Sonia Jenkins, head of reward, wellbeing and inclusion at Schroders, describes driving meaningful and tangible change through concrete action.

Having inclusion and diversity within my remit at Schroders has been a thought-provoking journey, one that can keep me awake at night. Are we making progress quick enough or moving too quickly? Are we driving meaningful change? Let alone the constant evolution of terminology – should it be D&I or I&D? Or what about the E (equity) and B (belonging)?

With inclusion and diversity going to the heart of so many people’s sense of self and identity, it’s easy to understand why it’s an emotive topic. With significant potential rewards for getting inclusion and diversity right (or is that diversity, equity, inclusion and belonging?!), those firms who embrace and harness true cognitive diversity will deliver greater innovation and make more informed decisions. This makes it more than a ‘nice to have’. 

So, what is the secret to achieving cognitive diversity? In my experience so far, communication, openness and honesty are key. This is reflected in our corporate reporting on inclusion and wider people matters, and we explicitly consider the following:

• Continuously emphasising the ‘why’: Those of us involved in daily I&D discussions can too easily take the ‘why’ for granted and instead focus on the ‘what’ and ‘how’. Not everyone will be as well-versed in the link between inclusion, performance and purpose and it’s essential to remind people of this, whenever possible. All of us has a pivotal role to play in fostering a culture of inclusion; we need to remind everyone why it’s worthwhile. 
• Embrace diversity in its full sense: Too often ‘diversity’ is interpreted as gender and/or ethnicity. Whilst these facets are crucial, they do not define an individual. By focussing narrowly on one or two aspects of diversity, the discussion risks becoming exclusive. We need to broaden discussions and consider a wide range of characteristics, as well as the intersectionality between them. I look forward to when we can meaningfully measure and report on cognitive diversity; in the meantime, we focus on widening the breadth of experience and backgrounds we look at. That is why Schroders’ 2030 inclusion and diversity aspirations include targets around socio-economic background, sexuality and disability in addition to gender and ethnicity.
• Be transparent and open: In a world where statistics can be manipulated and words can be cheap; trust is paramount. At Schroders we prioritise transparency by providing extensive granular data on our workforce diversity make up. While we don’t expect everyone to delve into every detail, the information allows readers to fact-check and explore the evidence supporting our messages. Through this ‘open-book’, we invite accountability and aim to build trust within the company and wider society. 
• Consistency of messaging and action: At Schroders, our inclusion and diversity strategy purposefully extends not only to our own people and culture but also to our investee companies through active engagement and wider society partnerships. Consistency between what we say to others and what we do ourselves is key to making meaningful impact. Our disclosures reflect our efforts across three pillars: people and culture, active engagement and wider societal impact, with a focus on the impact of concrete actions. 

For anyone else who finds themselves awake at night contemplating how to advance the inclusion and diversity agenda, I encourage you - think big and be bold. It’s natural to lack the right words and the data will often not look pretty. Don’t let this hold you back. Each step towards open and transparent dialogue is a step in the right direction. Through disclosure we foster transparency, accountability and inspire others. Let’s work together to create a more inclusive future.