequalities by confronting the challenges that commonly impede women from achieving leadership roles. The programme offers female employees on track for leadership positions 1:1 coaching, mentoring and tailored events to support them in reaching their true potential.

Such programmes are needed to address the imbalance in the representation of women in senior management positions in the asset finance industry and across British business. Although we have made some progress it would be a mistake to believe we are meeting our goals yet.

In her article on the topic, my colleague Jo Harris, Sales Director, Commercial Finance, SFS UK, digs into the figures and highlights how they can be misleading. For example, the FTSE Women Leaders report notes that, although over 40% of board members in FTSE 100 companies are women, only nine companies have a female CEO.

As Jo explains, “Much of the progress on women’s representation has been through the appointment of non-executive directors. And let’s face it, although these appointments are to be welcomed, non-execs are not running the show.” Our Women’s Impact Programme at SFS is all about helping talented women across the business to develop the confidence to reach decision-making roles.

“I am grateful to Siemens Financial Services for creating a safe space for me to grow, learn and be vulnerable. The Women’s Impact program has helped me overcome personal barriers and develop greater resilience and self-belief. I am excited to continue applying the tools and techniques that I have learned to enhance my performance and contribute even more effectively to our company’s goals.”

Italia Campanella, Project and Product Coordinator, Siemens Financial Services UK

Celebrating cultures

As well as organised initiatives and programmes, it’s also important to foster an environment where impromptu celebrations of culture are welcomed. For example, at one annual meeting of our Collections and Legal Recoveries team, we took the time to ask team members to run a session on Diwali.

The engagement and interest in the room was a joy to witness, but the most impactful thing for me came from a discussion with the session leaders afterwards. They shared that they had been raised not to draw attention to their religion or culture for fear of not fitting in, and how much it meant to them for the business and their colleagues to turn this on its head and celebrate with them.

This is a great example of inclusivity in action. It was not a leadership initiative but a demonstration of what can happen when the right conditions are in place. It only took up a few hours of company time, but the result is a lasting impact on team spirit and engagement.

At SFS, anyone is free to set up a group or community should they wish to do so, like our BEAUT group for example, a community for black colleagues and their allies. The group has hosted several learning opportunity events such as open discussions and Q&As, Lunch & Learn events (we recently had a Caribbean lunch) and film screenings.

“When a group of us noticed there wasn’t much awareness of the Sikh festival Bandi Chhor Divas, which falls on the same day as Diwali, we organised a Lunch & Learn open to all colleagues to attend. The culture at SFS means I feel comfortable sharing parts of my culture and religion at work in this way. After the event, a colleague shared his views on our presentation with the wider Siemens community and reflected on his own experiences of Sikh culture and religion – this really sums up how DEI initiatives can bring people together.”

Priya Patel, Head of Accounting Controlling, Siemens Financial Services UK

Continual learning

Life-long learning is critical to keeping ourselves and our business future-proof. At SFS, we are committed to encouraging a growth mindset through an annual target of fifty learning hours. We specify that some of these learning hours must focus on specific topics – last year, eighteen hours were reserved for DEI topics, for example. To emphasise how serious we are about personal development as a business, we also link completion of these hours to our bonus plans.

 

Reflecting the real world

In some organisations, DEI initiatives may be the first thing to drop down the priority list when times are tough. But an inclusive and open culture doesn’t create itself – it must be nurtured continually. That means that no matter what is happening in the business, we need to take a step back on a regular basis, to educate ourselves on other perspectives and celebrate each other’s differences.

That means mutual respect and engagement. Older listen to younger, but younger learn from older. Seniors interact with juniors, but juniors respect leadership structures. Minorities have a voice, but don’t fail to also take account of majority views. Conversations work both ways to create a happy, fulfilled, egalitarian, successful environment.

It’s really a win-win. Inclusive organisations better reflect the real world and therefore are better set up – commercially, mentally, and morally – to engage and interact with customers and future talent. And the business simply works better. Managers and employees tend to be happier, and more motivated, productive and loyal.

At SFS, we show our commitment to inclusivity by instituting policies and activities that continue through thick and thin. DEI is not just a box-ticking exercise; it is a way of life, and one that is irrevocably ingrained into our culture.

“Not only is there a robust DEI strategy at SFS, but we also put in effort to create awareness around the strategy so that people feel involved and can take ownership of the initiatives that interest them. For instance, it’s really rewarding that people who participate in some of our programmes – such as AcceleRace, a coaching programme open to employees from racial minority backgrounds – approach me to understand my journey and how SFS can support their own future career aspirations.”

Priya Patel, Head of Accounting Controlling, Siemens Financial Services UK