Diversity and Inclusion at Castlefield

Many companies are taking steps to increase the diversity of their workforce. And with good reason. Research shows that bringing diverse perspectives to the table increases companies’ resilience and agility, boosting innovation and financial performance. Yet hiring diverse employees is only the first step – to reap the full benefits, companies must include those employees in the conversation.

Castlefield recently conducted a survey aiming to learn more about our co-owners and to gather data about diversity and inclusion (D&I) specifically. The survey also asked respondents for their perceptions on critical aspects of their work life. Questions included whether they have a sense of belonging and whether they have trust in the leadership of Castlefield and if they feel valued.

The results from our D&I questionnaire tell us that most of our co-owners feel a sense of belonging and feel that those like them can succeed at Castlefield (85% of co-owners reported they feel they can succeed at Castlefield and 87% reported they feel a sense of belonging). Co-owners trust the leadership team and they know that diversity is treated as a critical issue in our firm.

Overall, we are satisfied that our firm is representative of the wider community. However, we are still asking ourselves whether what we do is enough. Over the last year we have considered carefully what we have been doing to aid the fight against racism. We know the answer is that we can and should do more to help create a world in which racial discrimination is not tolerated, and in which we   first acknowledge every individual’s background and uniqueness. That effort has to start with listening, learning and understanding more – which we are committed to do.

How we will use the report results

Formalising and structuring our approach is one of our main goals for 2022. We are starting with this first report of the year, which summarises our collected data and the initial feelings of co-owners around inclusivity. Capturing ethnicity data is important to establish a baseline, so that we can measure progress where we identify the need for improvement. It is also a crucial step towards becoming an organisation able to report on ethnicity pay. We intend to include the D&I questionnaire to our annual calendar of events at Castlefield and report on the gender pay gap annually.

There are many ways for Castlefield co-owners to get involved and shape the agenda on diversity and inclusion. One of the most recent additions is the IDEA group (Inclusion, Diversity, Equality Awareness group). The IDEA group evolved from our Women in Finance Charter group into a body with a wider scope and will be looking at diversity and inclusion across the firm to work through our key action points. In 2022, we aim to position the group as an integral part of our Co-owners’ Council, which will help it to assume a more formal and expanded role within our overall governance structure.

Over the last few years, we have made encouraging progress in increasing the number of women in senior leadership positions. We know we must remain vigilant to ensure there is no bias in our hiring decisions, as well as to provide targeted opportunities for our female colleagues to develop their careers. We take time to ensure we are providing the right support and connectivity for women, especially when returning from maternity leave and also feel it is important that we are considered as a menopause- and endometriosis-friendly place.

We will continue to run diversity sessions for all our co-owners. We want to continue to be prepared to have difficult conversations; we want to be challenged and encouraged to be kind and to listen to others. Whilst we are aware that there are no quick fixes, and we are taking actions which will bring about longer-term, sustainable change within our company and our industry.

We are fully aware that diversity data does not tell the whole story, but is a useful starting point for understanding what action we need to take to ensure all co-owners have an equal opportunity to progress in our business and to ensure that Castlefield remains a workplace that is representative of the community we feel part of.

Having colleagues with a mix of backgrounds and life experiences makes us better at supporting our clients and communities. It promotes diversity of thought, encourages innovation and makes us more reflective of the individuals and businesses we serve.

If you want to find out more about Castlefield, or you’re interested in joining the team, please look at the current opportunities available here.

Read the full report below or download the PDF version here