Breaking Financial Barriers: The Path to Workplace Inclusivity

As what Forbes said, the future of work is employee well-being. It's 2023, and companies are starting to focus on employee wellbeing, critical in developing workplace resilience. Global turnover and lost productivity cost stands at $322 billion due to employee burnout, and employees who are burned out are twice as likely to job hunt. On the other hand, when employee wellbeing is being considered by companies, they develop a strong sense belonging, and a highly engaged team produces 21% more profitability.

With 22 years in ING, we hop on this exclusive Q&A with Leo Tay, Head of FX, Rates, and Derivatives Trading. Leo covers tips for overcoming existing challenges that occurs when building an inclusive and bias-free financial system. the constant evaluation such as welfare conversation and polls to ensure every individual is supported, and how technology used for equitable talent acquisition practices can maximise the impact!

What have been the most considerable DE&I improvements that you've seen across the banking sector, especially in the SEA region?

Amidst a burgeoning awareness of DEI&B, the finance sector has discernibly seen a rise in women ascending into leadership roles. Early in my career at ING our financial markets head was then one of the then-scarce women leading a markets role who generously mentored me. As time progressed, I've observed a substantial transformation, with several female colleagues stepping into pivotal Financial Markets leadership positions. This shift has also permeated central banking boards and regulators in recent years.

Within ING, we've also seen women assuming these important trading responsibilities in, e.g., Singapore and China for several years now. This positive shift underscores the progress we've made in promoting diversity and gender equality within our organisation and the broader finance industry.

What are the existing challenges and how can organisations overcome those barriers of building an inclusive and bias-free financial system?

DIB is a top strategic priority, supported by a comprehensive package of structure, data, metrics, and communication. This ensures alignment and informed decision-making.

We review hiring, talent, and performance practices to identify and address structural issues and biases that may hinder equality. We actively work to interrupt bias in policies and practices affecting hiring, progression, and pay across all markets.

We help people turn intention into action -- We empower individuals to translate their intentions into actions by offering practical ways to foster inclusion in daily activities. Creating a culture of inclusion, where employees feel safe to be themselves, speak up, and learn from others, is vital for embedding DIB into ING's DNA. Inclusion should be evident in our interactions with colleagues, clients, partners, and society, shaping our decisions and actions.

We lead by example. Our leaders serve as role models and champions of DIB. They lead by setting a positive example, taking visible actions, and gaining fluency in DIB language, issues, and data. Leaders are equipped with the necessary skills and tools to integrate DIB into their management approach.

These actions aim to create a culture of inclusion at ING, where both behavioural and structural aspects of DIB are engrained in our processes, practices, and leadership, ultimately fostering a more equitable and inclusive workplace.

What data and metrics need to be captured? How do you avoid setting quotas?

Within ING Financial Markets, we have a DIB working group that looks into this. Leveraging data through regular conversational sessions, polls, and other mechanisms is key to unveiling less overt issues, like biases related to disability, gender identity, religion, and marital/family status.

A keen analysis of wellness data ensures the inclusive support of individuals who may be undergoing personal challenges while maintaining privacy. The innovative use of technology, perhaps through weekly polls gauging employee wellness or sharing uplifting messages and suggestions through platforms like Teams, can serve as a helpful tool to identify and assist those who might be struggling.

Consequently, with actionable data in hand, management can not only identify, but strategically address and mitigate the myriad of challenges that arise within the complex landscape of diversity and inclusion.

What is the role of technology in helping organisations adopt equitable talent acquisition practices and how can organisations maximise the impact of their DE&I- related data?

Leveraging technology is fundamental in fostering equitable talent acquisition and maximizing the impact of Diversity, Equity, and Inclusion (DE&I) initiatives within organisations. Key technological strategies, such as automated screening and blind recruitment tools, mitigate unconscious bias, ensuring a meritocratic hiring process, while AI can strategically guide job advertisements to a diverse demographic pool.

Data plays a crucial role in shaping DE&I strategies, with analytics providing valuable insights into hiring trends and helping identify and rectify disparities in the recruitment and career progression of employees. Prioritising inclusive practices and setting flexible, broad DE&I objectives, as opposed to rigid quotas, lays a foundation for a genuinely inclusive environment.

Furthermore, a commitment to continuous monitoring and transparent sharing of DE&I progress and challenges encourages a collective, organisation-wide approach towards sustaining an inclusive work culture, ensuring that such strategies are effective, dynamic, and capable of driving meaningful change.

Do you have any advice or ideas on what to do to foster more cognitive diversity and inclusion within your own team or workplace?

Within our Financial Markets (FM) group, we've implemented an innovative initiative known as the "Shadow Board." This board comprises junior members of our team, who rotate their roles periodically. Much like our FM Management Team, the Shadow Board tackles real-life issues, presenting their analyses and insights to senior management regularly.

This approach provides all members of Financial Markets with the opportunity to voice their perspectives and receive collective feedback on these matters. The Shadow Board offers a valuable fresh perspective to the FM Management Team, ensuring that no important issues go unnoticed or unexamined. On a daily basis, we also have opportunities to foster a sense of belonging through simple acts of inclusion.

These actions, when consistently practiced, not only benefit ourselves but also contribute to creating a welcoming environment for those we interact with. These acts can range from scheduling meetings at times that accommodate everyone, using someone's name when conversing, asking for their thoughts more frequently, and most importantly (and also probably the most difficult), consciously listening more!

Why is FIFX an event not to be missed?

FIFX goes beyond mere networking and the acquisition of industry knowledge and regulatory insights. It's about you, finding inspiration in the successes and challenges in the stories of our lives. I talk about DE&I with you today because my participation in last year's FI FX Diversity Forum left a lasting impact on me.

This forum provides an excellent opportunity to rekindle your passion for your field, renew dedication to your core values, and hopefully, spark the motivation to pursue new aspirations.

Catch Leo Tay on Wednesday, 22nd November at 5:15PM on "Spotlight Interview: How can you balance the physical and cognitive diversity of your investment and trading teams to drive the company forward in social and operational excellence, get higher financial returns, and boosts high performance?" Find out more here!